Neco 2018 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2018 Neco Financial Accounting examination.
A government department uses modified accrual accounting. The opening cash fund balance at the start of the period is \(\text{₦}150,000\). During the period the department received cash receipts of \(\text{₦}85,000\) and a tax receivable of \(\text{₦}30,000\) (non‑cash). Cash payments amounted to \(\text{₦}70,000\) and accrued salaries of \(\text{₦}20,000\) were recognized (non‑cash). At period end an additional accrued salary expense of \(\text{₦}5,000\) is recorded and a transfer of \(\text{₦}10,000\) is made to a capital project fund. What is the closing cash fund balance at the end of the period?
Answer Options
About This Question
This is Neco 2018 Financial Accounting Question 6. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.