Neco Model Questions Vol1 2025 Financial Accounting Question 31
Practice objective / multiple choice question 31 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
During the fiscal year, a local government recorded the following cash receipts: Rates ₦12,000,000; Grants ₦5,500,000; Service fees ₦3,200,000. At year‑end, ₦1,800,000 of the service fees were still unearned. Cash payments made were: Salaries ₦2,000,000; Maintenance ₦500,000; Supplies ₦800,000. In addition, salaries of ₦2,400,000 and maintenance of ₦600,000 had been accrued but not yet paid. The council transfers \(15\%\) of the adjusted cash surplus to the Capital Development Fund. Calculate the net cash surplus after this transfer.
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This is Neco Model Questions Vol1 2025 Financial Accounting Question 31. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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