Gce Model Questions Vol1 2023 Financial Accounting Question 8
Practice objective / multiple choice question 8 from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
A government department reports a tax expense of \(\text{₦}240{,}000\) in its statement of financial activities. The taxable profit before tax for the year is \(\text{₦}800{,}000\) and the statutory tax rate is 30%. A temporary difference of \(\text{₦}120{,}000\) gives rise to a deferred tax liability. During the year the department receives a cash tax refund of \(\text{₦}20{,}000\). What amount of cash tax was actually paid during the year?
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About This Question
This is Gce Model Questions Vol1 2023 Financial Accounting Question 8. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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