Gce Model Questions Vol1 2025 Financial Accounting Question 13
Practice objective / multiple choice question 13 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
A local authority reports the following figures for the financial year:\n- Cash revenue receipts: \(\text{₦}200,000\)\n- Cash expenditure payments: \(\text{₦}180,000\)\n- Accrued revenue not yet received: \(\text{₦}25,000\)\n- Accrued expenditure incurred but not yet paid: \(\text{₦}15,000\)\n- Depreciation expense (non‑cash): \(\text{₦}10,000\)\n- Transfer payments received in cash: \(\text{₦}30,000\)\n- Transfer payments made in cash: \(\text{₦}20,000\)\nCalculate the surplus (or deficit) for the period using (a) the adjusted cash basis and (b) the accrual basis. Ignore depreciation in both calculations.
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About This Question
This is Gce Model Questions Vol1 2025 Financial Accounting Question 13. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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