Saturday, October 20, 2018

TUTORIAL QUESTIONS ON PUBLIC SECTOR ACCOUNTING I



1.   Enumerate nine key factors which militate against efficient and effective budget
      implementation in the public sector

2.   Mawibekiri State Government has a problem of not being able to pay the salaries of
     workers promptly. Apart from the statutory allocations receivable from the State and
    Federal Governments, internally generated sources are meagre.
You are the Chief Accountant assigned the responsibility of managing the Treasury.
The following information are available:
On 31 May, 2016, the State anticipated the under listed transactions up to 31 December, 2016:
(i) Prepare the Cash Budget of the State for June to November, 2016.
(ii) Advise the Government on the ways of optimizing the use of liquid funds.


3.  There are three bases under which the financial statements of a public sector enterprises are compiled. These are:
i.  The cash basis
ii. The accrual basis
iii. The commitment basis
As a student of Management and Business Studies, explain each of the bases and give two each merits and demerits.

4.   Write short note on:
i. Financial Regulations         ii. Treasury Circulars          iii. Audit Ordinance of 1956
iv. Nigerian Constitution       v. Fiscal Responsibility Act of 2007

5. (a) Explain the powers of the:
i. Accountant-General of the Federation
ii. Audit-General for the Federation

6.  In accordance with Government Financial Regulations, define Accounting Officers and state five of his or her functions.

7.  Prepare:
    (a)  Federation Account
    (b) Consolidated Revenue Fund
From the following information:
Inflows:                                                                                                    N’000
Import duties                                                                                       1,000,000
Export duties                                                                                          750,000
Excise duties                                                                                           500,000
Petroleum profits tax                                                                       200,000,000
Companies income tax                                                                     177,500,000
PAYE: deductions from the emolument of the Armed Forces           1,000,000
Police personnel                                                                                        75,000
Residents of Abuja                                                                                   50,000
Dividend from Federal Government Investments                                  300,000
Outflows:                                         
Remuneration of Statutory Officers                                                34,500,000
Recurrent expenditure                                                                       3,750,000
Transfer to: Development Fund                                                         6,250,000                 
Contingency Fund                                                                                  50,000
Note: The revenue allocation formula is:
Federal Government                                                                             52.68%
State Government                                                                                 26.72%
Local Government                                                                                20.60%

8. (a) Write short note on:
i. Trust Fund                                       ii. Special Fund
iii. Contigency Fund                           iv. Capital Project Fund
v. Self-Liquidating Fund                    vi. General Fund

9. How many revenue heads are payable into the Consolidated Fund Account, and which
     line of expenditures is it used to finance.

10.  Define Consolidated Revenue Fund
  
11.  What are the main roles of National Assembly in planning and monitoring of public expenditure.

 12. Discuss the main objectives of government economic policies in a developing
        economy like Nigeria.

13. Ajimatanraeje State Government has a problem of not being able to pay the salaries of
       workers promptly. Apart from the statutory allocation receivable from the State and
       Federal Governments, internally generated sources are meagre.
     You are the Chief Accountant assigned the responsibility of managing the Treasury.
     The following informations are available:
      On 31st May, 2017 the state anticipated the under listed transactions up to
      31st December, 2017.

(a)    Prepare the cash budget of the State for June 2017 to November 2017.
(b)   Advise the Government on the ways of optimising the use of liquid funds.
         
14. Prepare:
    (a)  Federation Account
    (b) Consolidated Revenue Fund
From the following information:
Inflows:                                                                                                    N’000
Import duties                                                                                          20,000
Export duties                                                                                          35,000
Excise duties                                                                                           50,000
Petroleum profits tax                                                                         1,600,000
Companies income tax                                                                          355,000
PAYE: deductions from the emolument of the Armed Forces              15,000
Police personnel                                                                                        3,000
Residents of Abuja                                                                                   2,000
Dividend from Federal Government Investments                                    6,000
Balance b/f                                                                                                3,000
Outflows:                                         
Remuneration of Statutory Officers                                                       13,000
Recurrent expenditure                                                                          750,000
Transfer to: Development Fund                                                              50,000                 
Contingency Fund                                                                                  10,000
Note: The revenue allocation formula is:
Federal Government                                                                             52.68%
State Government                                                                                 26.72%
Local Government                                                                                20.60%

15. What do you understand by Public Sector Accounting and state five of its features.

16. How many revenue heads are payable into the Consolidated Fund Account, and which
     line of expenditures is it used to finance.




For more questions and enquiries call Patriot Odunaro B.J  on 08038454008
                                                           Knowledge is power!
 




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