Post Utme Ui 2017 Accounting Question 20

Practice objective / multiple choice question 20 from the 2017 Post Utme Ui Accounting examination.

Post Utme Ui 2017 Accounting Objective / Multiple Choice
Question 20 POST_UTME_UI • 2017 • ACCOUNTING • objective

A company's balance sheet as at 31st December, 2017 is as follows: | Asset | ₦ | Liability | ₦ | | --- | --- | --- | --- | | Cash | 10,000 | Accounts Payable | 15,000 | | Accounts Receivable | 20,000 | Notes Payable | 30,000 | | Inventory | 40,000 | Total Liabilities | 45,000 | | Total Assets | 70,000 | Equity | 25,000 | Identify the error in the balance sheet.

Answer Options

Correct Answer A. The total assets and total liabilities do not balance.
B. The cash account has a debit balance.
C. The accounts payable account has a credit balance.
D. The accounts receivable account has a debit balance.
Correct Answer
A
Correct Option:
The total assets and total liabilities do not balance.

About This Question

This is Post Utme Ui 2017 Accounting Question 20. It is one of the objective questions from the 2017 Post Utme Ui Accounting examination.

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