WAEC Accounting 2018 Paper

Concept:In public sector accounting, "below the line" refers to items that are not included in the current fiscal year's budget.Explanation:Government budgets are divided into "above the line" and "below the line" items."Above the line" items are budgeted within the current fiscal year's approved estimates."Below the line" items fall outside the normal budget plan.Such items are not part of the official budget for the current period.They do not affect the current year's projected revenue or expenditure balances.Therefore, these items have no place in the current fiscal year's budget implementation.They are recorded separately from the main budget operations.For this reason, a "below the line" item is one that is not budgeted for in the current fiscal year.Answer:A. not budgeted for in the current fiscal year.