Neco Model Questions Vol1 2021 Financial Accounting Question 47

Practice objective / multiple choice question 47 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2021 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 47 NECO_MODEL_QUESTIONS_VOL1 • 2021 • FINANCIAL_ACCOUNTING • objective

At the beginning of the year a company prepaid rent of ₦48,000 for 12 months. At the end of the first quarter, how much rent expense should be recognized and what is the balance in the prepaid rent account?

Answer Options

A. Rent expense ₦10,000; Prepaid rent ₦38,000
B. Rent expense ₦12,000; Prepaid rent ₦30,000
C. Rent expense ₦15,000; Prepaid rent ₦33,000
Correct Answer D. Rent expense ₦12,000; Prepaid rent ₦36,000
Correct Answer
D
Correct Option:
Rent expense ₦12,000; Prepaid rent ₦36,000

About This Question

This is Neco Model Questions Vol1 2021 Financial Accounting Question 47. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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