Post Utme Pan Atlantic University 2022 Accounting Question 30

Practice objective / multiple choice question 30 from the 2022 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2022 Accounting Objective / Multiple Choice
Question 30 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2022 • ACCOUNTING • objective

A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦10,000 in the account 'Cash' and a credit balance of ₦5,000 in the account 'Bank'. What is the correct treatment of these accounts in the preparation of the company's financial statements?

Answer Options

A. Debit the 'Bank' account and credit the 'Cash' account.
B. Credit the 'Bank' account and debit the 'Cash' account.
Correct Answer C. Debit the 'Cash' account and credit the 'Bank' account.
D. Credit the 'Cash' account and debit the 'Bank' account.
Correct Answer
C
Correct Option:
Debit the 'Cash' account and credit the 'Bank' account.

About This Question

This is Post Utme Pan Atlantic University 2022 Accounting Question 30. It is one of the objective questions from the 2022 Post Utme Pan Atlantic University Accounting examination.

View More Post Utme Pan Atlantic University 2022 Accounting Questions More Post Utme Pan Atlantic University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support