Budget Guidelines – NBC Institute

PSAF – May 2019 – L2 – Q3c – Public sector fiscal planning and budgeting

Explain the importance of budget guidelines in public sector accounting and finance.

Question

According to Section 20 of the Public Financial Management Act, 2016 (Act 921), the Minister of Finance shall, subject to the approval of the cabinet, issue guidelines for the preparation of the budget for each financial year and circulate copies of the guidelines to each Covered Entity not later than 30 June each year. Budget Guidelines play an important role in budget development.

Required:
State and explain THREE (3) importance of Budget Guidelines in Public Sector Accounting and Finance.
(3 marks)

Answer

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Tags: Budget Development, Budget Guidelines, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2019

PSAF – May 2019 – L2 – Q3b – Public sector fiscal planning and budgeting

Explain the primary fiscal policy objectives, guiding principles, and post-budget management activities under the Public Financial Management Act.

Question

Budgeting is an important process by which government plans its programmes and activities for a given fiscal period. For a budget to be effective in the delivery of the economic and social agenda of the government, the budgeting process should be linked to the macroeconomic and fiscal policies of the country. No wonder the Public Financial Management Act, 2016 (Act 921) has made extensive provision on macroeconomic and fiscal policies to guide the government in its budget formulation and execution. The budgeting process is preceded by fiscal policy planning to serve as a foundation for the realization of the inspiration of the budget. A national budget is a means to an end and not an end in itself; therefore, it should be controlled and managed holistically to achieve the desired economic, fiscal, and social outcomes. The Minister of Finance, the Principal Account Holders, and Principal Spending Officers are actively involved in post-budget management and control activities at various levels to ensure that the budget targets are achieved.

Required:
i) Explain the primary fiscal policy objective of the government and identify THREE (3) guiding principles in the formulation and implementation of a fiscal policy objective.
(3 marks)

ii) Explain FOUR (4) post-budget management and control activities prescribed under the Public Financial Management Act, 2016 (Act 921).
(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Guidelines, Budget Management, Fiscal Policy, Public Financial Management Act
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2019

PSAF – April 2022 – L2 – Q5 – Accounting policies for cash and accrual-based accounting systems

Explain constitutional provisions on budgeting, the concept and benefits of Citizen’s Budget, the role of budget guidelines, and how to address financial transactions not covered by IPSAS.

Question

a) Budgeting is an essential element of Public Financial Management and it is a requirement of the Constitution and other Public Financial Management enactments. Budgeting is a process that requires the engagement and participation of citizens for accountability purposes. The prime objective of budgeting is to set out the financial plans of government for the ensuing year and how government plans and programs will be financed.

Required:
i) Explain TWO (2) provisions in the 1992 Constitution relating to budgeting. (4 marks)

ii) Explain Citizen’s Budget and identify THREE (3) of its benefits in Public Financial Management. (5 marks)

iii) Explain the role of budget guidelines in budgeting and identify FOUR (4) items of information to be expected in a budget guideline. (6 marks)

b) A Public Sector entity that applies IPSAS is currently faced with a particular financial transaction for which no IPSAS exists for dealing with the issue. The management is undecided on the choice of accounting policy to apply.

Required:
Discuss how the matter can be dealt with by the management of the entity. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Guidelines, Budgeting, Citizen’s Budget, Constitution, IPSAS
Level: Level 2

PSAF – May 2019 – L2 – Q3c – Public sector fiscal planning and budgeting

Explain the importance of budget guidelines in public sector accounting and finance.

Question

Required:
State and explain THREE (3) importance of Budget Guidelines in Public Sector Accounting and Finance.
(3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Development, Budget Guidelines, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2019

PSAF – May 2019 – L2 – Q3b – Public sector fiscal planning and budgeting

Explain the primary fiscal policy objectives, guiding principles, and post-budget management activities under the Public Financial Management Act.

Question

Required:
i) Explain the primary fiscal policy objective of the government and identify THREE (3) guiding principles in the formulation and implementation of a fiscal policy objective.
(3 marks)

ii) Explain FOUR (4) post-budget management and control activities prescribed under the Public Financial Management Act, 2016 (Act 921).
(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Guidelines, Budget Management, Fiscal Policy, Public Financial Management Act
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2019

PSAF – April 2022 – L2 – Q5 – Accounting policies for cash and accrual-based accounting systems

Explain constitutional provisions on budgeting, the concept and benefits of Citizen’s Budget, the role of budget guidelines, and how to address financial transactions not covered by IPSAS.

Question

Required:
i) Explain TWO (2) provisions in the 1992 Constitution relating to budgeting. (4 marks)

ii) Explain Citizen’s Budget and identify THREE (3) of its benefits in Public Financial Management. (5 marks)

iii) Explain the role of budget guidelines in budgeting and identify FOUR (4) items of information to be expected in a budget guideline. (6 marks)

Required:
Discuss how the matter can be dealt with by the management of the entity. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Guidelines, Budgeting, Citizen’s Budget, Constitution, IPSAS
Level: Level 2

Question Tag: Budget Guidelines

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PSAF – May 2019 – L2 – Q3c – Public sector fiscal planning and budgeting

Explain the importance of budget guidelines in public sector accounting and finance.

PSAF – May 2019 – L2 – Q3b – Public sector fiscal planning and budgeting

Explain the primary fiscal policy objectives, guiding principles, and post-budget management activities under the Public Financial Management Act.

PSAF – April 2022 – L2 – Q5 – Accounting policies for cash and accrual-based accounting systems

Explain constitutional provisions on budgeting, the concept and benefits of Citizen’s Budget, the role of budget guidelines, and how to address financial transactions not covered by IPSAS.

PSAF – May 2019 – L2 – Q3c – Public sector fiscal planning and budgeting

Explain the importance of budget guidelines in public sector accounting and finance.

PSAF – May 2019 – L2 – Q3b – Public sector fiscal planning and budgeting

Explain the primary fiscal policy objectives, guiding principles, and post-budget management activities under the Public Financial Management Act.

PSAF – April 2022 – L2 – Q5 – Accounting policies for cash and accrual-based accounting systems

Explain constitutional provisions on budgeting, the concept and benefits of Citizen’s Budget, the role of budget guidelines, and how to address financial transactions not covered by IPSAS.

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PSAF – May 2019 – L2 – Q3c – Public sector fiscal planning and budgeting

Explain the importance of budget guidelines in public sector accounting and finance.

You're reporting an error for "PSAF – May 2019 – L2 – Q3c – Public sector fiscal planning and budgeting"

PSAF – May 2019 – L2 – Q3b – Public sector fiscal planning and budgeting

Explain the primary fiscal policy objectives, guiding principles, and post-budget management activities under the Public Financial Management Act.

You're reporting an error for "PSAF – May 2019 – L2 – Q3b – Public sector fiscal planning and budgeting"

PSAF – April 2022 – L2 – Q5 – Accounting policies for cash and accrual-based accounting systems

Explain constitutional provisions on budgeting, the concept and benefits of Citizen’s Budget, the role of budget guidelines, and how to address financial transactions not covered by IPSAS.

You're reporting an error for "PSAF – April 2022 – L2 – Q5 – Accounting policies for cash and accrual-based accounting systems"

PSAF – May 2019 – L2 – Q3c – Public sector fiscal planning and budgeting

Explain the importance of budget guidelines in public sector accounting and finance.

You're reporting an error for "PSAF – May 2019 – L2 – Q3c – Public sector fiscal planning and budgeting"

PSAF – May 2019 – L2 – Q3b – Public sector fiscal planning and budgeting

Explain the primary fiscal policy objectives, guiding principles, and post-budget management activities under the Public Financial Management Act.

You're reporting an error for "PSAF – May 2019 – L2 – Q3b – Public sector fiscal planning and budgeting"

PSAF – April 2022 – L2 – Q5 – Accounting policies for cash and accrual-based accounting systems

Explain constitutional provisions on budgeting, the concept and benefits of Citizen’s Budget, the role of budget guidelines, and how to address financial transactions not covered by IPSAS.

You're reporting an error for "PSAF – April 2022 – L2 – Q5 – Accounting policies for cash and accrual-based accounting systems"

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