Post Utme Veritas University 2017 Accounting Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2017 Accounting Objective / Multiple Choice
Question 31 POST_UTME_VERITAS_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's trial balance shows an error of ₦5,000 due to an incorrect posting of a debit entry. The correct entry should have been a credit of ₦5,000. What is the effect of this error on the company's net profit?

Answer Options

A. ₦5,000 increase in net profit
Correct Answer B. ₦5,000 decrease in net profit
C. ₦5,000 increase in net loss
D. ₦5,000 decrease in net loss
Correct Answer
B
Correct Option:
₦5,000 decrease in net profit

About This Question

This is Post Utme Veritas University 2017 Accounting Question 31. It is one of the objective questions from the 2017 Post Utme Veritas University Accounting examination.

View More Post Utme Veritas University 2017 Accounting Questions More Post Utme Veritas University 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