Gce Model Questions Vol1 2025 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
A purchase of goods on credit for \(\text{₦}120{,}000\) was mistakenly recorded as a cash purchase of the same amount. Later the correct cash purchase entry was recorded, but the credit purchase was omitted. The accountant decides to correct the error using a suspense account. Assuming the trial balance was balanced before the correction, what balance (debit or credit and amount) should be shown in the suspense account after all correcting entries are made?
Answer Options
About This Question
This is Gce Model Questions Vol1 2025 Financial Accounting Question 1. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.