Waec Model Questions Vol1 2024 Financial Accounting Question 17

Practice objective / multiple choice question 17 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Hard Difficulty
Question 17 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

A municipal council prepared its cash statement for the year. The data (in ₦) are: Opening cash balance = 10,000; Cash collected from taxes = 260,000; Cash received from grants = 80,000; Cash paid for salaries = 140,000; Cash paid for supplies = 30,000; Cash paid for interest = 10,000; Cash paid for capital projects = 55,000. The council had budgeted a cash surplus of 25,000 for the year. Compute the actual cash surplus (or deficit) and state the variance between the actual surplus and the budgeted surplus.

Answer Options

A. Cash surplus = 95,000; Variance = 70,000 favourable
B. Cash surplus = 115,000; Variance = 90,000 favourable
Correct Answer C. Cash surplus = 105,000; Variance = 80,000 favourable
D. Cash surplus = 105,000; Variance = 80,000 deficit
Correct Answer
C
Correct Option:
Cash surplus = 105,000; Variance = 80,000 favourable

About This Question

This is Waec Model Questions Vol1 2024 Financial Accounting Question 17. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Hard .

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