Post Utme Summit University 2017 Accounting Question 39

Practice objective / multiple choice question 39 from the 2017 Post Utme Summit University Accounting examination.

Post Utme Summit University 2017 Accounting Objective / Multiple Choice
Question 39 POST_UTME_SUMMIT_UNIVERSITY • 2017 • ACCOUNTING • objective

A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦5,000 | | Sales Revenue | | ₦20,000 | | Cost of Goods Sold | ₦15,000 | | | Net Income | | ₦5,000 | | Total | ₦25,000 | ₦30,000 | Identify the error in the trial balance.

Answer Options

A. The debit balance of the Cash account is incorrect.
Correct Answer B. The credit balance of the Accounts Payable account is incorrect.
C. The debit balance of the Cost of Goods Sold account is incorrect.
D. The credit balance of the Net Income account is incorrect.
Correct Answer
B
Correct Option:
The credit balance of the Accounts Payable account is incorrect.

About This Question

This is Post Utme Summit University 2017 Accounting Question 39. It is one of the objective questions from the 2017 Post Utme Summit University Accounting examination.

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