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JAMB Principles of Accounts 1999 Question 49

Question 49

Public Sector Accounting

Which of the following accounts is kept by local governments in Nigeria?

  1. A.Balance sheet
  2. B.Advances account
  3. C.Debtors account
  4. D.Profit and loss account.
Show the answer and explanation

Answer: B (Advances account)

Explanation

Local governments keep advances accounts for money advanced to staff; they do not prepare profit and loss accounts.