JAMB Accounting 2015 Objective — Question 49

Question 49 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

Money not required to meet chargeable expenditure in any fiscal year, under a cash accounting basis, should be

A. surrendered to the consolidated revenue fund
B. carried forward to the next financial yearCorrect
C. reserved to meet any deficit or contingencies
D. returned to the taxpayer

Explanation

If money is not needed for the year in which it was appropriated, it is carried forward to the following financial year.

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