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WAEC Financial Accounting 2019 Question 35

Question 35

Public Sector Accounting

A feature of government accounting is that the

  1. A.fixed assets are depreciated.
  2. B.objective is to report profit made by the government.
  3. C.accounts are prepared on accrual basis.
  4. D.accounts are prepared on cash basis.
Show the answer and explanation

Answer: D (accounts are prepared on cash basis.)

Explanation

Government accounts are traditionally kept on a cash basis.