Neco 2023 Financial Accounting Question 20

A government department prepared its annual financial statements with the following information:\n- Budgeted revenue: \(200,000\)\n- Cash receipts during the year: \(180,000\) (this includes \(15,000\) of unearned revenue that was recorded as cash receipts)\n- Grant received: \(30,000\) of which \(10,000\) is conditional on future performance and must be recognised as a liability until the condition is satisfied\n- Expenses incurred: \(170,000\) (of which \(20,000\) are accrued but not yet paid)\nDetermine: (a) total revenue to be reported in the statement of financial performance, (b) total expenses, (c) the surplus or deficit for the year, and (d) the amount to be shown as "Deferred Revenue" (liability) on the statement of financial position.