Post Utme Rhema University 2022 Accounting Question 5

Practice objective / multiple choice question 5 from the 2022 Post Utme Rhema University Accounting examination.

Post Utme Rhema University 2022 Accounting Objective / Multiple Choice
Question 5 POST_UTME_RHEMA_UNIVERSITY • 2022 • ACCOUNTING • objective

A company uses the single entry system to record its transactions. The company's cash book shows a debit balance of ₦50,000. However, the company's ledger shows a credit balance of ₦60,000. What is the reason for the discrepancy?

Answer Options

A. The company has made a mistake in recording its transactions.
Correct Answer B. The company has a suspense account.
C. The company has a bank overdraft.
D. The company has a loan.
Correct Answer
B
Correct Option:
The company has a suspense account.

About This Question

This is Post Utme Rhema University 2022 Accounting Question 5. It is one of the objective questions from the 2022 Post Utme Rhema University Accounting examination.

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