A government accounting systems must make sure that
Revenue exceeds expenditure
All applicable legal provisions are complied with
Capital expenditure is equal to revenue
Capital project fund is tied to recurrent expenditure
Correct answer is B
No explanation has been provided for this answer.
N390,000
N360,000
N350,000
N170,000
Correct answer is A
Recurrent expenditure consists mainly of expenditure on wages, salaries and supplements, purchases of goods and services and consumption of fixed capital (depreciation). Hence we have;
180,000 + 40,000 + 120,000 + 50,000 =390,000
N420,000
N380,000
N240,000
N200,000
Correct answer is C
No explanation has been provided for this answer.
I and II only
II and III
I and IV
III and IV
Correct answer is C
No explanation has been provided for this answer.
Both always have debit balances
Both always have credit balances
The head office current account has a credit balance while the branch current account has a debit balance
The head office current account has a debit balance while the branch current account has a credit balance
Correct answer is D
No explanation has been provided for this answer.