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 ''Below the line'' item in public sector accounting means such an item is--------

Accounts - Principles of Accounts
WAEC 2018

 ''Below the line'' item in public sector accounting means such an item is--------

  • A. not budgeted for in the current fiscal year
  • A. less than what is budgeted for
  • B. budgeted for in the current fiscal year
  • C. to be carried forward to the next fiscal year
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Correct Answer: Option A
Explanation

In public sector accounting, an item categorized as ''below the line'' is an income or expense in accounting which have no noticeable effect on company profits in the current period.

It means the item does not affect the profit or loss from normal operations for that accounting period.


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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709