Post Utme Rhema University 2024 Accounting Question 37

Practice objective / multiple choice question 37 from the 2024 Post Utme Rhema University Accounting examination.

Post Utme Rhema University 2024 Accounting Objective / Multiple Choice

Question 37 POST_UTME_RHEMA_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a discrepancy of ₦20,000. The company's accountant suspects that the discrepancy is due to an error in the journal entries. What is the correct procedure to correct the error?

Answer Options

A. Reversing the error by making a correcting entry

B. Ignoring the discrepancy and preparing the financial statements

Correct Answer C. Investigating the cause of the discrepancy and making a correcting entry

D. Preparing a revised trial balance

Correct Answer

Correct Option:

Investigating the cause of the discrepancy and making a correcting entry

About This Question

This is Post Utme Rhema University 2024 Accounting Question 37. It is one of the objective questions from the 2024 Post Utme Rhema University Accounting examination.

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