Post Utme Uniosun 2021 Accounting Question 1

Practice objective / multiple choice question 1 from the 2021 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2021 Accounting Objective / Multiple Choice
Question 1 POST_UTME_UNIOSUN • 2021 • ACCOUNTING • objective

A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦15,000. The company's bank statement shows a credit balance of ₦20,000. What is the correct journal entry to reconcile the two balances?

Answer Options

Correct Answer A. ₦15,000 debit to Cash and ₦20,000 credit to Bank
B. ₦20,000 debit to Bank and ₦15,000 credit to Cash
C. ₦15,000 credit to Cash and ₦20,000 debit to Bank
D. ₦20,000 credit to Bank and ₦15,000 debit to Cash
Correct Answer
A
Correct Option:
₦15,000 debit to Cash and ₦20,000 credit to Bank

About This Question

This is Post Utme Uniosun 2021 Accounting Question 1. It is one of the objective questions from the 2021 Post Utme Uniosun Accounting examination.

View More Post Utme Uniosun 2021 Accounting Questions More Post Utme Uniosun Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support