Which of the following account is kept by local governments in Nigeria?

Assessment: JAMB UTME - Principles of Accounts - 1999 Subject: Financial Accounting

Question 1 Report

Which of the following account is kept by local governments in Nigeria?
Answer Details
The account that is kept by local governments in Nigeria is the Advances account. This account tracks any money given to the local government as an advance by the state or federal government. The local government is required to keep a record of all the advances it receives, including the date of receipt, the purpose of the advance, and the amount received. This account is important for financial planning and accountability purposes. The other options listed (balance sheet, debtors account, and profit account) are also important accounting concepts, but they are not specific to local governments in Nigeria.
Read lesson note on Nature And Significance Of Accounting (JAMB)
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