JAMB Accounts Principles of Accounts 2012 Paper

Concept:Misclassification of revenue and expenses affects profit twice: once for omission and once for wrong inclusion.Explanation:Revenue of #15,000 recorded as expenses understates profit by $2 \times 15{,}000 = 30{,}000$.Expenses of #4,000 recorded as revenue overstates profit by $2 \times 4{,}000 = 8{,}000$.So, adjusted net profit is:$$\#180{,}000 + \#30{,}000 - \#8{,}000 = \#202{,}000$$Answer:#202,000 (Option B)