Sources of government revenue - 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 1995

Which of the following are sources of revenue to state government in Nigeria?
I Statutory allocation
II Fines from customary courts
III Petroleum tax
IV Income tax
IV

A. I and II only
B. II and III
C. I and IV
D. III and IV

Question 3:

• 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 4:

• JAMB 2008

A source of revenue that is compulsory payment without any derived benefit is?

A. Fees
B. Taxes
C. Fines
D. Royalties

Question 5:

• JAMB 2009

One of the reasons for the existence of the public sector is to?

A. Take adequate care of the needy
B. Supplement the commercial sector
C. Provide cheap services to all citizens
D. Correct perceived inequalities