Post Utme Wellspring University 2019 Accounting Question 36

Practice objective / multiple choice question 36 from the 2019 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2019 Accounting Objective / Multiple Choice
Question 36 POST_UTME_WELLSPRING_UNIVERSITY • 2019 • ACCOUNTING • objective

A company prepares its trial balance and discovers that the debit and credit totals are not equal. The difference is ₦5,000. The company's accountant suspects that the error is due to a mistake in the journal entries. Which of the following steps should the accountant take first?

Answer Options

Correct Answer A. Verify the journal entries to identify the error.
B. Reconcile the bank statement to ensure that the error is not due to a bank error.
C. Prepare a revised trial balance to reflect the correct debit and credit totals.
D. Contact the bank to request a correction to the bank statement.
Correct Answer
A
Correct Option:
Verify the journal entries to identify the error.

About This Question

This is Post Utme Wellspring University 2019 Accounting Question 36. It is one of the objective questions from the 2019 Post Utme Wellspring University Accounting examination.

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