NMENT ON MANAGEMENT ACCOUNTING 1 (ACC 415) FOR PART TIME STUDENTS

 1.  Aiyegbajeje Nigeria Limited manufactures the following, with the standard labour hours.

Products:

A         10 minutes

B         22.5 minutes

C         15 minutes

D         12.5 minutes

The following information were further provides:

Product           Budgeted output (units)         Actual output (units)

A                     45,000                                     48,000

B                     70,000                                     62,000

C                     53,000                                     58,000

D                     64,000                                     53,000

Actual hours recorded was 100,000 direct labour hours.

Required to complete:

(i) Activity ratio          (ii) Efficiency ratio      (iii) Capacity ratio

 

2. The corporate planning manager of Motiriri Limited is in the process of preparing the 2018 plan for his organisation, just having obtained the requisite import licence.

The following data have been gathered:

Finished Goods:
Products		Opening Stock	Closing Stock
K		16,000	12,000
L		36,000	20,000
Products            Sales: k                        60,000 L                        40,000  Labour Requirement:
Products		Hours per unit	Rate per unit
K		5	3.20
L		3	6.00
Materials:
	Usage in production
Type	Price			K		L
1	3.00			3		1
2	2.00			4		-
3	2.50			-		6
4	4.00			5		-
5	1.00			-		7

Production overhead is applied at the rate of N3 per direct labour hour.

You are required to prepare:

a.   Production budget

b.   Direct materials purchase budget

c.   Direct labour budget

d.  The cost of finished goods

e.   If a profit of  1/3  of the selling price is desired, for how much should each unit be sold?

 

3.  Foyegbe Nigeria Limited has provided below its operating and maintenance costs for the last four months:

Months/year                Production (Units)                  Cost (N)

June 2020                    6,000                                       97,000

July 2020                     7,000                                       110,000

August 2020               7,500                                       111,000

September 2020          8,000                                       115,000

You are required to use High and Low Method to calculate:

i. Variable cost per unit and the fixed cost for the period.

ii. Express the company`s operating and maintenance costs in linear equation form:

     Y  = a  +  bx

iii. What is the expected costs for the last three months of 2020 when the planned activity

 level were:

October 2020          17,200

November 2020      25,500

December 2020       37,400

 

 Instructions: To be submitted 10a.m prompt on or before Saturday October 23, 2021 

 

                               ✍️🕋🇳🇬 Patriot Odunaro Babatunde Jimoh💙💚🖤💜

ASSIGNMENTS ON PUBLIC SECTOR ACCOUNTING 1 (ACC 326) FOR FULL TIME

 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 

                  ✍️🕋🇳🇬 Patriot Odunaro Babatunde Jimoh💙💚🖤💜