The tier of government that uses financial memorandum
Federal government
State government
Local government
Municipal government
Correct answer is C
No explanation has been provided for this answer.
Which of the following is used to service all operations of government?
Consolidated Revenue Fund
Consolidated Reserve Fund
Special Operational Fund
General-Reserve Fund
Correct answer is A
Consolidation revenue fund generate its revenue through allocation from the federation account, court fees and fines etc and is used to finance government operation e g cost, overhead
The discount column on the left-hand side of cashbook represents a discount
Received from a creditor
Allowed to a debtor
Received from a debtor
Allowed to a creditor
Correct answer is B
Allowed to a debtor: the debit side of the cashbook is where all proceeds from sales are recorded and have to be matched with the discount allowed to the debtor /creditor
The use of a three column cash book is determined by
Cash discount
Trade discount
Cash transaction
Bank transaction
Correct answer is A
A cash discount is a deduction allowed by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time
II and IV only
I, II and IV only
I, II and III only
II, III and IV only
Correct answer is B
Dissolution of partnership business simply means the break up of partnership business and which are caused by many factors
II,III and IV: disposal of asset does not constitute dissolution