Gce Model Questions Vol1 2022 Financial Accounting Question 28
Practice objective / multiple choice question 28 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
A local authority's budget for the year shows the following figures (in ₦): - Tax revenue budgeted: 12,000,000 - Grants budgeted: 3,000,000 - Other income budgeted: 500,000 - Total appropriations (expenditure) budgeted: 15,200,000 At year‑end the actual figures are: - Tax revenue collected: 11,200,000 - Grants received: 2,800,000 - Other income received: 600,000 - Expenditure incurred: 15,200,000 During the year there was an unspent appropriation of ₦200,000 and an accrued liability of ₦150,000 not yet paid. According to statutory rules any surplus or deficit must be transferred to the General Fund. Determine the amount transferred to the General Fund and state whether it is a surplus or a deficit.
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About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 28. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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