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JAMB Principles of Accounts 2012 Question 47

Question 47

Public Sector Accounting

Which of the following is a source of revenue to the federation account?

  1. A.Market fees.
  2. B.Bicycle licences
  3. C.Tariffs
  4. D.Property rates.
Show the answer and explanation

Answer: C (Tariffs)

Explanation

Import and export tariffs are collected federally; market fees, bicycle licences and property rates are local government revenue.