Public Sector Accounting
Accounts · 50 practice questions
Comparison of cash and accrual bases of accounting; sources of government revenue; capital and recurrent expenditure; the Consolidated Revenue Fund; the statement of assets and liabilities; responsibilities of the Accountant General, Auditor General, Minister of Finance and Treasurer of Local Government; instruments of financial regulation.
- Differentiate between public and private sector accounting.
- Identify sources of government revenue and differentiate between capital and recurrent expenditure.
- Calculate the consolidated revenue fund and determine asset/liability values.
- Identify the duties of key government finance officials.
- Distinguish elements of control in government accounting (e.g. warrants, votes, budget, due process certificate).
Try a few questions
- Practice question 1
The audit of public accounts specifically serves to detect and deter
- A.misuse or misappropriation of public funds
- B.no particular issue of any kind, despite the audit being formally conducted
- C.the proper, legitimate use of public funds, contrary to the audit's own purpose
- D.a factor entirely unrelated to the misuse of public funds of any kind
Show the answer
A. misuse or misappropriation of public funds
The audit of public accounts specifically serves to detect and deter misuse or misappropriation of public funds.
- Practice question 2
Virement, an instrument of financial control in government accounting, specifically allows funds to be transferred from one budget head to another, subject to
- A.approval
- B.no particular process of any kind, despite being a formal financial control instrument
- C.a factor entirely unrelated to approval of any kind
- D.automatic, unconditional transfer with no formal approval process required
Show the answer
A. approval
Virement specifically allows funds to be transferred from one budget head to another, subject to approval.
- Practice question 3
The treasury single account policy, adopted by some governments, specifically consolidates government revenue into a single account to improve
- A.a factor entirely unrelated to monitoring or control of any kind
- B.the personal, individual bank accounts of government officials
- C.no particular benefit of any kind, despite the policy being formally adopted
- D.monitoring and control
Show the answer
D. monitoring and control
The treasury single account policy specifically consolidates government revenue into a single account to improve monitoring and control.
More UTME Accounts topics
- Nature and Significance of Bookkeeping and Accounting
- Principles of Double Entry
- Ethics in Accounting
- Cash Book
- Bank Transactions and Reconciliation Statements
- Final Accounts of a Sole Trader
- Stock Valuation
- Control Accounts and Self-Balancing Ledgers
- Incomplete Records and Single Entry
- Manufacturing Accounts
- Accounts of Not-For-Profit-Making Organizations
- Departmental Accounts
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