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WAEC Financial Accounting 2003 Question 5

Question 5

Public Sector Accounting

The procedure for utilising the savings from one sub-head of expenditure to pay for another under the same head is

  1. A.apportionment
  2. B.virement
  3. C.appropriation
  4. D.allocation
Show the answer and explanation

Answer: B (virement)

Explanation

Virement moves savings from one sub-head to another within the same head.