Jamb Accounts - Principles of Accounts 1994 Past Questions and Answers

Question 36:

• JAMB 1994

The receipt from a special tax levy to pay maturing interest obligation are recorded in

A. Capital fund project
B. Debt Service Fund
C. Tax Assessment Fund
D. Special Revenue Fund

Question 37:

• JAMB 1994

The cash bass of accounting requires the recognition of revenue only when they are

A. Due
B. Earned
C. Paid
D. Received