Neco Model Questions Vol1 2023 Financial Accounting Question 24
Practice objective / multiple choice question 24 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
A government department received an original appropriation of 12,000,000 Naira for the fiscal year. The actual expenditures were as follows (in Naira):\n\n- Salaries: 5,400,000\n- Office supplies: 800,000\n- Capital acquisition (new equipment): 2,500,000\n- Maintenance: 600,000\n- Miscellaneous: 300,000\n\nStatutory rules state that any unspent balance exceeding 5\% of the original appropriation must be returned to the central fund, while any unspent amount up to 5\% may be carried forward to the next year.\n\nDetermine the amount that must be returned to the central fund and the amount that may be carried forward.
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This is Neco Model Questions Vol1 2023 Financial Accounting Question 24. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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