Consolidated revenue fund - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• 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 3:

• 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 4:

• 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 5:

• 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