Sunday, December 9, 2018

PAST QUESTION ON ACC 310: PUBLIC SECTOR ACCOUNTING



SOUTHWESTERN UNIVERSITY, NIGERIA
HND TO BSC CONVERSION PROGRAMME
DEPARTMENT OF ACCOUNTING
SECOND SEMESTER 2017/2018
ACC 310: PUBLIC SECTOR ACCOUNTING
TIME: 3 HOURS
INSTRUCTION: ANSWER QUESTION 1 AND ANY OTHER THREE

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 Investme                              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                                                           (10 marks)
(b) Consolidated Revenue Fund                                               (15 marks)

2. (a)  Define Budgetary Control.                                           
    (b)   State five objectives of Budgetary Control.
    (c )   Mention five advantages and disadvantages of Planning, Programming and  Budgeting System.
                                                                                                   (15 marks)


3.(a) Enumerate five differences between Public Sector Accounting and
          Private Sector Accounting.
   (b)  State five users each of Public Sector Accounting Information from two
          categories.
                                                                                                  (15 marks)

4. (a) Outline the stages involved in the preparation of Transcripts.
    (b ) List out documents required to be transmitted along with transcripts.
   (c)  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.
                                                                                                (15 marks)


5.  (a) Write short note on:
i. Trust Fund                                     ii. Special Fund
iii. Contingency Fund                        iv. Capital Project Fund
v. Self-Liquidating Fund                   vi. General Fund
(b)  What are the main roles of National Assembly in planning and monitoring of public expenditure.
                                                                                                      (15 marks)


STUDENTS VISIT:

TRAIN YOUR BRAIN :

https://britstutors.blogspot.com/2018/10/train-your-brain.html

BE POSITIVE:

https://britstutors.blogspot.com/2018/10/be-positive.html 

NICE MEETING YOU GUYS: 

https://britstutors.blogspot.com/2018/10/nice-meeting-you-guys.html

YOU ARE ALL WELCOME!

 

So Learn

https://britstutors.blogspot.com/2018/11/shine-your-eye-volume-3.html








ACC 415-MANAGEMENT ACCOUNTING 1 ASSIGNMENT

                                             ASSIGNMENT 1
Accounting can be classified into Management Accounting, Financial Accounting and so on.
Differentiate between Management accounting and Financial Accounting in
 tabular form, state at least ten factors.

ASSIGNMENT 1I

(a)  Write short note on the following terms:
i. Management Accounting
ii. Management Reporting
iii.  Management Response
(b) Management is different from management accounting. Discuss  

 

 

STUDENTS VISIT:

TRAIN YOUR BRAIN :

https://britstutors.blogspot.com/2018/10/train-your-brain.html

BE POSITIVE:

https://britstutors.blogspot.com/2018/10/be-positive.html 

NICE MEETING YOU GUYS: 

https://britstutors.blogspot.com/2018/10/nice-meeting-you-guys.html

COURSE OUTLINE 

https://britstutors.blogspot.com/2018/11/acc-415-management-accounting-1-course.html 

REVIEW QUESTIONS

https://britstutors.blogspot.com/2018/12/acc-415-managment-accounting-1-review.html 

So Learn

https://britstutors.blogspot.com/2018/11/shine-your-eye-volume-3.html

YOU ARE ALL WELCOME!
LCP! FIRST AND THE BEST  
















Patriot Odunaro B.J.

08038454008

Most Popular Post