ASSIGNMENTS ON PUBLIC SECTOR ACCOUNTING

1.      From the following information as 31st December, 2017:

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%

Required: Prepare:

(a)  Federation Account                                                                                 

(b) Consolidated Revenue Fund     

  

2.   Mention five advantages and disadvantages of Planning, Programming and  Budgeting

System.

3. (a) Outline the stages involved in the preparation of Transcripts.

(b ) List out documents required to be transmitted along with transcripts.

4.   The following balances have been extracted from the books of Ajimatanraeje Local

      Government Treasury, for the month ended 31 December 2017.

N’000

Reserve Fund                                                              33,500

Cash on hand                                                              53,000

Bank Overdraft                                                             5,700

Revenues (recurrent/capital)                                     158,500

Expenditures (recurrent/capital)                                125,390

Loans                                                                        200,000

Deposits into (the L.G.C. Treasury)                           23,450

Advances (granted by L.G.C.)                                   25,560

Investments                                                                 15,200

Suspense accounts                                                    202,000

As a student of Management Science, you are required to prepare a trial balance for the month ended 31 December2017.

5. What are the main roles of National Assembly in planning and monitoring of public expenditure.

                                                       

              IN ALL YOUR GETTING, GET WISDOM!  ^{BRITS LINKS}