Waec Model Questions Vol1 2021 Financial Accounting Question 41
Practice objective / multiple choice question 41 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd for the year ended 31 December shows: Sales ₦500,000; Cost of Goods Sold ₦300,000; Salaries expense ₦80,000; Rent expense ₦40,000. The following adjustments have not been recorded: (i) Depreciation on equipment (cost ₦150,000) at 12% per annum, (ii) Electricity expense accrued ₦5,000, (iii) Insurance expense for the year ₦12,000 with ₦3,000 prepaid at year‑end. Compute the net profit for the year.
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 41. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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