Post Utme Summit University 2018 Accounting Question 39

Practice objective / multiple choice question 39 from the 2018 Post Utme Summit University Accounting examination.

Post Utme Summit University 2018 Accounting Objective / Multiple Choice
Question 39 POST_UTME_SUMMIT_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦10,000,000 ₦20,000,000 ₦30,000,000 ₦40,000,000 ₦50,000,000 Liabilities: ₦10,000,000 ₦20,000,000 ₦30,000,000 ₦40,000,000 ₦50,000,000 Equity: ₦10,000,000 ₦20,000,000 ₦30,000,000 ₦40,000,000 ₦50,000,000 Identify the error in the balance sheet.

Answer Options

A. The asset balance is incorrect.
B. The liability balance is incorrect.
C. The equity balance is incorrect.
Correct Answer D. The total asset balance is incorrect.
Correct Answer
D
Correct Option:
The total asset balance is incorrect.

About This Question

This is Post Utme Summit University 2018 Accounting Question 39. It is one of the objective questions from the 2018 Post Utme Summit University Accounting examination.

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