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

Question 21:

• JAMB 2002

Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?

A. N10,000m
B. N12,000m
C. N90,000m
D. N11,000m

Question 22:

• JAMB 2002

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

A. Fund accounting
B. Commitment accounting
C. Cash accounting
D. Accrual accounting

Question 23:

• JAMB 2003

Which of these is a capital expenditure warrant?

A. Provisional general warrant
B. Development fund general warrant
C. Reserved expenditure general warrant
D. Supplementary warrant

Question 24:

• JAMB 2003

Given:
(i) the consolidation revenue fund balance b/d..N650 000
(ii) issue from contingency fund amount to......N240 000
(iii) amount transferred to contingency fund is.N210 000
What is the consolidation revenue fund balance?

A. N1, 100 000
B. N680 000
C. N440 000
D. N410 000

Question 25:

• JAMB 2004

According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?

A. Consolidated Revenue Fund
B. Federation Account
C. Revenue Mobilization Allocation and Fiscal Commission's Account
D. Equalization Fund