Question

Section B - 6(a) Edum Republic: Compute the total revenue for the country for the year 2021, using Receipts from oil and gas $522,500,000; Import duties $250,000,000; Export duties $180,500,000; Receipts from agriculture $60,000,000; Permit and licence fees $92,000,000; Personal and other income taxes $230,500,000; Miscellaneous income $100,500,000.

Model answer

Total Revenue for the country for year 2021 = 522,500,000 + 250,000,000 + 180,500,000 + 60,000,000 + 92,000,000 + 230,500,000 + 100,500,000 = $1,436,000,000.

Accepted Answer

Total Revenue for the country for year 2021 = 522,500,000 + 250,000,000 + 180,500,000 + 60,000,000 + 92,000,000 + 230,500,000 + 100,500,000 = $1,436,000,000.

WAEC Accounting 2023 Theory — Question 15

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