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WAEC Financial Accounting 2001 Question 49

Question 49

Public Sector Accounting

Which of the following serves as the main Government Fund used to service all operations of the government?

  1. A.General Fund
  2. B.Consolidated Revenue Fund
  3. C.Consolidated Reserve Fund
  4. D.Special Fund.
Show the answer and explanation

Answer: B (Consolidated Revenue Fund)

Explanation

Government revenues are paid into and spent from the Consolidated Revenue Fund.