How to login to NOUN Elearn Portal
You can now use you matric number to login as your username and password in a lowercase.
https://elearn.nouedu2.net/login/
Note that you are to change your passw...
NATIONAL OPEN UNIVERSITY OF NIGERIA
UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
JULY 2018 EXAMINATION
COURSE CODE: ACC 418
CREDIT UNIT: 3
COURSE TITLE: PUBLIC SECTOR ACCOUNTING AND FINANCE
TIME ALLOWED: 3 HOURS
INSTRUCTIONS:
1. Attempt Question 1 and any other three (3) Questions.
2. Question 1 is compulsory and carries 25 marks while the other 3 Questions carry 15 marks each.
3. Present all your points in a coherent and orderly manner.
- The following trial balance was extracted from the General ledger of Ekiti State Accountant-General’s office for the month ended 31st March 2017
HEAD DETAILS DR CR
N’000 N’000
0201 CRF B/F 5,720
0202 deposits 19,000,000
0203 Imprest fund 423,580
0204 Recurrent revenue 14,183,725
0205 capital receipts 9,639,067
0206 vehicle insurance 776
0207 SME fund 9,479
0209 staff housing loans fund 1,311,373
0210 vehicle licenses fund 1,309
0211 sub-treasury cash 5,242,802
0213 cash with crown agent 95,528
0214 remittances 971,361
0215 recurrent expenditure 6,909,998
0216 surplus and deficit account 4,222,921
0217 capital expenditure 3,148,087
0218 charges against development fund 5,139,225
0219 personal advances 167,306
0220 other government clearance fund 2,408,824
0221 treasury clearance fund 16,099,028
0222 local government surplus fund 170,770
44,575,850 44,575,850
You are required to prepare the following accounts for Brass state for the period March 31, 2017.
- The consolidated revenue fund account (9 marks)
- The development fund account (6 marks)
- The statement of assets and liabilities (10 marks)
(Total = 25 Marks)
2. a. Define the word “Fund” (3 marks)
b. List any eight different types of Funds you know (6 marks)
c. Discuss 3 advantages and 3 disadvantages of funds accounting practiced by the government of Nigeria. (6 marks)
(Total = 15 marks)
3. a. What is incremental budgeting and highlight four criticisms of incremental budgeting? (7 marks)
b. To what extent is Zero – Based Budgeting (ZBB) different from Planning Programming Budgeting System (PPBS)? (4 marks)
c. Waziri was recently elected the chairman of his Local Government. During
his electioneering campaign, he had promised to ensure that drugs were adequately available at the various centres in the Local Government. During the last financial year, his predecessor in office spent above N50,000,000 on drugs for the local government. Waziri has just announced his first budget as the local government chairman and has provided only N 30,000,000 for drugs supply. As his opponent in the election what will be your reaction to the budget of N30,000,000 in comparison with the N 50,000,000 spent last financial year by his predecessor? (4 marks)
(Total = 15 marks)
- a. Discuss any four (4) legal and regulatory framework which form the
basis of Public sector accounting in Nigeria. (6 marks)
b. List and explain six (6) objectives of Public sector accounting (9 marks)
(Total = 15 marks)
- a. What is the function of General Purpose Financial Statements (3 marks)
- List the General Purpose Financial Statements (GPFS) prepared under IPSAS in Nigeria. (12 marks)
(Total = 15 marks)
- The following balances were extracted from the analysis book of the Ministry of Labour of the Federal Republic of Nigeria, for the month of June 2016:
Receipts
Head/sub-head description N’000
2 1 Companies Income Tax 270,155.00
2 3 Petroleum Profit Tax 1,531,408.80
2 7 Stamp Duties and Penalties 35,402.10
7 3 Pre-Operation Levies of Companies 18,814.85
7 4 Sales Tax 12,063.60
17 Refund of Overpayment 2,774.50
17 3 Sundries 6,534.40
17 4 Sale of Government Share Holdings 17,055.50
Head Below The Line Receipts
6910 Advances 55,254.60
1502 Deposits 48,066.00
Below the Line Payments
6910 Advances 30,986.00
1502 Deposits 22,250.50
Head/Sub-Head Payments
68 1 Personnel Cost 801,225.50
68 2 Travel And Transport 246,070.40
68 3 Utility Services 8,560.00
68 4 Telephone 15,261.25
68 5 Stationeries 9,800.60
68 6 Maintenance of Office Furniture 2,041.10
68 7 Maintenance of Vehicles 4,450.50
68 8 Consultancy Services 5,040.50
68 9 Grand, Contributions & Subventions 55,000.00
68 10 Training and Development 35,390.80
68 11 Entertainment and Hospitality 12,120.00
68 12 Miscellaneous Expenses 3,240.40
68 13 Contribution to Foreign Bodies 13,000.00
68 14 Motor Vehicle Advances 30,370.40
The opening balance as at 31st May, 2016 stood at N100,242,000.10 CR
Required: Prepare the monthly transcript of the ministry of the month of June 2016. (Total = 15 marks)
