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WAEC Financial Accounting 1991 (August) Question 5

Question 5

Public Sector Accounting

Recurrent expenditure of government is paid from

  1. A.reserve fund
  2. B.consolidated revenue fund
  3. C.development fund
  4. D.contingencies fund
  5. E.personal fund.
Show the answer and explanation

Answer: B (consolidated revenue fund)

Explanation

Day-to-day (recurrent) spending is charged to the Consolidated Revenue Fund; capital projects use the development fund.