Post Utme Unilorin 2024 Accounting Question 23

Practice objective / multiple choice question 23 from the 2024 Post Utme Unilorin Accounting examination.

Post Utme Unilorin 2024 Accounting Objective / Multiple Choice

Question 23 POST_UTME_UNILORIN • 2024 • ACCOUNTING • objective

A company's cash book shows a debit balance of ₦20,000. However, the bank statement shows a credit balance of ₦15,000. What is the reason for the discrepancy?

Answer Options

A. The company has made a mistake in recording cash transactions.

B. The bank has made an error in its statement.

Correct Answer C. The company has a suspense account that needs to be cleared.

D. The company has a loan from the bank that needs to be repaid.

Correct Answer

Correct Option:

The company has a suspense account that needs to be cleared.

About This Question

This is Post Utme Unilorin 2024 Accounting Question 23. It is one of the objective questions from the 2024 Post Utme Unilorin Accounting examination.

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