Neco Model Questions Vol1 2020 Financial Accounting Question 26

Practice objective / multiple choice question 26 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2020 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 26 NECO_MODEL_QUESTIONS_VOL1 • 2020 • FINANCIAL_ACCOUNTING • objective

A trial balance shows total debits of \(\text{₦}150,000\) and total credits of \(\text{₦}145,000\). What is the amount and nature of the error in the trial balance?

Answer Options

A. Credit side is higher by ₦5,000; the error is a ₦5,000 debit omission.
B. Debit side is higher by ₦5,000; the error is a ₦5,000 debit omission or credit over‑statement.
C. Debit side is higher by ₦10,000; the error is a ₦10,000 credit omission.
Correct Answer D. Debit side is higher by ₦5,000; the error is a ₦5,000 credit omission or debit over‑statement.
Correct Answer
D
Correct Option:
Debit side is higher by ₦5,000; the error is a ₦5,000 credit omission or debit over‑statement.

About This Question

This is Neco Model Questions Vol1 2020 Financial Accounting Question 26. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

View More Neco Model Questions Vol1 2020 Financial Accounting Questions More Neco Model Questions Vol1 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