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.
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