Post Utme Unn 2017 Accounting Question 5

Practice objective / multiple choice question 5 from the 2017 Post Utme Unn Accounting examination.

Post Utme Unn 2017 Accounting Objective / Multiple Choice
Question 5 POST_UTME_UNN • 2017 • ACCOUNTING • objective

A company's trial balance shows an error of ¦0,000 in the balance of the accounts payable account. The correct balance should be ¦1,000. What is the effect of this error on the company's net income?

Answer Options

A. Increases net income by ¦0,000
Correct Answer B. Decreases net income by ¦0,000
C. Has no effect on net income
D. Increases net income by ¦1,000
Correct Answer
B
Correct Option:
Decreases net income by ¦0,000

About This Question

This is Post Utme Unn 2017 Accounting Question 5. It is one of the objective questions from the 2017 Post Utme Unn Accounting examination.

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