Post Utme Summit University 2021 Accounting Question 26

Practice objective / multiple choice question 26 from the 2021 Post Utme Summit University Accounting examination.

Post Utme Summit University 2021 Accounting Objective / Multiple Choice
Question 26 POST_UTME_SUMMIT_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's final accounts show a loss of ₦50,000. However, the company's accountant has informed you that the company has not recorded any expenses during the year. What is the most likely explanation for the loss?

Answer Options

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 revenue earned during the year.
Correct Answer D. The company has recorded a loss on the sale of an asset.
Correct Answer
D
Correct Option:
The company has recorded a loss on the sale of an asset.

About This Question

This is Post Utme Summit University 2021 Accounting Question 26. It is one of the objective questions from the 2021 Post Utme Summit University Accounting examination.

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