Post Utme Skyline University 2024 Accounting Question 24

Practice objective / multiple choice question 24 from the 2024 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2024 Accounting Objective / Multiple Choice
Question 24 POST_UTME_SKYLINE_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's profit and loss account shows a profit of ₦50,000. However, the balance sheet shows a loss of ₦20,000. What is the correct explanation for this discrepancy?

Answer Options

A. The company has an outstanding revenue of ₦30,000
Correct Answer B. The company has an outstanding expense of ₦30,000
C. The company has an outstanding asset of ₦30,000
D. The company has an outstanding liability of ₦30,000
Correct Answer
B
Correct Option:
The company has an outstanding expense of ₦30,000

About This Question

This is Post Utme Skyline University 2024 Accounting Question 24. It is one of the objective questions from the 2024 Post Utme Skyline University Accounting examination.

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