Post Utme Redeemers University 2024 Accounting Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2024 Accounting Objective / Multiple Choice
Question 1 POST_UTME_REDEEMERS_UNIVERSITY • 2024 • ACCOUNTING • objective

A company prepares its trial balance and discovers that the debit and credit totals are not equal. The difference is ₦5,000. The company's accountant suspects that the error may be due to a mistake in the journal entries. Which of the following steps should the accountant take first?

Answer Options

Correct Answer A. Verify the journal entries for the past month to ensure that all transactions have been recorded correctly.
B. Reconcile the bank statement to ensure that all transactions have been recorded correctly.
C. Prepare a list of all the accounts that have been affected by the error and investigate each one separately.
D. Reconcile the cash book to ensure that all transactions have been recorded correctly.
Correct Answer
A
Correct Option:
Verify the journal entries for the past month to ensure that all transactions have been recorded correctly.

About This Question

This is Post Utme Redeemers University 2024 Accounting Question 1. It is one of the objective questions from the 2024 Post Utme Redeemers University Accounting examination.

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