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JAMB Principles of Accounts 1995 Question 50

Question 50

Public Sector Accounting

A governmental accounting system must make sure that

  1. A.revenue exceeds expenditure
  2. B.all applicable legal provisions are complied with
  3. C.capital expenditure is equal to revenue
  4. D.capital project fund is tied to recurrent expenditure.
Show the answer and explanation

Answer: B (all applicable legal provisions are complied with)

Explanation

Government accounting is about accountability: money must be raised and spent only as the law and appropriation allow.