JAMB Accounting 2014 Objective — Question 50

Question 50 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2014 Objective paper, with the correct answer and a full explanation.

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

A. Veniremen
B. fund accountingCorrect
C. Consolidated fund
D. financial regulation

Explanation

Fund accounting is used in government. Each fixed account is created for a purpose and is self-balancing.

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