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JAMB Principles of Accounts 1997 Question 50

Question 50

Public Sector Accounting

The end result of governmental accounting procedure is to

  1. A.keep proper records of government expenditures
  2. B.give financial information to the public and investors
  3. C.produce timely and accurate financial reports for legislators and the public
  4. D.give information on the performance of public enterprises.
Show the answer and explanation

Answer: C (produce timely and accurate financial reports for legislators and the public)

Explanation

Government accounting records transactions so that it can produce timely and accurate financial reports. These reports let the legislature and the public see how public money was raised and spent.