Neco Model Questions Vol1 2020 Financial Accounting Question 10
Practice objective / multiple choice question 10 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
A local government department had the following information for the fiscal year (all amounts in ₦): - Budgeted revenue = 5,000,000; actual cash receipts = 4,600,000; uncollected receivables at year‑end = 300,000; accrued revenue not yet received = 200,000. - Budgeted expenses = 4,200,000; actual cash payments = 4,000,000; accrued expenses payable at year‑end = 150,000; prepaid expenses = 80,000. The opening fund balance at the start of the year was 1,200,000. Using the accrual basis of accounting, compute the adjusted fund balance at the end of the year.
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This is Neco Model Questions Vol1 2020 Financial Accounting Question 10. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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