Post Utme Pan Atlantic University 2022 Accounting Question 31

Practice objective / multiple choice question 31 from the 2022 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2022 Accounting Objective / Multiple Choice
Question 31 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's bank reconciliation statement shows a difference of ₦2,000 between the company's cash book balance and the bank statement balance. The company's cash book balance is ₦15,000 and the bank statement balance is ₦17,000. What is the correct treatment of this difference in the preparation of the company's financial statements?

Answer Options

Correct Answer A. Debit the 'Bank' account and credit the 'Cash' account for ₦2,000.
B. Credit the 'Bank' account and debit the 'Cash' account for ₦2,000.
C. Debit the 'Cash' account and credit the 'Bank' account for ₦2,000.
D. Credit the 'Cash' account and debit the 'Bank' account for ₦2,000.
Correct Answer
A
Correct Option:
Debit the 'Bank' account and credit the 'Cash' account for ₦2,000.

About This Question

This is Post Utme Pan Atlantic University 2022 Accounting Question 31. 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