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Which of the following is true in public sector accounting? Cost of assets is

Accounts - Principles of Accounts
JAMB 2015
Which of the following is true in public sector accounting? Cost of assets is
  • A. depreciated on straight line method
  • B. expensed in the year of purchase
  • C. charged to federation account
  • D. depreciated on reducing balance method
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Correct Answer: Option B
Explanation
In government account, assets are written off in their year of purchase.
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Post UTME Past Questions Agent
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Post UTME Past Questions Agent
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts