Neco 2023 Financial Accounting Question 21
Practice objective / multiple choice question 21 from the 2023 Neco Financial Accounting examination.
The municipal government recorded the following for the fiscal year: Cash receipts: ₦12,500,000; Cash payments: ₦9,800,000; Accrued revenue at year‑end: ₦1,200,000; Prepaid expenses at year‑end: ₦300,000; Deferred revenue at year‑end: ₦500,000; Accrued expenses at year‑end: ₦400,000; Opening fund balance: ₦2,000,000. Using the accrual basis, calculate the change in the fund balance for the year.
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About This Question
This is Neco 2023 Financial Accounting Question 21. It is one of the objective questions from the 2023 Neco Financial Accounting examination.
Difficulty level: Hard .
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