JAMB Accounting 2010 Objective — Question 11

Question 11 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2010 Objective paper, with the correct answer and a full explanation.

11. A major cause of discrepancy between the bank statement and the cash book that overstates the bank statement balance is the A. commission paid B. interest received C. direct payment D. direct withdrawal

A. commission paid
B. interest received
C. direct paymentCorrect
D. direct withdrawal

Explanation

When a customer pays directly to the bank account without informing the company, the bank balance will be higher at the bank than it appears in the cash book.

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