WAEC Accounting 2025 Theory — Question 5
Question 5 of 15 from the West African Examinations Council (WAEC) Accounting 2025 Theory paper, with the correct answer and a full explanation.
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3. Five differences between a private sector's financial statement and a public sector's financial statement
Model answer
No. | Private Sector Account | Public Sector Account 1 | Prepared on the basis of Statement of Accounting Standards (SAS) | Prepared based on the constitution and other public sector laws 2 | Prepared on accrual basis | Prepared on cash basis 3 | Warrant number not applicable | Each transaction must show its warrant number 4 | Makes provision for depreciation on assets | Provision for depreciation is not applicable 5 | Prepares cash book, journals, trading, P&L, manufacturing & appropriation accounts | Prepares mainly income and expenditure accounts
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