NECO Book Keeping 2015 Objective — Question 5
Question 5 of 40 from the National Examinations Council (NECO) Book Keeping 2015 Objective paper, with the correct answer and a full explanation.
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Use the information below to answer this question and the next. A sum of #2,000 received from a customer was posted to the debit side of his account and credited to the cash book. This is an error of
- A. complete reversalCorrect
- B. principle
- C. compensation
- D. commission
Explanation
When a sum received from a customer (which should be debited to cash and credited to the customer) is incorrectly posted as credited to cash and debited to the customer, this represents a complete reversal of the correct entry.
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