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JAMB Principles of Accounts 1998 Question 47

Question 47

Public Sector Accounting

The term fiscal compliance means

  1. A.all financial and related laws and regulations are adhered to
  2. B.only the budget for the current period is complied with and no deficits allowed
  3. C.all physical assets requirements have been met
  4. D.fiscal planning is necessary for proper accountability in the public sector.
Show the answer and explanation

Answer: A (all financial and related laws and regulations are adhered to)

Explanation

Fiscal compliance means obeying all the financial laws and regulations.