Waec Model Questions Vol1 2018 Financial Accounting Question 7
Practice objective / multiple choice question 7 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
A local government council reports the following for the year: tax revenue ₦2,500,000; central‑government grants ₦1,200,000; non‑tax revenue ₦300,000; operating expenses (excluding depreciation) ₦2,800,000; depreciation expense ₦250,000; transfer to a special development fund ₦400,000; interest earned on that fund ₦60,000; capital expenditure ₦1,100,000; proceeds from municipal bonds ₦800,000; repayment of bond principal ₦500,000. Determine the cash surplus (or deficit) for the year and state whether the surplus is cash or non‑cash. Also give the net change in cash position.
Answer Options
About This Question
This is Waec Model Questions Vol1 2018 Financial Accounting Question 7. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.