Waec Model Questions Vol1 2023 Financial Accounting Question 44
Practice objective / multiple choice question 44 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
The following balances are extracted for the preparation of the statement of financial position as at 31 December 2025: Cash ₦12,000; Trade receivables ₦18,000; Prepaid insurance ₦2,000; Inventory ₦25,000; Accrued expenses ₦3,000 (liability); Machinery cost ₦80,000 with accumulated depreciation ₦20,000; Building cost ₦120,000 with accumulated depreciation ₦30,000. A provision for doubtful debts equal to 5% of trade receivables must be shown as a deduction from trade receivables. Compute the total assets shown in the statement of financial position.
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About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 44. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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