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WAEC Financial Accounting 1996 Question 46

Question 46

Public Sector Accounting

Which of the following is used where virement is not possible and where an application for additional provision reveals a degree of urgency?

  1. A.Reserved expenditure warrant
  2. B.Provisional general warrant
  3. C.Contigencies warrant
  4. D.Supplementary general warrant
  5. E.Virement warrant.
Show the answer and explanation

Answer: C (Contigencies warrant)

Explanation

When money cannot be moved by virement and the need is urgent, a contingencies warrant releases funds from the contingencies fund.