Gce Model Questions Vol1 2023 Financial Accounting Question 7
Practice objective / multiple choice question 7 from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
A local authority reports the following figures for the financial year:\n\n- Cash revenue receipts: \(\text{₦}1{,}200{,}000\)\n- Accrued revenue receivable: \(\text{₦}300{,}000\)\n- Cash expense payments: \(\text{₦}950{,}000\)\n- Accrued expense payable: \(\text{₦}120{,}000\)\n- Capital grant received in cash: \(\text{₦}200{,}000\)\n- Capital grant receivable: \(\text{₦}80{,}000\)\n- Depreciation expense: \(\text{₦}50{,}000\)\n- Interest payable accrued: \(\text{₦}30{,}000\)\n\nUsing the accrual basis of accounting, calculate the change in net assets for the year. Then, using the cash basis, calculate the cash surplus (or deficit) for the same period.
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This is Gce Model Questions Vol1 2023 Financial Accounting Question 7. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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