Accrual concept stipulates that
Revenue should be recognized when it is earned
Costs should be recognized when the expenditure is paid
Revenue should be recognized only when cash is paid
Costs should be recognized when the are incurred
Correct answer is A
No explanation has been provided for this answer.
The general fund
Agency fund
Special fund
General long-term fund
Correct answer is B
No explanation has been provided for this answer.
Surrendered to the consolidated revenue fund
Carried forward to the next financial year
Reserved to meet any deficits or contingencies
Returned to the taxpayer
Correct answer is A
No explanation has been provided for this answer.
In a public corporation, the capital expenditure incurred in a financial period is?
Spread over the useful life of the assets through depreciation
Apportioned at a pre-determined rate stipulated by law
Written off in the year in which they occur
Merged with recurrent expenditure and reported in one required lump sum
Correct answer is C
No explanation has been provided for this answer.
The term fiscal compliance means
All financial and related laws and regulations are adhered to
Only the budget fir the current period is complied with and no deficits allowed
All physical assets requirements have been met
Fiscal planning is necessary for proper accountabilit in the public sector
Correct answer is A
No explanation has been provided for this answer.