Waec Model Questions Vol1 2017 Financial Accounting Question 23
Practice objective / multiple choice question 23 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
A local government prepared the following budget for the year (amounts in Naira): Budgeted revenues - Taxes ₦500,000; Grants ₦200,000; Total ₦700,000. Budgeted expenditures - Salaries ₦300,000; Maintenance ₦150,000; Interest ₦50,000; Total ₦500,000. At year‑end the actual cash receipts were Taxes ₦480,000 and Grants ₦210,000. Cash payments were Salaries ₦295,000; Maintenance ₦140,000; Interest ₦55,000. In addition, accrued expenses not yet paid were Salaries ₦5,000 and Maintenance ₦10,000. Based on this information, what amount of unspent appropriation, if any, can be carried forward to the next financial year?
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About This Question
This is Waec Model Questions Vol1 2017 Financial Accounting Question 23. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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