Neco Model Questions Vol1 2017 Financial Accounting Question 22

Practice objective / multiple choice question 22 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 22 NECO_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

A firm receives \(\text{₦}200,000\) cash on 1 January as advance payment for a 4‑month consulting contract. Under the accrual concept, how much revenue should be recognised in the month of January?

Answer Options

Correct Answer A. ₦50,000
B. ₦66,667
C. ₦100,000
D. ₦0
Correct Answer
A
Correct Option:
₦50,000

About This Question

This is Neco Model Questions Vol1 2017 Financial Accounting Question 22. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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