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WAEC Financial Accounting 1998 Question 3

Question 3

Public Sector Accounting

Which of the following is a source of Local Government Revenue?

  1. A.Personal Income tax
  2. B.Sale of Armed Forces property
  3. C.Repayment (State)
  4. D.Repayment (Interest and General)
  5. E.Market rates.
Show the answer and explanation

Answer: E (Market rates.)

Explanation

Local governments collect market rates and fees; personal income tax goes to the state.