Public Sector Accounting - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 56:

• JAMB 2014

The account of government into which all monies are received and from which all expenditures are disbursed is the

A. Federation account
B. Petroleum Technology Development Fund
C. Central Bank Account
D. Development fund

Question 57:

• JAMB 2014

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

A. Virement
B. Fund accounting
C. Consolidated fund
D. Financial regulation

Question 58:

• JAMB 2015

An expenses is said to be revenue in nature if it

A. Adds or contributes to the operating income of the business
B. Necessitates the introduction of additional capital
C. Reduces the capital of the business
D. Adds to or improves the value of fixed assets

Question 59:

• JAMB 2015

An expenses is said to be revenue in nature if it

A. Adds or contributes to the operating income of the business
B. Necessitates the introduction of additional capital
C. Reduces the capital of the business
D. Adds to or improves the value of fixed assets

Question 60:

• JAMB 2015

The basis of accounting for public sector is

A. Accrual basis
B. Cost basis
C. Revenue basis
D. Cash basis