Post Utme Uniosun 2018 Accounting Question 20

Practice objective / multiple choice question 20 from the 2018 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2018 Accounting Objective / Multiple Choice
Question 20 POST_UTME_UNIOSUN • 2018 • ACCOUNTING • objective

A company's statement of profit or loss shows a debit balance of ₦40,000. The balance sheet shows a credit balance of ₦45,000. What is the correct explanation for the difference?

Answer Options

A. The company has an outstanding revenue of ₦5,000.
B. The company has an outstanding expense of ₦5,000.
Correct Answer C. The company has an error in its statement of profit or loss of ₦5,000.
D. The company has an error in its balance sheet of ₦5,000.
Correct Answer
C
Correct Option:
The company has an error in its statement of profit or loss of ₦5,000.

About This Question

This is Post Utme Uniosun 2018 Accounting Question 20. It is one of the objective questions from the 2018 Post Utme Uniosun Accounting examination.

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