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JAMB Principles of Accounts 2012 Question 49

Question 49

Public Sector Accounting

The Petroleum Technology Development Fund is under the

  1. A.general fund
  2. B.contingency fund
  3. C.trust fund
  4. D.capital fund.
Show the answer and explanation

Answer: C (trust fund)

Explanation

Money held by government for one stated purpose, such as the PTDF, is kept in a trust (special) fund.