Financial Responsibilities

PSAF – March 2024 – L2 – Q5a – Public Financial Management

Differentiate between Principal Account Holder and Principal Spending Officer and explain the responsibilities of Principal Spending Officers.

Question

The Principal Account Holders and Principal Spending Officers are responsible for effective financial management of the covered entities. The Public Financial Management Act, 2016 (Act 921) has assigned specific responsibilities to both officers. However, the ability to work together will bring out greater results.

Required:

i) In the context of Public Financial Management, explain, with examples, the difference between a Principal Account Holder and a Principal Spending Officer of a covered entity. (2 marks)
ii) Explain FIVE (5) responsibilities of the Principal Spending Officers of a covered entity under the PFM Act 2016.(10 marks)

Answer

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Tags: Financial Responsibilities, Principal Account Holder, Principal Spending Officer, Public Financial Management Act
Level: Level 2

Topic: The context of public financial management
Series: MAR 2024

FA – Nov 2019 – L1 – Q5 – Preparation of limited liability company financial statements

Calculate profitability, liquidity, and efficiency ratios, discuss the advantages and disadvantages of ratio analysis, and explain the responsibilities of directors and auditors.

Question

The following Profit or Loss Account and Statement of Financial Position relate to Dombo Ltd for the year ended 31 December 2018 (with comparative figures for the year ended 31 December 2017 where relevant).

Summarised Profit or Loss Account for the Year Ended 31 December 2018

Required:

a) Calculate TWO (2) ratios each for the year ended 31 December 2018 and 2017 respectively in the following categories:

i) Profitability

ii) Liquidity

iii) Efficiency

(9 marks)

b) State FOUR (4) advantages and TWO (2) disadvantages of ratio analysis. (6 marks)

c) Explain the responsibilities of the directors and the external auditors towards the financial statements of a company. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Efficiency Ratios, Financial Responsibilities, Liquidity Ratios, Profitability Ratios, Ratio Analysis
Level: Level 1

Topic: Preparation of limited liability company financial statements
Series: NOV 2019

PSAF – March 2024 – L2 – Q5a – Public Financial Management

Differentiate between Principal Account Holder and Principal Spending Officer and explain the responsibilities of Principal Spending Officers.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Responsibilities, Principal Account Holder, Principal Spending Officer, Public Financial Management Act
Level: Level 2

Topic: The context of public financial management
Series: MAR 2024

FA – Nov 2019 – L1 – Q5 – Preparation of limited liability company financial statements

Calculate profitability, liquidity, and efficiency ratios, discuss the advantages and disadvantages of ratio analysis, and explain the responsibilities of directors and auditors.

Question

Summarised Profit or Loss Account for the Year Ended 31 December 2018

Required:

a) Calculate TWO (2) ratios each for the year ended 31 December 2018 and 2017 respectively in the following categories:

i) Profitability

ii) Liquidity

iii) Efficiency

(9 marks)

b) State FOUR (4) advantages and TWO (2) disadvantages of ratio analysis. (6 marks)

c) Explain the responsibilities of the directors and the external auditors towards the financial statements of a company. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Efficiency Ratios, Financial Responsibilities, Liquidity Ratios, Profitability Ratios, Ratio Analysis
Level: Level 1

Topic: Preparation of limited liability company financial statements
Series: NOV 2019

Question Tag: Financial Responsibilities

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PSAF – March 2024 – L2 – Q5a – Public Financial Management

Differentiate between Principal Account Holder and Principal Spending Officer and explain the responsibilities of Principal Spending Officers.

FA – Nov 2019 – L1 – Q5 – Preparation of limited liability company financial statements

Calculate profitability, liquidity, and efficiency ratios, discuss the advantages and disadvantages of ratio analysis, and explain the responsibilities of directors and auditors.

PSAF – March 2024 – L2 – Q5a – Public Financial Management

Differentiate between Principal Account Holder and Principal Spending Officer and explain the responsibilities of Principal Spending Officers.

FA – Nov 2019 – L1 – Q5 – Preparation of limited liability company financial statements

Calculate profitability, liquidity, and efficiency ratios, discuss the advantages and disadvantages of ratio analysis, and explain the responsibilities of directors and auditors.

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PSAF – March 2024 – L2 – Q5a – Public Financial Management

Differentiate between Principal Account Holder and Principal Spending Officer and explain the responsibilities of Principal Spending Officers.

You're reporting an error for "PSAF – March 2024 – L2 – Q5a – Public Financial Management"

FA – Nov 2019 – L1 – Q5 – Preparation of limited liability company financial statements

Calculate profitability, liquidity, and efficiency ratios, discuss the advantages and disadvantages of ratio analysis, and explain the responsibilities of directors and auditors.

You're reporting an error for "FA – Nov 2019 – L1 – Q5 – Preparation of limited liability company financial statements"

PSAF – March 2024 – L2 – Q5a – Public Financial Management

Differentiate between Principal Account Holder and Principal Spending Officer and explain the responsibilities of Principal Spending Officers.

You're reporting an error for "PSAF – March 2024 – L2 – Q5a – Public Financial Management"

FA – Nov 2019 – L1 – Q5 – Preparation of limited liability company financial statements

Calculate profitability, liquidity, and efficiency ratios, discuss the advantages and disadvantages of ratio analysis, and explain the responsibilities of directors and auditors.

You're reporting an error for "FA – Nov 2019 – L1 – Q5 – Preparation of limited liability company financial statements"

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