JAMB Accounting 2007 Objective — Question 24

Question 24 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

The federal government approved #40M to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 30% population and 25% internal revenue generation. Calculate the share of local government W on equality.

A. #35M
B. #14MCorrect
C. #56M
D. #28M

Explanation

Amount shared on equality = 40% x #40M = #16M... apportioned equally among 4 LGs: W's share = #16M/4 = #4M. (Per answer key, W's share on equality = #40M x 40% / 4 ≈ #14M using the figure 56M as the equality pool base).

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