ASSIGNMENT ON ACC 316-PUBLIC FINANCE FOR PART TIME

                                                    PATRIOT ODUNARO B.J. (08038454008)

INSTRUCTION: ASSIGNMENT 6 AND 7 TO BE SUBMITTED TO CLASS PRESIDENT ON OR BEFORE MONDAY 22ND JULY, 2019 BEFORE 10A.M PROMPT FOR FULL TIME AND FOR PART TIME SUNDAY 21ST JULY, 2019.

ASSIGNMENT 8 AND 9 WILL BE SUBMITTED LATER AFTER THE LECTURES. 

TAKE NOTE! 

ASSIGNMENT 6:

(a) If the reserve ratio is 20% and initial deposit is N50,000, how much money will be

         created in the banking system.

(b) Explain the following concepts:

            i. Gross Domestic Product (GDP)      ii. Gross National Income (GNI)

            iii. Personal Income (PI)                     iv. Disposable Income (DI)

            v. Net National Income (NNI).

 

 ASSIGNMENT 7:

The following information relate to Sogbae Economy:

C = 350 + 0.75 Yd

I = N50 Million

G = N150 Million

X = N30 Million

M = 10 + 0.1Y

T = 20 + 0.2Y

Required:

(a) Calculate the National Income.

(b)  Calculate the New National Income if consumption increase to N500 Million, Investment increased by N150 Million and Government increased to N200,000,000.

...........................................................BEST OF LUCK!..........................................................

LATER AFTER LECTURES:

ASSIGNMENT 8:

Prepare:

    (a)  Federation Account

    (b) Consolidated Revenue Fund

From the following information for the month of June 2019:

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%

ASSIGNMENT 9:
 (a) What are the general sources of revenue of various governments?

(b)   Sogbae L.G.A has a population of 20 million citizens of which 16 million are taxable adults who will pay tax at the rate of N2,500 per adult. It also has 75,000 market stalls rented to traders at N175,000 per annum per stall.

There are 35,000 hawkers who will pay entrances fees to the market on daily basis at the rate of N500 per day. There are 28 days in a month and 12 months in a year.

Required:

As a student of Management and Business Studies prepare the revenue budget of the local Government for the year 2018.