Question Tag: Private Sector

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FM – Nov 2017 – L3 – Q5 – Corporate Governance and Financial Strategy

Identify stakeholder financial objectives and discuss methods to incentivize directors to maximize shareholder wealth.

Private sector companies have multiple stakeholders who are likely to have divergent interests.

Required:

(a) Identify FIVE stakeholder groups and discuss briefly their financial objectives.
(10 Marks)

(b) Explain ways in which companies’ directors can be encouraged to achieve the objective of maximisation of shareholders’ wealth.
(5 Marks)

(Total 15 Marks)

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BF – Nov 2015 – L1 – SA – Q16 – Basic Management Functions

Identifying how public sector strategy differs from private sector strategy.

Strategy in the public sector differs from that in the private sector because:
A. They do not have customers
B. They do not have stakeholders
C. Planning horizons are determined by political considerations rather than market conditions
D. They do not have to make a profit
E. They do not manage cost

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BMIS – Nov 2018 – L1 – Q3 – The business organisation and its stakeholders

Explain how the public sector complements the private sector and the bureaucratic characteristics of the public sector.

The Private Sector has been described as an engine of growth and the Public Sector as the lubricant that keeps the engine running. However, the Public Sector has gained notoriety for being a financial drain on the nation’s resources.

Required:
a) Explain FOUR (4) ways in which the Public Sector complements the efforts of the Private Sector. (10 marks)

b) Explain FOUR (4) characteristics of the Public Sector that make them bureaucratic. (10 marks)

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BMIS – Nov 2023 – L1 – Q2a – The external environment

Explain five ways the Government of Ghana can improve the business environment to help private enterprises thrive.

It can be argued that the public sector must not directly engage in business but rather direct efforts and resources at securing an enabling environment in which the private sector which has been described as the engine of growth of the economy can flourish.

Required: Explain FIVE (5) ways by which the Government of Ghana can improve the business environment in order that private enterprises can thrive. (10 marks)

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PSAF – Nov 2018 – L2 – Q1c – The context of public financial management

Explain four reasons why the differences between public and private sector objectives are important.

One main difference between public sector and private sector entities is that their objectives are different. The objective of a public sector entity is to deliver public goods and services to all citizens in order to maximize their welfare. However, the principal objective of a private sector entity is to make a profit on the goods and services they produce and sell in the market.

Required:
Explain FOUR (4) reasons why these differences are important.

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IMAC – JULY 2023 – L1 – Q3 – Standard Costing and Variance Analysis

Discuss differences between private and public sector entities and calculate standard costing variances for materials, labour, and overheads.

a) Public Sector in Ghana includes the Metropolitan, Municipal and District Assemblies
(MMDA’s) and the Ministries, Departments and Agencies (MDA’s). The private sector
dominates in terms of numbers and are significantly different in operations from the public
sector.
Required:
In reference to the above statement, explain FOUR (4) key differences between a private
sector entity and a public sector entity. (10 marks)
b) Konka Ltd produces a product – “the telescope”.
Actual results for the period were:
Production: 430 units made
Materials: 1,075 kg were used.
1,200 kg of materials were purchased at a cost of GH¢17,700
Direct labour: 1,700 hours were worked at a cost of GH¢14,637
Variable production overheads expenditure: GH¢3,870.

The standard cost card for the product is as follows:
GH¢
Direct material 2 kg x GH¢15 30
Direct labour 4hrs x GH¢8.50 34
Variable overhead 4hrs x GH¢2.00 8
The cost card is based on production and sales of 450 units in each period.
The company values its inventories at standard cost.
Required:
Calculate the following variances for Konka Ltd:
i) Material price variance
ii) Material usage variance
iii) Labour rate variance
iv) Labour efficiency variance
v) Variable overhead expenditure variance
(10 marks)

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FM – Nov 2017 – L3 – Q5 – Corporate Governance and Financial Strategy

Identify stakeholder financial objectives and discuss methods to incentivize directors to maximize shareholder wealth.

Private sector companies have multiple stakeholders who are likely to have divergent interests.

Required:

(a) Identify FIVE stakeholder groups and discuss briefly their financial objectives.
(10 Marks)

(b) Explain ways in which companies’ directors can be encouraged to achieve the objective of maximisation of shareholders’ wealth.
(5 Marks)

(Total 15 Marks)

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BF – Nov 2015 – L1 – SA – Q16 – Basic Management Functions

Identifying how public sector strategy differs from private sector strategy.

Strategy in the public sector differs from that in the private sector because:
A. They do not have customers
B. They do not have stakeholders
C. Planning horizons are determined by political considerations rather than market conditions
D. They do not have to make a profit
E. They do not manage cost

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BMIS – Nov 2018 – L1 – Q3 – The business organisation and its stakeholders

Explain how the public sector complements the private sector and the bureaucratic characteristics of the public sector.

The Private Sector has been described as an engine of growth and the Public Sector as the lubricant that keeps the engine running. However, the Public Sector has gained notoriety for being a financial drain on the nation’s resources.

Required:
a) Explain FOUR (4) ways in which the Public Sector complements the efforts of the Private Sector. (10 marks)

b) Explain FOUR (4) characteristics of the Public Sector that make them bureaucratic. (10 marks)

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BMIS – Nov 2023 – L1 – Q2a – The external environment

Explain five ways the Government of Ghana can improve the business environment to help private enterprises thrive.

It can be argued that the public sector must not directly engage in business but rather direct efforts and resources at securing an enabling environment in which the private sector which has been described as the engine of growth of the economy can flourish.

Required: Explain FIVE (5) ways by which the Government of Ghana can improve the business environment in order that private enterprises can thrive. (10 marks)

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PSAF – Nov 2018 – L2 – Q1c – The context of public financial management

Explain four reasons why the differences between public and private sector objectives are important.

One main difference between public sector and private sector entities is that their objectives are different. The objective of a public sector entity is to deliver public goods and services to all citizens in order to maximize their welfare. However, the principal objective of a private sector entity is to make a profit on the goods and services they produce and sell in the market.

Required:
Explain FOUR (4) reasons why these differences are important.

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IMAC – JULY 2023 – L1 – Q3 – Standard Costing and Variance Analysis

Discuss differences between private and public sector entities and calculate standard costing variances for materials, labour, and overheads.

a) Public Sector in Ghana includes the Metropolitan, Municipal and District Assemblies
(MMDA’s) and the Ministries, Departments and Agencies (MDA’s). The private sector
dominates in terms of numbers and are significantly different in operations from the public
sector.
Required:
In reference to the above statement, explain FOUR (4) key differences between a private
sector entity and a public sector entity. (10 marks)
b) Konka Ltd produces a product – “the telescope”.
Actual results for the period were:
Production: 430 units made
Materials: 1,075 kg were used.
1,200 kg of materials were purchased at a cost of GH¢17,700
Direct labour: 1,700 hours were worked at a cost of GH¢14,637
Variable production overheads expenditure: GH¢3,870.

The standard cost card for the product is as follows:
GH¢
Direct material 2 kg x GH¢15 30
Direct labour 4hrs x GH¢8.50 34
Variable overhead 4hrs x GH¢2.00 8
The cost card is based on production and sales of 450 units in each period.
The company values its inventories at standard cost.
Required:
Calculate the following variances for Konka Ltd:
i) Material price variance
ii) Material usage variance
iii) Labour rate variance
iv) Labour efficiency variance
v) Variable overhead expenditure variance
(10 marks)

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