(a) Define Consolidated Revenue Fund
(b)How
many revenue heads are payable into the Consolidated Fund Account, and which
line of
expenditures is it used to finance.
ASSIGNMENT 4
(a) Enumerate nine key factors which militate against
efficient and effective budget
implementation
in the public sector
(b) What are the main roles of National Assembly in
planning and monitoring of public expenditure.
ASSIGNMENT 5
Write short note on:
i. Trust Fund ii. Special Fund
iii. Contigency Fund iv. Capital Project Fund
v. Self-Liquidating Fund vi. General
Fund ASSIGNMENT 6
Discuss the main objectives of government economic policies in a developing economy like Nigeria.
ASSIGNMENT 7
(a) Explain the powers of the:
i. Accountant-General of the Federation
ii. Audit-General for the Federation
(b) In accordance with Government Financial
Regulations, define Accounting Officers and state five of his or her functions.
ASSIGNMENT 8
.(a) Define
Federation Accounts Allocation Committee (FAAC).
(b) Ajikawo
L.G.A has a population of 15 million citizens of which 12 million are taxable
adults who will pay tax at the rate of N2,000 per adult. It also has 50,000
market stalls rented to traders at N120,000 per annum per stall.
There are 20,000 hawkers who will pay entrances fees
to the market on daily basis at the rate of N250 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.
ASSIGNMENT 9
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%
ASSIGNMENT 10
(a) 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.
(b) Write short note on:
i. Financial Regulations ii. Treasury Circulars iii. Audit Ordinance of 1956
iv. Nigerian Constitution v. Fiscal Responsibility Act of 2007
BEST OF LUCK!
REVISION QUESTIONS
1. Define Consolidated
Revenue Fund
2. How many
revenue heads are payable into the Consolidated Fund Account, and which
line of
expenditures is it used to finance.
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. 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.
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%
9. What do you understand by Public Sector
Accounting and state five of its features.
10. Enumerate nine key factors which militate
against efficient and effective budget
implementation in the public sector
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. Write short note on:
i. Trust Fund ii.
Special Fund
iii. Contigency Fund iv.
Capital Project Fund
v. Self-Liquidating Fund vi. General Fund
14. 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, 2018, the State anticipated the under
listed transactions up to 31 December, 2018:
(a) Prepare the Cash Budget of the State for June to
November, 2018.
(b) Advise the Government on the ways of optimizing
the use of liquid funds.
15. Ajikawo L.G.A has a population of 15 million
citizens of which 12 million are taxable adults who will pay tax at the rate of
N2,000 per adult. It also has 50,000 market stalls rented to traders at
N120,000 per annum per stall.
There are 20,000 hawkers who will pay entrances fees
to the market on daily basis at the rate of N250 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.
