Post Utme Ui 2018 Accounting Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Ui Accounting examination.

Post Utme Ui 2018 Accounting Objective / Multiple Choice
Question 1 POST_UTME_UI • 2018 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦50,000 in the account 'Accrued Expenses'. The company's accountant has prepared the following journal entry to correct the error: Debit: Accrued Expenses ₦50,000 Credit: Accrued Income ₦50,000 What is the correct journal entry to correct the error?

Answer Options

A. Debit: Accrued Expenses ₦50,000 Credit: Accrued Income ₦50,000
Correct Answer B. Debit: Accrued Income ₦50,000 Credit: Accrued Expenses ₦50,000
C. Debit: Accrued Expenses ₦50,000 Credit: Accrued Income ₦50,000
D. Debit: Accrued Income ₦50,000 Credit: Accrued Expenses ₦50,000
Correct Answer
B
Correct Option:
Debit: Accrued Income ₦50,000 Credit: Accrued Expenses ₦50,000

About This Question

This is Post Utme Ui 2018 Accounting Question 1. It is one of the objective questions from the 2018 Post Utme Ui Accounting examination.

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