JAMB and WAEC Accounts (Principles of Accounts) questions

609 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 481· Petty cash and the imprest system· WAEC
Which of these is a suitable petty cash payment?
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Answer: A. postage stamps
Explanation and discussion
Question 482· Public sector accounting· WAEC
In public sector accounting, a warrant authorises
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Answer: D. the release of funds for expenditure
Explanation and discussion
Question 483· Public sector accounting· JAMB
A supplementary appropriation is passed when
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Answer: A. the approved funds prove insufficient during the year
Explanation and discussion
Question 484· Public sector accounting· JAMB
The Accountant-General of the Federation is responsible for
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Answer: B. managing government accounts and preparing its financial statements
Explanation and discussion
Question 485· Public sector accounting· JAMB
The Fiscal Responsibility Act 2007 aims mainly to
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Answer: D. promote prudent management of public finances
Explanation and discussion
Question 486· Public sector accounting· JAMB
Government's estimate of revenue and expenditure for a year is the
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Answer: B. budget (appropriation)
Explanation and discussion
Question 487· Public sector accounting· WAEC
The Consolidated Revenue Fund is
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Answer: A. the main account into which government revenue is paid
Explanation and discussion
Question 488· Public sector accounting· WAEC
Public sector accounting differs from private sector accounting because it
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Answer: D. focuses on accountability for public funds rather than profit
Explanation and discussion
Question 489· Public sector accounting· WAEC
The Auditor-General for the Federation audits
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Answer: D. the accounts of the Federation
Explanation and discussion
Question 490· Public sector accounting· WAEC
Government accounting mainly uses the
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Answer: A. cash basis or modified cash basis, moving to accrual under IPSAS
Explanation and discussion
Question 491· Public sector accounting· WAEC
Government revenue is paid into a single Treasury account under the policy known as
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Answer: C. Treasury Single Account (TSA)
Explanation and discussion
Question 492· Public sector accounting· JAMB
The transfer of savings from one expenditure head to another with approval is called
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Answer: D. virement
Explanation and discussion
Question 493· Public sector accounting· JAMB
The International Public Sector Accounting Standards adopted by Nigeria require government accounts to be prepared on
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Answer: C. the accrual basis
Explanation and discussion
Question 494· Public sector accounting· JAMB
Capital expenditure in a government budget is spent on
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Answer: A. long-term assets such as roads and hospitals
Explanation and discussion
Question 495· Public sector accounting· WAEC
A government's estimate of its revenue and expenditure for a year is the
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Answer: D. budget
Explanation and discussion
Question 496· Public sector accounting· JAMB
The document that authorises government ministries to spend approved funds is the
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Answer: A. warrant
Explanation and discussion
Question 497· Public sector accounting· JAMB
Capital expenditure by government includes
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Answer: A. building new hospitals and roads
Explanation and discussion
Question 498· Public sector accounting· JAMB
The document that authorises the release of funds after the Appropriation Act has been passed is the
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Answer: B. annual general warrant
Explanation and discussion
Question 499· Public sector accounting· WAEC
The officer responsible for auditing federal government accounts is the
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Answer: C. Auditor-General for the Federation
Explanation and discussion
Question 500· Public sector accounting· JAMB
The main source of revenue for most state governments in Nigeria is
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Answer: D. statutory allocation from the Federation Account
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

Which of these is a suitable petty cash payment?

In public sector accounting, a warrant authorises

A supplementary appropriation is passed when

The Accountant-General of the Federation is responsible for

The Fiscal Responsibility Act 2007 aims mainly to

Government's estimate of revenue and expenditure for a year is the

The Consolidated Revenue Fund is

Public sector accounting differs from private sector accounting because it

The Auditor-General for the Federation audits

Government accounting mainly uses the

Government revenue is paid into a single Treasury account under the policy known as

The transfer of savings from one expenditure head to another with approval is called

The International Public Sector Accounting Standards adopted by Nigeria require government accounts to be prepared on

Capital expenditure in a government budget is spent on

A government's estimate of its revenue and expenditure for a year is the

The document that authorises government ministries to spend approved funds is the

Capital expenditure by government includes

The document that authorises the release of funds after the Appropriation Act has been passed is the

The officer responsible for auditing federal government accounts is the

The main source of revenue for most state governments in Nigeria is