Post Utme Summit University 2018 Accounting Question 40

Practice objective / multiple choice question 40 from the 2018 Post Utme Summit University Accounting examination.

Post Utme Summit University 2018 Accounting Objective / Multiple Choice
Question 40 POST_UTME_SUMMIT_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦10,000,000 ₦20,000,000 ₦30,000,000 ₦40,000,000 ₦50,000,000 Purchases: ₦10,000,000 ₦20,000,000 ₦30,000,000 ₦40,000,000 ₦50,000,000 Cost of Goods Sold: ₦10,000,000 ₦20,000,000 ₦30,000,000 ₦40,000,000 ₦50,000,000 Gross Profit: ₦10,000,000 ₦20,000,000 ₦30,000,000 ₦40,000,000 ₦50,000,000 Identify the error in the trading account.

Answer Options

A. The sales balance is incorrect.
B. The purchases balance is incorrect.
C. The cost of goods sold balance is incorrect.
Correct Answer D. The gross profit balance is incorrect.
Correct Answer
D
Correct Option:
The gross profit balance is incorrect.

About This Question

This is Post Utme Summit University 2018 Accounting Question 40. It is one of the objective questions from the 2018 Post Utme Summit University Accounting examination.

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