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JAMB Principles of Accounts 2008 Question 47

Question 47

Public Sector Accounting

A source of revenue that is compulsory payment without any derivable benefit is

  1. A.fees
  2. B.taxes
  3. C.fines
  4. D.royalties
Show the answer and explanation

Answer: B (taxes)

Explanation

Taxes must be paid by law and the payer gets no specific service in return.