Post Utme Wellspring University 2021 Accounting Question 7

Practice objective / multiple choice question 7 from the 2021 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2021 Accounting Objective / Multiple Choice
Question 7 POST_UTME_WELLSPRING_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trading account shows a profit of ₦100,000. However, the profit and loss account shows a loss of ₦50,000. 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 7. It is one of the objective questions from the 2021 Post Utme Wellspring University Accounting examination.

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