Gce Model Questions Vol1 2018 Financial Accounting Question 18
Practice objective / multiple choice question 18 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
At the start of the financial year a government department's General Fund carried forward an unspent appropriation of ₦200,000. During the year the department received a capital grant of ₦500,000, of which 60 % must be spent on capital projects; the remaining 40 % may be transferred to the General Fund. The department spent ₦300,000 from the General Fund and ₦250,000 on capital projects. At year‑end, what is the balance in the General Fund and how much of the capital grant must be returned to the granting authority?
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About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 18. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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