Waec Model Questions Vol1 2020 Financial Accounting Question 15
Practice objective / multiple choice question 15 from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
A government department had an original annual budget of ₦500,000,000. During the year the following events occurred: 1. An unused appropriation of ₦30,000,000 was transferred to a special project. 2. An unexpected expense of ₦45,000,000 was incurred and was financed by borrowing the same amount. 3. Revenue actually collected was ₦120,000,000, which is 10 % higher than the estimated revenue of ₦109,090,909. At the end of the year, what is the amount of the surplus or deficit reported by the department? State the amount and whether it is a surplus or a deficit. (Round to the nearest million naira.)
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About This Question
This is Waec Model Questions Vol1 2020 Financial Accounting Question 15. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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