JAMB - Accounts Principles Of Accounts (2025 - No. 9)
A feature of government accounting is that the
Accounts are prepared on an accrual basis.
Accounts are prepared on a cash basis.
fixed assets are depreciated.
objective is to report profit made by the government.
Explanation
Government accounting is mainly based on the cash basis of accounting. Transactions are recorded only when cash is received or paid. Unlike the accrual basis, receivables and payables are not recognized.
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