Neco 2020 Financial Accounting Question 33

Practice objective / multiple choice question 33 from the 2020 Neco Financial Accounting examination.

Neco 2020 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 33 NECO • 2020 • FINANCIAL_ACCOUNTING • objective

On 1\,January a company pays ₦50,000 for a one‑year insurance policy. By 31\,March, what amount of insurance expense should be recognised for the quarter? State the adjusting journal entry required.

Answer Options

Correct Answer A. ₦12,500
B. ₦10,000
C. ₦15,000
D. ₦12,000
Correct Answer
A
Correct Option:
₦12,500

About This Question

This is Neco 2020 Financial Accounting Question 33. It is one of the objective questions from the 2020 Neco Financial Accounting examination.

Difficulty level: Easy .

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