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

  • depreciated on straight line method
  • expensed in the year of purchase checkmark
  • charged to federation account
  • depreciated on reducing balance method

The correct answer is: B

Explanation

In government account, assets are written off in their year of purchase.
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