JAMB Accounting 2018 Objective — Question 7
Question 7 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2018 Objective paper, with the correct answer and a full explanation.
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In government accounting, the method used which records on the basis of self balancing books instead of entity of proprietorship is
- A. virement
- B. fund accountingCorrect
- C. consolidated fund
- D. financial regulation
Explanation
In government accounting, fund accounting is common — records are kept on a self-balancing fund basis rather than the entity/proprietorship concept.
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