JAMB Accounting 2013 Objective — Question 49

Question 49 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Given: Assets and Liabilities of a Local Government Bank balance 6,484,000 Cash 900,000 General revenue balances 9,774,500 Accrued salaries 1,220,000 Investments in shares 7,620,000 Vehicles (amount not fully legible in source) Calculate the liabilities of the local government.

A. ₦10,994,500Correct
B. ₦17,394,500
C. ₦18,774,500
D. ₦18,874,500

Explanation

Liabilities = Accrued salaries 1,220,000 + General revenue balance 9,774,500 = ₦10,994,500 (Bank balance, cash, investments and vehicles are assets, not liabilities).

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