Neco 2022 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2022 Neco Financial Accounting examination.
The Sales Ledger Control (SLC) account records total credit sales of \(800,000\) naira for the year. Cash receipts from customers amounted to \(500,000\) naira and sales returns (credit) amounted to \(20,000\) naira. The trade receivables ledger shows a total outstanding balance of \(274,000\) naira at year‑end. However, the SLC balance after posting the above entries shows a discrepancy of \(6,000\) naira (i.e., the balance is higher than the ledger total). Determine the correct balance that should appear in the SLC and explain the source of the discrepancy.
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About This Question
This is Neco 2022 Financial Accounting Question 1. It is one of the objective questions from the 2022 Neco Financial Accounting examination.
Difficulty level: Medium .
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