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

Question 61:

• JAMB 2015

Which of the following is true in public sector accounting? Cost of assets is

A. Depreciated on straight line method
B. Expensed in the year of purchase
C. Charged to federation account
D. Depreciated on reducing balance method

Question 62:

• JAMB 2016

The major sources of revenue for the state and local governments is

A. Value added tax
B. Statutory allocation
C. Taxes and levies
D. Recurrent revenue

Question 63:

• JAMB 2016

An increase in government expenditure within a year is taken care of by means of

A. Virement
B. Financial regulations
C. Supplementary estimate
D. Warrant

Question 64:

• JAMB 2017

Which fund is used to meet unforeseen or urgent expenditure

A. General reserve fund
B. Consolidated Reserve Fund
C. Contingencies fund
D. Special fund

Question 65:

• JAMB 2017

The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year

A. Provisional general warrant
B. Annual general warrant
C. Reserved expenditure warrant
D. Contigencies