Neco 2019 Financial Accounting Question 14
Practice objective / multiple choice question 14 from the 2019 Neco Financial Accounting examination.
The municipality's General Fund for the year reports the following:\n- Revenue measured and available: \( \text{₦}2,500,000 \)\n- Revenue measured but not yet available: \( \text{₦}300,000 \)\n- Capital outlays: \( \text{₦}1,400,000 \)\n- Operating expenses: \( \text{₦}900,000 \)\n- Unspent appropriation at year‑end: \( \text{₦}200,000 \)\nUnder the modified accrual basis, only revenue that is measurable and available is recognized. Determine (a) the total recognized revenue, and (b) the fund balance at year‑end and its classification (assume the unspent appropriation is classified as unassigned).
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About This Question
This is Neco 2019 Financial Accounting Question 14. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Hard .
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