Post Utme Wellspring University 2021 Accounting Question 10

Practice objective / multiple choice question 10 from the 2021 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2021 Accounting Objective / Multiple Choice
Question 10 POST_UTME_WELLSPRING_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trading account shows a profit of ₦200,000. However, the profit and loss account shows a loss of ₦100,000. What is the likely reason for the discrepancy?

Answer Options

A. The company has made an error in its trading account.
Correct Answer B. The company has made an error in its profit and loss account.
C. The company has not yet recorded the profit in the trading account.
D. The company has not yet recorded the loss in the profit and loss account.
Correct Answer
B
Correct Option:
The company has made an error in its profit and loss account.

About This Question

This is Post Utme Wellspring University 2021 Accounting Question 10. It is one of the objective questions from the 2021 Post Utme Wellspring University Accounting examination.

View More Post Utme Wellspring University 2021 Accounting Questions More Post Utme Wellspring 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