NOUN TMA Questions and Answers: ACC418 - Public Sector Accounting and Finance

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Richtubor
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NOUN TMA Questions and Answers: ACC418 - Public Sector Accounting and Finance

Postby Richtubor » Mon Jan 21, 2019 1:36 pm

NOUN TMA Questions and Answers: ACC418 - Public Sector Accounting and Finance


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Q1 In accordance with Financial Regulations (FR) No 3205 􀳦?? Revised to January 2009, which office is empowered to authorize parastatals to obtain loans or any other form of advance from Commercial Banks?

Bureau of Public Procurem ent.

Q2 The Federal Executive Council has power to award contracts in excess of

N20 million.

Q3 In accordance with Section 16 of Finance (Control and Management) Act LFN 2004 into which of the following accounts shall monies appropriated and not expended lapse and accrue to, at the expiration of the year, in respect of which such monies are appropriated?

Capital Development Fund.

Q4 Which of the following is NOT a method of preparing a public sector organization􀳦??s annual budget?

Incremental metho d.

Q5 Who among the following, is NOT a member of the Economic and Financial Crimes Commission?

Minister of Finance.

Q6 Which of the following is a source of government revenue?

Value Added Tax

Q7 Pension is

a monthly, quarterly or yearly payment to a retired o fficer who has served for a statutory period.

Q8 Which of the following is NOT an in-flow into a state government􀳦??s Consolidated Revenue Fund?

Income ta x of Armed Forces personnel

Q9 Which of these uses monetary and fiscal policies as a means of control over Government expenditure?

The Executive .

Q10 The Auditor-General for the Federation is expected to state in his report, whether in his opinion,

i, ii and i ii

Q11 IPSASs are widely used by intergovernmental organizations. One of these is not a reason for its adoption:

It has a high cost of implementation

Q12 Incremental budgeting can be refers to:

It is the preparation of o perating budgets from a "high-base" of expenditure cost.

Q13 All are types of Recurrent Expenditure Warrant except:

Provisional General Warrant (PGW)
Annual General Warrant of Recurren t Expenditure (AGW/RE)
Supplementary General Warrant of Recurrent Expenditure (SG W/RE)
---None of the above.

Q14 . Public goods are goods which are collectively consumed, non-rival in consumption and not subject to the exclusion principle. Examples include

Roads
Nation al defence
Street lights
---all the above

Q15 Debt Restructuring is a mechanism for reducing a country's debt burden through such strategies the following except:

Debt Management

Q16 Methods of reducing financial frauds in public sectors are except:

Job Enrichment

Q17 Types of fraud are stated below except:

deflation of prices e.g. supply of reliable materials at a reduce cost, payment of salaries are allowances to staff, authorised variation of contracts or procurement costs.

Q18 The key factors which militate against efficient and effective budget implementation in the public sector are as follows except:

System Error

Q19 Zero-base budgeting can be refers to as all except:

It is the preparation of o perating budgets from a "high-base" of expenditure cost.

Q20 Zero-base budgeting can be define as all except:

A technique used for presenting public expenditure in form of functions or projects to be undertaken, highlighting the cost implications.




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Richtubor
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Re: NOUN TMA Questions and Answers: ACC418 - Public Sector Accounting and Finance

Postby Richtubor » Mon Jan 21, 2019 1:40 pm

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Q21 The essentials features of performance budgeting are Except:

Classification of budgets in terms of performance and activities
Measurement of work done or output provided by each activity
Expression of budget in a way which allows direct comparison between a project cost and the anticipated income or benefits
---None of the ab ove

Q22 The following are the purposes which a government budget serves Except:

It highlights government's policies which are designed to promote economic growth, full employment and enhance the quality of life of the citizenry
It is a useful guide for the allocation o f available resources
The executive arm uses the budget as a means of accountab ility for the money earlier entrusted and the appropriation of money newly approved; through the legislature
---None of the above

Q23 Financial assistance that comes from one government to another government at the international or local level is described as a:

Grant

Q24 The following are problems associated with the use of cost-benefit analysis in the appraisal of public sector projects EXCEPT:

Choosing the appropriate discou nt rate

Q25 An audit which checks the relevance and adequacy of documents that support a transaction is called:

Vouching A udit

Q26 When public enterprises become inefficient and a huge drain pipe for scarce financial resources invested on them, the Federal Government embarks on:

Privatisation

Q27 The following are examples of financing activities EXCEPT

Payments of the owners to acquire the enterprise's shares

Q28 Which of the following statements is NOT TRUE of Net Present Value approach of project appraisal in the Public Sector. It

Takes the risk involv ed in each project into consideration

Q29 The argument that revenue allocation to each State should at least be sufficient to maintain existing facilities is hinged on the principle of:

Need

Q30 Intervention of Government in the economy may be justified on the following grounds EXCEPT:

Provision of private good s

Q31 Which of the following is NOT an instrument for procuring domestic public debt?

Commercial Papers

Q32 A surplus budget may be used to:

Tackle the problem of infla tion

Q33 Which of the following is NOT necessarily a way in which Medium- Term-Expenditure Framework improves budget processes?

Improved use of Information and Communica tions Technology (ICT)

Q34 Which of the following is NOT a function of the Fiscal Responsibility Commission?

Sanctioning economic saboteurs

Q35 Virement of funds from one sub-head to the other may be granted under the following conditions EXCEPT:

It is issued after the final approval of the President

Q36 Which of the following is a budgetary system that focuses on results or output achieved?

Performance budgeting

Q37 The following are the duties of Economic and Financial Crimes Commission (EFCC) EXCEPTthe:

Enforcement of all economic and financial crimes

Q38 Which of the following is NOT a member of the Federation Account Allocation Committee?

The Minister of Industry , Trade and Investment

Q39 Which of the following is NOT an external user of Government Accounting?

The employee s

Q40 The opening of bank accounts by Federal Parastatals and Agencies of government as required by Financial Regulations should be authorized by:

Accountant-General of the Federation





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Richtubor
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Re: NOUN TMA Questions and Answers: ACC418 - Public Sector Accounting and Finance

Postby Richtubor » Mon Jan 21, 2019 1:42 pm

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Q41 The Act of National Assembly that provides for the prudent management of the nation's resources, encouraging and ensuring accountability and transparency in the handling of the nation's resources is the:

Finance (Control and M anagement) Act, 1958

Q42 IPSAS 5 discloses ------------------

borrowing cost

Q43 IPSAS 4 discloses -------------

the effect of changes in foreign change rates

Q44 The statement of national debt is divided into -------------------- and ----------------- components

internal and e xternal

Q45 The section that is charged with the responsibility of preparation and publication of monthly and annual statements of account is ----------------

Treasury

Q46 The balance carried forward on the trial balance account

N534,000

Q47 What was the profit on disposal of investment on the trial balance?

N2,200 ,000

Q48 The bad debt written off in the trial balannce account was -------------

N1,500,000

Q49 Calculate the fund balance in the trial balance

N140,400,OOO

Q50 In the trial balance ----------------- was the loan receivable

N61,OOO,000

Q51 The loan receivable account was--------------- in the cash account

N3, 600,000

Q52 What was the bad debt recovered in the cash account

N8,OOO ,OOO

Q53 The gift fund balance was in the cash account -----------------

N6,OOO,OOO

Q54 Investment disposal account summed up to be -------------- in the cash account

N63, OO O,OOO

Q55 The balance brought forward of Wolex memorial loan fund was -----------in the cash account

N,400, 000

Q56 Calculate the fund balance in the trial balance

N140,400,OOO

Q57 When an organisation which is not privately owned and operated but established and financed by the government on behalf of the public, it is

public enterprise

Q58 One of these is not charged from the development fund

contribution from the c onsolidated fund

Q59 Charges from the development fund may also be categorized into -------------- classes

4

Q60 A ____________is a tax imposed on value which the supplier or seller of good/services and the goods before selling it

VAT




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Richtubor
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Re: NOUN TMA Questions and Answers: ACC418 - Public Sector Accounting and Finance

Postby Richtubor » Mon Jan 21, 2019 1:45 pm

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Q61 The consolidated revenue fund was established by section 80 of the Constitution and does NOT include

reve nue items which are specifically designed to other funds

Q62 The sources of revenue payable to the federation accounts include:_________ and ----------------

federal, states and local government

Q63 Composition of federation accounts allocation committee include all of these EXCEPT

non-governmental agencies

Q64 --------------------balances the account between two or more persons principal and his agent showing what is due from one person to another

current account

Q65 Budgetary control concept states that ----------------------

government should not undertake any action without a prior budget for it

Q66 ----------------- and ------------- are types of imprest

special and standing

Q67 There are ------------------- types of imprest

2

Q68 Composition of federation accounts allocation committee include all of these EXCEPT

non-governmental agencies

Q69 Which of the following would be classified as the objective of public sector accounting: (i)ascertaining the propriety of transactions and their conformity with established rules, giving evidence of financial accountability and serving as a basis for planning, controlling, decision making and appraisal of performance
(ii) evaluating the economy, efficiency and effectiveness with which resources are managed
(iii)finding out how capital expenditure is financed

(i),(ii) and ( iii)

Q70 What is an imprest

An imprest is defined as a small amount of money set aside to meet cash payments, the vouchers of which cannot be presented to a sub-accounting officer immediately

Q71 Which of the following would be classified as the objective of public sector accounting: (i)ascertaining the propriety of transactions and their conformity with established rules, giving evidence of financial accountability and serving as a basis for planning, controlling, decision making and appraisal of performance
(ii) evaluating the economy, efficiency and effectiveness with which resources are managed
(iii)finding out how capital expenditure is financed

(i),(ii) and ( iii)

Q72 -----------------------keeps official receipts and collects specified forms of revenue on behalf of the government

tax collec tor

Q73 A basis under which financial transactions are recorded only when cash is received or paid is known as

cash basis

Q74 The treasury cash book is divided into two parts namely ------------------- and -------------

debit and credit sides and each side contains eight columns

Q75 One of these is not a function of the sub-accounting officer

ensuring that the proper system of account as prescribed by the accounta nt general is established

Q76 A basis under which financial transactions are recorded only when cash is received or paid is known as

cash basis

Q77 Which of the following would be classified as the objective of public sector accounting: (i)ascertaining the propriety of transactions and their conformity with established rules, giving evidence of financial accountability and serving as a basis for planning, controlling, decision making and appraisal of performance
(ii) evaluating the economy, efficiency and effectiveness with which resources are managed
(iii)finding out how capital expenditure is financed

(i),(ii) and ( iii)

Q78 Public sector comprises all organizations which are not privately owned and operated, but which are established, run and financed by -------------on behalf of the public

Government

Q79 The consolidated revenue fund was established by section 80 of the Constitution and does NOT include

reve nue items which are specifically designed to other funds

Q80 The overall objective of commercial enterprises is to maximize profit, while that of government is to--

prov ide adequate services to the people at reasonable costs



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