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JAMB Principles of Accounts 1994 Question 47

Question 47

Public Sector Accounting

The expenditure on a good or service which is consumed either immediately or within a current accounting period is called

  1. A.fixed expenditure
  2. B.capital expenditure
  3. C.annual expenditure
  4. D.recurrent expenditure.
Show the answer and explanation

Answer: D (recurrent expenditure.)

Explanation

Spending that is used up within the year (salaries, supplies, running costs) is recurrent expenditure.