Waec Model Questions Vol1 2023 Financial Accounting Question 18
Practice objective / multiple choice question 18 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
A local government has the following budgeted expenditures for the year: Health ₦120,000; Education ₦150,000; Infrastructure ₦200,000. The actual expenditures were Health ₦130,000; Education ₦145,000; Infrastructure ₦210,000. During the year a transfer of ₦15,000 was made from the Education fund to the Infrastructure fund, and a grant of ₦20,000 was received and allocated to Health. Calculate the overall variance between the budgeted total and the actual total after taking the transfer and the grant into account, and state whether the result is a surplus or a deficit.
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This is Waec Model Questions Vol1 2023 Financial Accounting Question 18. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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