Post Utme Pan Atlantic University 2025 Accounting Question 14

Practice objective / multiple choice question 14 from the 2025 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2025 Accounting Objective / Multiple Choice
Question 14 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2025 • ACCOUNTING • objective

A company's balance sheet shows a non-current liability of ₦20,000 in the 'Bonds Payable' account. However, the company's accounting records indicate that the bonds payable for the year were ₦30,000. What is the likely cause of the discrepancy?

Answer Options

A. The bonds payable were incorrectly recorded as a debit.
Correct Answer B. The bonds payable were incorrectly recorded as a credit.
C. The bonds payable were not recorded at all.
D. The bonds payable were recorded in the wrong account.
Correct Answer
B
Correct Option:
The bonds payable were incorrectly recorded as a credit.

About This Question

This is Post Utme Pan Atlantic University 2025 Accounting Question 14. It is one of the objective questions from the 2025 Post Utme Pan Atlantic University Accounting examination.

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