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

Question 6:

• JAMB 1995

A government accounting systems must make sure that

A. Revenue exceeds expenditure
B. All applicable legal provisions are complied with
C. Capital expenditure is equal to revenue
D. Capital project fund is tied to recurrent expenditure

Question 7:

• JAMB 1997

Public sector accounting is based on

A. Cash
B. Accrual
C. Budget
D. Consolidated fund

Question 8:

• JAMB 1997

The end result of governmental accounting procedure is to

A. Keep proper records of government expenditures
B. Give financial information to the public and investors
C. Produce timely and accurate financial reports for legislators and the public
D. Give information on the performance of public enterprises

Question 9:

• 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 10:

• 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