WAEC Financial Accounting 2004 Question 40

Question 40

Public Sector Accounting

The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is

  1. A.subvention
  2. B.budget
  3. C.deposit
  4. D.estimates
Show the answer and explanation

Answer: A (subvention)

Explanation

Such a grant is a subvention.