NATIONAL OPEN UNIVERSITY OF NIGERIA

UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
JANUARY 2021 EXAMINATION

Course Code: ACC 418

Credit Unit: 3

Course Title: PUBLIC SECTOR ACCOUNTING AND FINANCE

Time Allowed: 2 1/2HOURS

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.

Question 1

Define Government Business Enterprises (GBEs) and analyse its peculiarities. (25 marks)

Question 2

Define the following terms as used in the Nigerian public sector:

i. Public sector

ii. Public sector accounting

iii. Accounting manuals

iv. Modified Cash Basis

v. Going concern concept (15 marks)

Question 3

vi. Define the convention of Conservatism and its significance in public sector accounting. (11 marks)

vii. Explain your understanding of Agency Funds. (4 marks)

Question 4

What are the required principles or factors to be considered before designing a chart of accounts? (15 marks)

Question 5.

What are the types of funds required for use by the Nigerian constitution? (15 marks)