Waec Model Questions Vol1 2022 Financial Accounting Question 40

Practice objective / multiple choice question 40 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 40 WAEC_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

A trial balance shows total debits of ₦1,200,000 and total credits of ₦1,150,000, a shortfall of ₦50,000. It is discovered that a purchase of office supplies costing ₦50,000 was mistakenly credited to the Purchases account instead of being debited to Office Supplies. Identify the type of error and state the correcting entry.

Answer Options

Correct Answer A. Error of commission; correcting entry - Debit Office Supplies ₦50,000, Credit Purchases ₦50,000.
B. Error of omission; correcting entry - Debit Office Supplies ₦50,000, Credit Purchases ₦50,000.
C. Error of commission; correcting entry - Debit Purchases ₦50,000, Credit Office Supplies ₦50,000.
D. Error of commission; correcting entry - Debit Office Supplies ₦45,000, Credit Purchases ₦45,000.
Correct Answer
A
Correct Option:
Error of commission; correcting entry - Debit Office Supplies ₦50,000, Credit Purchases ₦50,000.

About This Question

This is Waec Model Questions Vol1 2022 Financial Accounting Question 40. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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