Which of the following is the basis of accounting in the Civil Service?

Assessment: WAEC SSCE - Financial Accounting - 1995 (Objective) Subject: Financial Accounting

Question 1 Report

Which of the following is the basis of accounting in the Civil Service?
Answer Details
The basis of accounting in the Civil Service is cash. This means that transactions are recorded when cash is received or paid, regardless of when the goods or services were delivered or received. In cash basis accounting, revenue is recognized when cash is received, and expenses are recognized when cash is paid. This is different from accrual basis accounting, where revenue is recognized when it is earned, and expenses are recognized when they are incurred, regardless of when cash is received or paid.
Read lesson note on Public Sector Accounting (JAMB)
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