1. 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%
2. 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%
3. (a) Enumerate nine key factors which militate against efficient and effective budget
implementation in the public sector
(b) 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, 2020, the State anticipated the under listed transactions up to 31 December, 2020:
(i) Prepare the Cash Budget of the State for June to November, 2020.
(ii) Advise the Government on the ways of optimizing the use of liquid funds.
4. (a) What do you understand by Public Sector Accounting and state five of its features.
(b)Banuso State Government has a problem of not being able to pay the salaries of
workers promptly. Apart from the statutory allocation 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 informations are available:
On 31st May, 2020 the state anticipated the under listed transactions up to
31st December, 2020.
(i) Prepare the cash budget of the State for June 2020 to November 2020.
(ii) Advise the Government on the ways of optimising the use of liquid funds.
5. (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.
6. (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.
7. (a) Write short note on:
i. Trust Fund ii. Special Fund
iii. Contingency Fund iv. Capital Project Fund
v. Self-Liquidating Fund vi. General Fund
(b) What are the main roles of National Assembly in planning and monitoring of public
expenditure.
8. (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
9. (a) Enumerate nine key factors which militate against efficient and effective budget implementation in the
public sector
(b) Discuss the main objectives of government economic policies in a developing economy like
Nigeria.
10. COME TO CLASS FOR IT!
Instructions: To be submitted 10a.m prompt on or before Thursday October 21, 2021
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