Post Utme Summit University 2021 Accounting Question 23

Practice objective / multiple choice question 23 from the 2021 Post Utme Summit University Accounting examination.

Post Utme Summit University 2021 Accounting Objective / Multiple Choice
Question 23 POST_UTME_SUMMIT_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's final accounts show a profit of ₦100,000. However, the company's accountant has informed you that the company has not recorded any revenue during the year. What is the most likely explanation for the profit?

Answer Options

Correct Answer A. The company has recorded a gain on the sale of an asset.
B. The company has not recorded the depreciation of its assets during the year.
C. The company has not recorded the expenses incurred during the year.
D. The company has not recorded the revenue earned during the year.
Correct Answer
A
Correct Option:
The company has recorded a gain on the sale of an asset.

About This Question

This is Post Utme Summit University 2021 Accounting Question 23. It is one of the objective questions from the 2021 Post Utme Summit University Accounting examination.

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