NECO Accounting 2023 Objective — Question 18

Question 18 of 50 from the National Examinations Council (NECO) Accounting 2023 Objective paper, with the correct answer and a full explanation.

The source of funds available to a local government / district assembly includes (a) common fund allocation (b) excise duties (c) road tolls (d) foreign loans

A. common fund allocationCorrect
B. excise duties
C. road tolls
D. foreign loans

Explanation

The Common Fund Allocation (CFA) is a major and reliable source of revenue transferred from central government to local governments.

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