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NATIONAL OPEN UNIVERSITY OF NIGERIA
UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
APRIL/MAY 2019 EXAMINATION
COURSE CODE: ACC418
CREDIT UNIT: 3
COURSE TITLE: PUBLIC SECTOR ACCOUNTING AND FINANCE
TIME ALLOWED: 21/2HRS
INSTRUCTIONS:
1. Attempt Question One (1) and any other three (3) questions
2. Question 1 carries 25 marks, while the other questions carry 15 marks each.
3. Present all points in coherent and orderly manner
Question 1 The Ministry of Agriculture in Kogi State of Nigeria is about to prepare its 2019 Budget for submission to the State Budget and Planning Department. The Rural and Extension Division of the Ministry has made available to you the following information in respect of its personnel costs.
Job Title Number Grade Level Salary
in post (GL) N
Director of Agriculture 1 17 60,000 x 20,000
Deputy Director of Agriculture 2 16 55,000 x 18,000
Assistant Director of Agriculture 3 15 50,000 x 15,000
Chief Accountant 4 14 45,000 x 12,000
Assistant Chief Accountant 5 13 40,000 x 10,000
Principal Accountant 4 12 35,000 x 9,000
Senior Extension Officers 8 10 30,000 x 8,000
Senior Superintendent Officer 1 5 09 25,000 x 7,000
Senior Superintendent Officer II 10 08 20,000 x 6,000
Principal Trade Officer 12 10 30,000 x 8,000
Senior Trade Officer 10 09 25,000 x 7,000
Higher Trade Officer 12 08 20,000 x 6,000
Executive Trade Officer 15 07 15,000 x 5,000
Assistant Executive Trade Officer 18 06 12,000 x 4,000
Clerical Officer 25 04 10,000 x 3,000
Assistant Clerical Officer 20 03 8,000 x 2,000
Office Assistant 5 03 8,000 x 2,000
Drivers 10 03 8,000 x 2,000
Cleaners 12 03 8,000 x 2,000
The following relevant information is also available.
(i) All the salary levels shown above are step 2 of the grades and it is the Ministry’s policy to prepare personnel cost budget based on step 5 of the grade level.
(ii) The Director is retiring, and One Deputy Director, two Assistant Directors, one Chief Accountant are due for promotion during the budget year.
(iii) During 2019, four (4) Senior Extension Officers will be employed to strengthen the Rural and Extension Division.
(iv) Staff allowances constitute 60% of staff salary.
Required: Prepare in summary form, personnel cost budget for the Rural and Extension Division of the Ministry. (25 Marks)
Question 2 The following receipts and disbursements in capital expenditure of the government are given for the year ended 31st Dec. 2018:
N’000
External grants 1,440
External Loans 2,500
Internal Loans 2,500
Transfer from CRF 6,000
Livestock forestry and fishery 230
Mining and quarrying 200
Manufacturing 700
Agriculture 250
Communications 750
Construction 350
Transportation 1,500
Housing 300
Debit balances as at 1st January, 2018 7,000
Requirements:
Prepare a statement of accounts for development fund for the year ended 31st December, 2018.
(15 Marks)
Question 3 (a) Distinguish between Public Sector Organizations and Government business enterprises (5 Marks)
(b) Discuss the characteristics of Public Sector Organizations and Government business enterprises (10 Marks)
Question 4 Write short note on the following terms as used in the Public Sector:
- Fiscal Responsibility Act, 2007 (3 Marks)
- Financial Regulations (3 Marks)
- Modified accrual Basis (3 Marks)
- Chart of Accounts (COA) (3 Marks)
- Consolidated Revenue Fund (CRF) (3 Marks)
(Total 15 Marks)
Question 5 Discuss what Pay Office is. Explain the characteristics and functions of Pay Office. (15 Marks)
Question 6 Discuss the necessary control measures to be put in place to ensure that all government incomes/cash are collected as and at when due and also to ensure that fraud is prevented in the process of cash management. (15 Marks)
