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WAEC Financial Accounting 2023 Question 18

Question 18

Public Sector Accounting

The source of funds available to a local government/district assembly includes

  1. A.common fund allocation.
  2. B.excise duties.
  3. C.road tolls.
  4. D.foreign loans.
Show the answer and explanation

Answer: A (common fund allocation.)

Explanation

Local governments receive statutory allocations from the common fund; excise duties and foreign loans belong to central government.