Reccurrent expenditure of government is paid from

Assessment: WAEC SSCE - Financial Accounting - 1991 (Objective) Subject: Financial Accounting

Question 1 Report

Reccurrent expenditure of government is paid from
Answer Details
Recurrent expenditure of a government is usually paid from the Consolidated Revenue Fund. This fund is made up of all the money that the government collects from taxes, fees, and other sources of revenue. Recurrent expenditure refers to regular, ongoing expenses that the government incurs, such as salaries, wages, and maintenance costs. Reserved funds, development funds, contingencies funds, and personal funds are not typically used to pay for recurrent expenditure. Reserved funds are set aside for specific purposes, such as emergencies or future projects. Development funds are used to fund specific development projects. Contingencies funds are used to cover unforeseen expenses. Personal funds refer to money that individuals have saved for personal use, and are not related to government finances.

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