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!
