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  5. Which fund is used t...

Which fund is used to meet unforeseen or urgent expenditure

Accounts - Principles of Accounts
JAMB 2017

Which fund is used to meet unforeseen or urgent expenditure

  • A. General reserve fund
  • B. Consolidated Reserve Fund
  • C. contingencies fund
  • D. special fund
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Correct Answer: Option C
Explanation

contingencies fund: if there is an urgent and unforeseen need for expenditure for which no other provision exist, such expenses shall be deducted from the contingencies fund

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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