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JAMB Principles of Accounts 2002 Question 46

Question 46

Public Sector Accounting

Given:
(₦m)
Balance at 31st December 14,744
Treasury Bills issued Jan-Dec 7124
Revenue for the year 6387
Expenditure 8767
What is the opening balance on the consolidated revenue fund account?

  1. A.₦10,000m
  2. B.₦12,000m
  3. C.₦90,00m
  4. D.₦11,000m.
Show the answer and explanation

Answer: A (₦10,000m)

Explanation

Opening = closing 14 744 − treasury bills 7 124 − revenue 6 387 + expenditure 8 767 = ₦10 000m.