Topic: The context of public financial management

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PSAF – May 2021 – L2 – Q1a – The context of public financial management

Explain the techniques of Vote Accounting, Commitment Accounting, and Fund Accounting in Public Sector Accounting.

Question

Public Sector Accounting has approaches and techniques applied in processing financial statements. They are Vote Accounting, Commitment Accounting, and Fund Accounting.

Required:
Explain these techniques as used in Public Sector Accounting. (10 marks)

Answer

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Level: Level 2

Topic: The context of public financial management
Series: MAY 2021

PSAF – May 2017 – L2 – Q5a – The context of public financial management

This question identifies symptoms of defective corporate governance in a public sector organization and discusses the responsibilities of the Board of Directors in promoting good governance.

Question

Ghana Approval Authority (GAA) is a public sub-vented organization established in 1995 as a standard approving authority for industrial, medical, and food substances in Ghana. Dr. Kamkam was appointed as the Chief Executive Officer (CEO) four years ago and he reports to a seven-member Board of Directors. GAA derives its powers from an Act of Parliament that was passed over two decades ago. The CEO upon resumption of office found that the enabling enactment of the Authority is out of date and could not regulate the activities of the board effectively. He therefore introduced a lot of innovations and initiatives to run the Authority effectively and efficiently, however, some of his initiatives were inconsistent with the provisions of the enabling enactment. His initiatives, despite their inconsistency with the law, produce great results for the Authority.

Dr. Kamkam has a very good relationship with the Board of Directors over the period resulting from fat allowances and kingly treatment he offers them, especially the board chairman who is a personal friend to him. This empowers him to make unilateral decisions knowing that the board is under his full control and dominance. The board meets fewer times than required by the enabling Act of the GAA. Furthermore, internal audit is not given the required attention by management and the audit committee has not been constituted in the last four years.

The Authority outsourced most of its supporting services to the private sector. The CEO has ensured that all of these services are outsourced to companies owned by his close friends and relatives. In some cases, the services are outsourced to companies in which the board chairman has significant interest. Past records support the action of the CEO that outsourcing to close associates produces better services than an “arm’s length” sourcing. The Authority is also not able to meet information disclosure requirements due to the policy of the CEO to operate on the blind side of the public in order to reduce visibility and nose-poking behaviors of the media.

Required:

i) Explain FOUR symptoms of defective corporate governance that can be identified in GAA. (6 marks)

ii) Identify FOUR responsibilities expected of the Board of Directors of GAA to promote good corporate governance. (4 marks)

Answer

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Tags: Board Responsibilities, Conflict of Interest, Corporate Governance, Internal Audit, Public Sector
Level: Level 2

Topic: The context of public financial management
Series: MAY 2017

PSAF – May 2016 – L2 – Q4b – The context of public financial management

This question addresses the concept of corporate governance in the public sector and its principles.

Question

i) Explain the term, corporate governance as applied to the public sector.

ii) Explain THREE corporate governance principles commonly used in public financial management.

Answer

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Tags: Corporate Governance, Financial management, Governance Principles, Public Sector
Level: Level 2

Topic: The context of public financial management
Series: MAY 2016

PSAF – May 2016 – L2 – Q4a – The context of public financial management

This question discusses the concept of public accountability and mechanisms to ensure it in the public sector.

Question

a) i) What is public accountability?

ii) Explain THREE mechanisms for ensuring public accountability in the public sector.

Answer

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Tags: Financial management, Mechanisms, Public Accountability, Public Sector
Level: Level 2

Topic: The context of public financial management
Series: MAY 2016

PSAF – Nov 2019 – L2 – Q5c – The context of public financial management

This question asks for the conditions that must be met by a Principal Spending Officer before a payment is made by a covered entity.

Question

c) State THREE (3) conditions that must be met by a Principal Spending Officer before payment is made by a covered entity.
(3 marks)

Answer

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Tags: Covered Entity, Payment Conditions, Principal Spending Officer
Level: Level 2

Topic: The context of public financial management
Series: NOV 2019

PSAF – Nov 2017 – L2 – Q5a – The context of public financial management

The question asks for five ways duty bearers and public officers can ensure public accountability in managing public funds.

Question

a) The Minister of Finance has recently called on Citizens not to be Spectators but participate in the art of governance by demanding accountability from duty bearers and public officers.

Required:

Explain FIVE ways in which duty bearers and public officers can ensure public accountability in the management of Public Funds.
(5 marks)

Answer

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Tags: Duty Bearers, Governance, Management of Public Funds, Public Accountability
Level: Level 2

Topic: The context of public financial management
Series: NOV 2017

PSAF – Nov 2017 – L2 – Q1d – The Context of Public Financial Management

Identify the consequences of an economy without a public sector.

Question

In every economy, there exists a dichotomy of sectors: public sector and the private sector. These two sectors co-exist in every economy symbiotic fashion. Most often, the private sector is hailed for superior performance in terms of economy, efficiency, and accomplishment, leading to the view that the public sector should be done away with completely.

Required:
Identify FOUR consequences an economy is likely to face in the absence of the public sector. (4 marks)

Answer

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Tags: Economic Development, Employment, Infrastructure, Public Sector, Regional Development
Level: Level 2

Topic: The context of public financial management
Series: NOV 2017

PSAF – May 2016 – L2 – Q2d – The Context of Public Financial Management

Discuss methods proposed by New Public Management for public financial management and explain the objectives and challenges of government regulatory and financial reporting frameworks.

Question

The New Public Management concept in the public sector aims at structural, organisational, and managerial changes in public financial management.

Required:
Identify TWO methods proposed by this new management system to improve public financial management. (2 marks)

ii) The intention, methods, and procedures of the regulatory and financial reporting framework of government are meant to ensure that the objectives of public institutions and the government are achieved.

Required:
Explain TWO objectives of the government regulatory and financial reporting framework. (2 marks)

iii) Explain ONE major challenge that may affect the implementation of the objectives of effective financial reporting. (1 mark)

Answer

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Tags: Financial Reporting, New Public Management, Public Financial Management, Public Sector Reforms, Regulatory Framework
Level: Level 2

Topic: The context of public financial management
Series: MAY 2016

PSAF – March 2024 – L2 – Q5b – The context of public financial management

Discuss the constitutional provisions for authorizing withdrawals from public funds.

Question

The 1992 Constitution of the Republic of Ghana is the supreme framework for public financial management in Ghana. To protect the public purse, the Constitution makes provision on authorizing withdrawal from public funds.

Required:
In relation to public financial management, discuss THREE (3) ways of authorizing withdrawal from the public funds under the 1992 Constitution. (3 marks)

Answer

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Tags: 1992 Constitution, Appropriation Act, Public Financial Management, Public Funds, Supplementary Budget, Withdrawal Authorization
Level: Level 2

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

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

PSAF – May 2021 – L2 – Q1a – The context of public financial management

Explain the techniques of Vote Accounting, Commitment Accounting, and Fund Accounting in Public Sector Accounting.

Question

Public Sector Accounting has approaches and techniques applied in processing financial statements. They are Vote Accounting, Commitment Accounting, and Fund Accounting.

Required:
Explain these techniques as used in Public Sector Accounting. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Level: Level 2

Topic: The context of public financial management
Series: MAY 2021

PSAF – May 2017 – L2 – Q5a – The context of public financial management

This question identifies symptoms of defective corporate governance in a public sector organization and discusses the responsibilities of the Board of Directors in promoting good governance.

Question

Required:

i) Explain FOUR symptoms of defective corporate governance that can be identified in GAA. (6 marks)

ii) Identify FOUR responsibilities expected of the Board of Directors of GAA to promote good corporate governance. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Board Responsibilities, Conflict of Interest, Corporate Governance, Internal Audit, Public Sector
Level: Level 2

Topic: The context of public financial management
Series: MAY 2017

PSAF – May 2016 – L2 – Q4b – The context of public financial management

This question addresses the concept of corporate governance in the public sector and its principles.

Question

i) Explain the term, corporate governance as applied to the public sector.

ii) Explain THREE corporate governance principles commonly used in public financial management.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Financial management, Governance Principles, Public Sector
Level: Level 2

Topic: The context of public financial management
Series: MAY 2016

PSAF – May 2016 – L2 – Q4a – The context of public financial management

This question discusses the concept of public accountability and mechanisms to ensure it in the public sector.

Question

a) i) What is public accountability?

ii) Explain THREE mechanisms for ensuring public accountability in the public sector.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial management, Mechanisms, Public Accountability, Public Sector
Level: Level 2

Topic: The context of public financial management
Series: MAY 2016

PSAF – Nov 2019 – L2 – Q5c – The context of public financial management

This question asks for the conditions that must be met by a Principal Spending Officer before a payment is made by a covered entity.

Question

c) State THREE (3) conditions that must be met by a Principal Spending Officer before payment is made by a covered entity.
(3 marks)

Answer

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Tags: Covered Entity, Payment Conditions, Principal Spending Officer
Level: Level 2

Topic: The context of public financial management
Series: NOV 2019

PSAF – Nov 2017 – L2 – Q5a – The context of public financial management

The question asks for five ways duty bearers and public officers can ensure public accountability in managing public funds.

Question

a) The Minister of Finance has recently called on Citizens not to be Spectators but participate in the art of governance by demanding accountability from duty bearers and public officers.

Required:

Explain FIVE ways in which duty bearers and public officers can ensure public accountability in the management of Public Funds.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Duty Bearers, Governance, Management of Public Funds, Public Accountability
Level: Level 2

Topic: The context of public financial management
Series: NOV 2017

PSAF – Nov 2017 – L2 – Q1d – The Context of Public Financial Management

Identify the consequences of an economy without a public sector.

Question

Required:
Identify FOUR consequences an economy is likely to face in the absence of the public sector. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Economic Development, Employment, Infrastructure, Public Sector, Regional Development
Level: Level 2

Topic: The context of public financial management
Series: NOV 2017

PSAF – May 2016 – L2 – Q2d – The Context of Public Financial Management

Discuss methods proposed by New Public Management for public financial management and explain the objectives and challenges of government regulatory and financial reporting frameworks.

Question

The New Public Management concept in the public sector aims at structural, organisational, and managerial changes in public financial management.

Required:
Identify TWO methods proposed by this new management system to improve public financial management. (2 marks)

Required:
Explain TWO objectives of the government regulatory and financial reporting framework. (2 marks)

iii) Explain ONE major challenge that may affect the implementation of the objectives of effective financial reporting. (1 mark)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, New Public Management, Public Financial Management, Public Sector Reforms, Regulatory Framework
Level: Level 2

Topic: The context of public financial management
Series: MAY 2016

PSAF – March 2024 – L2 – Q5b – The context of public financial management

Discuss the constitutional provisions for authorizing withdrawals from public funds.

Question

Required:
In relation to public financial management, discuss THREE (3) ways of authorizing withdrawal from the public funds under the 1992 Constitution. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: 1992 Constitution, Appropriation Act, Public Financial Management, Public Funds, Supplementary Budget, Withdrawal Authorization
Level: Level 2

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

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

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