Neco 2020 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2020 Neco Financial Accounting examination.
During the fiscal year, a government department had the following opening balances: cash in hand N100,000, receivables N50,000, accrued expenses N30,000, and a fund transfer of N20,000 recorded but not yet executed. During the year the department incurred expenses of N80,000, received cash receipts of N120,000, discovered an unrecorded accrued salary liability of N15,000 at year‑end, and needed to reverse an earlier over‑statement of revenue of N10,000 that had already been received in cash. What is the corrected closing cash balance at the end of the year?
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About This Question
This is Neco 2020 Financial Accounting Question 1. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Hard .
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