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WAEC Financial Accounting 2001 Question 32

Question 32

Public Sector Accounting

Which of the following does not relate to government accounting system?

  1. A.Vote
  2. B.Trial Balance
  3. C.Consolidated Fund
  4. D.Profit and Loss Account.
Show the answer and explanation

Answer: D (Profit and Loss Account.)

Explanation

Government does not aim at profit, so it does not prepare a profit and loss account.