JAMB Accounting 2016 Objective — Question 12

Question 12 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2016 Objective paper, with the correct answer and a full explanation.

12. The major sources of revenue for state and local government is (a) value added tax (b) statutory allocation (c) taxes and levies (d) recommended revenue

A. value added tax
B. statutory allocation
C. taxes and leviesCorrect
D. recommended revenue

Explanation

Statutory allocation is the amount the federal government allocates to the state government and the local government (per official key, the marked answer for this question is C: taxes and levies).

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