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A debit balance of D 61,000 on a customer's bank statement means that 

Accounts - Principles of Accounts
WAEC 2024

A debit balance of D 61,000 on a customer's bank statement means that 

  • A. the customer's bank balance is D 61,000.
  • B. the customer owes the bank D 61,000.
  • C. a customer's cheque of D 61,000 is yet to be cleared by the bank.
  • D. a direct deposit of D 61,000 was made by a customer. 
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Correct Answer: Option B
Explanation

A customer's account with the bank is supposed to have credit balance. Thus, a debit balance indicates that the customer is owing the bank.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
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