Neco Model Questions Vol1 2021 Financial Accounting Question 26
Practice objective / multiple choice question 26 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
A government department received an original appropriation of \(\text{₦}12,000,000\) for the year. During the year it recorded cash receipts of \(\text{₦}3,500,000\) and cash expenditures of \(\text{₦}9,200,000\). At year‑end the department reported an unspent appropriation of \(\text{₦}1,800,000\) after making adjusting entries for accrued liabilities of \(\text{₦}450,000\) and depreciation of equipment equal to 5 % of the equipment's original cost of \(\text{₦}2,000,000\). Assuming all other figures are correct, determine the correct amount of unspent appropriation that should be reported.
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About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 26. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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