JAMB Accounting 2020 Objective — Question 5

Question 5 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2020 Objective paper, with the correct answer and a full explanation.

5. In government accounting, CRF stands for?

A. A. Consolidated revenue fundCorrect
B. B. Combined revenue fund
C. C. Cost-revenue formula
D. D. Consolidated revised fund

Explanation

CRF means Consolidated Revenue Fund in government accounting; it is the account used to record all funds belonging to federal, state and local government.

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