Post Utme Skyline University 2023 Accounting Question 5

Practice objective / multiple choice question 5 from the 2023 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2023 Accounting Objective / Multiple Choice
Question 5 POST_UTME_SKYLINE_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's assets are valued at ₦100,000. The company's accountant has informed you that the correct value should be ₦120,000. What is the correct journal entry to correct this error?

Answer Options

Correct Answer A. ₦20,000 debit to assets, ₦20,000 credit to equity
B. ₦20,000 credit to assets, ₦20,000 debit to equity
C. ₦20,000 debit to assets, ₦20,000 credit to revenue
D. ₦20,000 credit to assets, ₦20,000 debit to revenue
Correct Answer
A
Correct Option:
₦20,000 debit to assets, ₦20,000 credit to equity

About This Question

This is Post Utme Skyline University 2023 Accounting Question 5. It is one of the objective questions from the 2023 Post Utme Skyline University Accounting examination.

View More Post Utme Skyline University 2023 Accounting Questions More Post Utme Skyline 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