Waec Model Questions Vol1 2023 Financial Accounting Question 32
Practice objective / multiple choice question 32 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
A government department received an original appropriation of ₦5,000,000. During the fiscal year it was granted a supplementary appropriation equal to 20 % of the original amount. The department recorded encumbrances (commitments) of ₦800,000, of which 60 % were later released. Actual expenditures for the year amounted to ₦4,200,000. Determine the closing balance of the department's fund at year‑end.
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This is Waec Model Questions Vol1 2023 Financial Accounting Question 32. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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