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JAMB Principles of Accounts 2002 Question 50

Question 50

Public Sector Accounting

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called

  1. A.fund accounting
  2. B.commitment accounting
  3. C.cash accounting
  4. D.accrual accounting.
Show the answer and explanation

Answer: C (cash accounting)

Explanation

Cash accounting records items only when cash is received or paid.