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JAMB Principles of Accounts 2014 Question 49

Question 49

Public Sector Accounting

The account of government into which all monies are received and from which all expenditures are disbursed is the

  1. A.Federation Account.
  2. B.Petroleum Technology Development Fund.
  3. C.Central Bank Account.
  4. D.Development Fund.
Show the answer and explanation

Answer: A (Federation Account.)

Explanation

All federally collected revenue goes into the Federation Account, from which it is shared and spent.