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JAMB Principles of Accounts 2004 Question 50

Question 50

Public Sector Accounting

The statement of assets and liabilities in the public sector can be described as the

  1. A.income and expenditure account of government
  2. B.appropriation account of government
  3. C.balance sheet of government
  4. D.funds flow statement of government
Show the answer and explanation

Answer: C (balance sheet of government)

Explanation

A statement listing what government owns (assets) and owes (liabilities) at a date is its balance sheet.