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JAMB Principles of Accounts 2014 Question 50

Question 50

Public Sector Accounting

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

  1. A.virement.
  2. B.fund accounting.
  3. C.consolidated fund.
  4. D.financial regulation.
Show the answer and explanation

Answer: B (fund accounting.)

Explanation

Fund accounting keeps a separate, self-balancing set of books for each fund rather than for an owner.