Jamb Accounts - Principles of Accounts Questions
Question 46:
The term fiscal compliance means?
- A Al financial and related laws and regulations are adhered to
- B Only the budget fir the current period is complied with and no deficits allowed
- C All physical assets requirements have been met
- D Fiscal planning is necessary for proper accountabilit in the public sector
Question 47:
In a public corporation, the capital expenditure incurred in a financial period is?
- A Spread over the useful life of the assets through depreciation
- B Apportioned at a pre-determined rate stipulated by law
- C Written off in the year in which they occur
- D Merged with recurrent expenditure and reported in one required lump sum
Question 48:
Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?
- A Surrendered to the consolidated revenue fund
- B Carried forward to the next financial year
- C Reserved to meetany deficits or contingencies
- D Returned to the taxpayer