Post Utme Summit University 2018 Accounting Question 37

Practice objective / multiple choice question 37 from the 2018 Post Utme Summit University Accounting examination.

Post Utme Summit University 2018 Accounting Objective / Multiple Choice
Question 37 POST_UTME_SUMMIT_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trial balance as at 31st December 2022 is as follows: Debit ₦1,500,000 ₦2,000,000 ₦3,000,000 ₦4,000,000 ₦5,000,000 Credit ₦1,000,000 ₦2,000,000 ₦3,000,000 ₦4,000,000 ₦5,000,000 Identify the error in the trial balance.

Answer Options

A. The debit balance of the asset account is incorrect.
Correct Answer B. The credit balance of the liability account is incorrect.
C. The debit balance of the equity account is incorrect.
D. The credit balance of the revenue account is incorrect.
Correct Answer
B
Correct Option:
The credit balance of the liability account is incorrect.

About This Question

This is Post Utme Summit University 2018 Accounting Question 37. It is one of the objective questions from the 2018 Post Utme Summit University Accounting examination.

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