Financial Reporting and Accountability in the Public Sector

PSAF – May 2017 – L2 – SB – Q2 – Financial Reporting and Accountability in the Public Sector

Explain Zero-Based Budgeting stages, benefits, drawbacks, and users in the public sector.

Question

The Zero-based budgeting system is a budgeting system that requires every item of expenditure to be justified as if the particular activity or programme is taking off for the first time.

Required:

a. State the stages involved in the Zero-based budgeting system. (5 Marks)

b. Explain THREE benefits associated with the Zero-based budgeting system. (6 Marks)

c. Explain THREE drawbacks of the Zero-based budgeting system. (6 Marks)

d. State THREE key users of the Zero-based budgeting system. (3 Marks)

Answer

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Tags: Budget Justification, Cost Management, Financial planning, Public Sector Budgeting, Zero-Based Budgeting
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: MAY 2017

PSAF – May 2024 – L2 – SB – Q3 – Financial Reporting and Accountability in the Public Sector

Preparation of a bank reconciliation statement and discussion of challenges in e-payment.

Question

a. Differentiate between unapplied mandate and uncredited cheques. (5 Marks)

b. The Account Officer of University of Igbokuenu, Abia, supplied the following information for Asejere Bank for the month ended March 31, 2020. On the same date, the balance as per the bank statement was a credit balance of N26,229,000, while the cash book showed a debit balance of N12,063,000.

The investigation carried out by the accounts officer revealed the following:

There was a bank charge amounting to N15,000 for administrative fees, which had been deducted by the bank but no entry was made in the cash book.
A commission on turnover (COT) of N30,000 for the month of February had not been recorded in the cash book.
Interest of 2% was paid on an endowment fund of N127,500,000, which was maintained in a fixed deposit account in Kazua Bank. This was paid directly to Asejere Bank PLC, but has not been recorded in the cash book, while an investment income amounting to N60,000 was also received directly by the bank but has no entry in the cash book.
A cheque of N24,000 was received from B-Engineering services as a registration fee on March 31, 2020, and was duly entered into the cash book and taken to the bank on the same day but had not been credited as of the time the bank statement was collected.
Cheques amounting to N3,300,000, previously credited by the bank were dishonored.
A sum of N10,200,000 which was paid directly to the bank was received from the Abuja Alumni of the University in the form of aid, which the accountant has not recorded in the cash book, while an additional N4,500,000 aid was received from USAID but not recorded in the cash book.
Mandate numbers, which were issued by the University to the bank for payments to beneficiaries in March 2020, were yet to be applied with details as follows:

Mandate No.	Beneficiary	Amount (N)
0671420	SolarTech	90,000
0002418	GreenLaud	120,000
0021462	S-Publishers	15,000

Required:
i. Prepare a bank reconciliation statement for the period ended March 31, 2020. (10 Marks)

ii. Identify and explain FIVE challenges of bank reconciliation under the e-payment system. (5 Marks)

Answer

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Tags: Bank Reconciliation, Financial Reporting, Public Sector Accounting
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: MAY 2024

PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

Question

IPSAS 24 on Presentation of Budget Information in Financial Statements requires a comparison of budgeted amounts and the actual amount arising from execution of the budget to be included in the financial statements of entities. The standard also requires disclosure of an explanation of the reasons for material differences between the budget and actual amounts to ensure that public sector entities discharge their accountability obligations and enhance the transparency of their financial statements.

Ogoja State Government provided the following budget information for the year ended December 31, 2018.

Required:
Prepare a consolidated budget report for the year ended December 31, 2018.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget and Actual Amounts, Budget Reporting, IPSAS 24, Public Sector Accounting, Transparency
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: NOV 2019

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

Question

Discuss SIX roles of the Public Accounts Committee (PAC).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Government Finance, Oversight, Public Accounts Committee
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: NOV 2021

PSAF – May 2017 – L2 – SB – Q2 – Financial Reporting and Accountability in the Public Sector

Explain Zero-Based Budgeting stages, benefits, drawbacks, and users in the public sector.

Question

The Zero-based budgeting system is a budgeting system that requires every item of expenditure to be justified as if the particular activity or programme is taking off for the first time.

Required:

a. State the stages involved in the Zero-based budgeting system. (5 Marks)

b. Explain THREE benefits associated with the Zero-based budgeting system. (6 Marks)

c. Explain THREE drawbacks of the Zero-based budgeting system. (6 Marks)

d. State THREE key users of the Zero-based budgeting system. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Justification, Cost Management, Financial planning, Public Sector Budgeting, Zero-Based Budgeting
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: MAY 2017

PSAF – May 2024 – L2 – SB – Q3 – Financial Reporting and Accountability in the Public Sector

Preparation of a bank reconciliation statement and discussion of challenges in e-payment.

Question

a. Differentiate between unapplied mandate and uncredited cheques. (5 Marks)

The investigation carried out by the accounts officer revealed the following:

There was a bank charge amounting to N15,000 for administrative fees, which had been deducted by the bank but no entry was made in the cash book.
A commission on turnover (COT) of N30,000 for the month of February had not been recorded in the cash book.
Interest of 2% was paid on an endowment fund of N127,500,000, which was maintained in a fixed deposit account in Kazua Bank. This was paid directly to Asejere Bank PLC, but has not been recorded in the cash book, while an investment income amounting to N60,000 was also received directly by the bank but has no entry in the cash book.
A cheque of N24,000 was received from B-Engineering services as a registration fee on March 31, 2020, and was duly entered into the cash book and taken to the bank on the same day but had not been credited as of the time the bank statement was collected.
Cheques amounting to N3,300,000, previously credited by the bank were dishonored.
A sum of N10,200,000 which was paid directly to the bank was received from the Abuja Alumni of the University in the form of aid, which the accountant has not recorded in the cash book, while an additional N4,500,000 aid was received from USAID but not recorded in the cash book.
Mandate numbers, which were issued by the University to the bank for payments to beneficiaries in March 2020, were yet to be applied with details as follows:

Mandate No.	Beneficiary	Amount (N)
0671420	SolarTech	90,000
0002418	GreenLaud	120,000
0021462	S-Publishers	15,000

Required:
i. Prepare a bank reconciliation statement for the period ended March 31, 2020. (10 Marks)

ii. Identify and explain FIVE challenges of bank reconciliation under the e-payment system. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Reconciliation, Financial Reporting, Public Sector Accounting
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: MAY 2024

PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

Question

Ogoja State Government provided the following budget information for the year ended December 31, 2018.

Required:
Prepare a consolidated budget report for the year ended December 31, 2018.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget and Actual Amounts, Budget Reporting, IPSAS 24, Public Sector Accounting, Transparency
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: NOV 2019

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

Question

Discuss SIX roles of the Public Accounts Committee (PAC).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Government Finance, Oversight, Public Accounts Committee
Level: Level 2

Topic: Financial Reporting and Accountability in the Public Sector
Series: NOV 2021

Topic: Financial Reporting and Accountability in the Public Sector

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PSAF – May 2017 – L2 – SB – Q2 – Financial Reporting and Accountability in the Public Sector

Explain Zero-Based Budgeting stages, benefits, drawbacks, and users in the public sector.

PSAF – May 2024 – L2 – SB – Q3 – Financial Reporting and Accountability in the Public Sector

Preparation of a bank reconciliation statement and discussion of challenges in e-payment.

PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

PSAF – May 2017 – L2 – SB – Q2 – Financial Reporting and Accountability in the Public Sector

Explain Zero-Based Budgeting stages, benefits, drawbacks, and users in the public sector.

PSAF – May 2024 – L2 – SB – Q3 – Financial Reporting and Accountability in the Public Sector

Preparation of a bank reconciliation statement and discussion of challenges in e-payment.

PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

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Topic: Financial Reporting and Accountability in the Public Sector

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PSAF – May 2017 – L2 – SB – Q2 – Financial Reporting and Accountability in the Public Sector

Explain Zero-Based Budgeting stages, benefits, drawbacks, and users in the public sector.

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PSAF – May 2024 – L2 – SB – Q3 – Financial Reporting and Accountability in the Public Sector

Preparation of a bank reconciliation statement and discussion of challenges in e-payment.

You're reporting an error for "PSAF – May 2024 – L2 – SB – Q3 – Financial Reporting and Accountability in the Public Sector"

PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector"

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

You're reporting an error for "PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector"

PSAF – May 2017 – L2 – SB – Q2 – Financial Reporting and Accountability in the Public Sector

Explain Zero-Based Budgeting stages, benefits, drawbacks, and users in the public sector.

You're reporting an error for "PSAF – May 2017 – L2 – SB – Q2 – Financial Reporting and Accountability in the Public Sector"

PSAF – May 2024 – L2 – SB – Q3 – Financial Reporting and Accountability in the Public Sector

Preparation of a bank reconciliation statement and discussion of challenges in e-payment.

You're reporting an error for "PSAF – May 2024 – L2 – SB – Q3 – Financial Reporting and Accountability in the Public Sector"

PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector

Prepares a consolidated budget report comparing budgeted and actual amounts for Ogoja State Government for the year ended 2018.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q5a – Financial Reporting and Accountability in the Public Sector"

PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector

Discuss six roles of the Public Accounts Committee (PAC) in ensuring financial accountability.

You're reporting an error for "PSAF – Nov 2021 – L2 – Q1c – Financial Reporting and Accountability in the Public Sector"

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