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

Question 11:

• 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

Question 12:

• JAMB 1999

Capital and revenue expenditures of government are usually accounted for under funds which include?

A. A personal advances, technical, special trust and
B. Technical, special trusth and commercial funds
C. Personal advances, treasury clearance and special trusth funds
D. Commercial loans and treasury clearance funds

Question 13:

• JAMB 1999

Which of the following account is kept by local governments in Nigeria?

A. Balance sheet
B. Advances account
C. Debtors account
D. Profit account

Question 14:

• JAMB 1999

The conventional sources of public revenue includes?

A. Loans,taxation, foreign reserves and dividends
B. Interest, royalties, taxation and loans
C. Crude oil, interest, posted price and taxation
D. Taxtion, deficit budgeting, royalties and loans

Question 15:

• JAMB 2000

The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?

A. Public Accounts Committee
B. Public Audit Committee
C. Internal Audit Committee
D. External Audit Committee