Jamb Accounts - Principles of Accounts 1998 Past Questions and Answers

Question 46:

• JAMB 1998

The term fiscal compliance means?

A. Al financial and related laws and regulations are adhered to
B. Only the budget fir the current period is complied with and no deficits allowed
C. All physical assets requirements have been met
D. Fiscal planning is necessary for proper accountabilit in the public sector

Question 47:

• JAMB 1998

In a public corporation, the capital expenditure incurred in a financial period is?

A. Spread over the useful life of the assets through depreciation
B. Apportioned at a pre-determined rate stipulated by law
C. Written off in the year in which they occur
D. Merged with recurrent expenditure and reported in one required lump sum

Question 48:

• JAMB 1998

Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?

A. Surrendered to the consolidated revenue fund
B. Carried forward to the next financial year
C. Reserved to meetany deficits or contingencies
D. Returned to the taxpayer