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JAMB Principles of Accounts 1999 Question 50

Question 50

Public Sector Accounting

The conventional sources of public revenue include

  1. A.loans, taxation, foreign reserves and dividends
  2. B.interest, royalties, taxation and loans
  3. C.crude oil, interest, posted price and taxation
  4. D.taxation, deficit budgeting, royalties and loans.
Show the answer and explanation

Answer: B (interest, royalties, taxation and loans)

Explanation

Government revenue usually comes from taxes, royalties, interest and borrowing (loans).