Neco 2024 Financial Accounting Question 21
Practice objective / multiple choice question 21 from the 2024 Neco Financial Accounting examination.
Municipality A reports total assets of ₦150,000,000 and total liabilities of ₦90,000,000. The reported total revenue for the year is ₦30,000,000. A provision for unclaimed property revenue equal to 5 % of total revenue must be recognised as a liability. In addition, a deferred tax liability equal to 12 % of temporary differences amounting to ₦8,000,000 must be recognised. What is the net financial position (assets minus liabilities) after these adjustments?
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About This Question
This is Neco 2024 Financial Accounting Question 21. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Hard .
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