WAEC Accounting 2019 Objective — Question 35

Question 35 of 50 from the West African Examinations Council (WAEC) Accounting 2019 Objective paper, with the correct answer and a full explanation.

A feature of government accounting is that the

A. fixed assets are depreciated
B. objective is to report profit made by the government
C. accounts are prepared on accrual basis
D. accounts are prepared on cash basisCorrect

Explanation

Government accounts are one-off accounts, thus, there are no debtors nor creditors. This type of account that has no debtor or creditor is referred to as cash basis of accounting.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2019 Objective More Accounting past papers