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One of the following is not a class of funds.
The fund into which resources are transferred periodically and out of which any money or amount left has to be transferred to a current fund is_______.
Board of survey are usually convened to examine_____
The Board of enquiry will be set-up if____
One of the major functions of the Local Government to the people is____
The account of the Local government is audited and monitored by_____
When the president signs the approved budget, it becomes____
The first stage of Budget preparation is called
One of the circumstances, which may give rise to qualification of audit report is_____
Compliance Test is also called
The objects of the pension fund commission are
Gratuity could be defined as_____
The sum of money receivable in the future, which when invested today at compared interest would yield that future sum is known as_____
The following are the attributes of Cost-Benefit Analysis, EXCEPT
When the real output of goods and services of a country increases at a faster rate than the rate of growth of its population. This is referred to as
The record of a country’s transactions with the rest of the world over a period of time in respect of visible and invisible items is referred to as_______.
IPSAS ___________ upholds Employee Benefit
IPSAS II and IAS II provides for________.
Government owned enterprises are required by the international standards to comply with the stipulations of_________
According to IPSAS 5 – the interests and other expenses incurred by an entity in connection with the borrowing of funds is called ………………….
The __________ is one into which are paid all revenues collected by the Government of the Federation, except the proceeds from PAYE personnel
Taxes raised from goods and services in the form of custom and excise duties, forfeiture penalties, VAT, etc., are called__________.
_________ are those whose costs are allocated to and remain a charge to the sub-head of expenditure for which funds are provided in the Estimates.
Copy of both the Board of Survey and Board of Enquiry Reports should be sent to the _________ only.
Licensing of bicycles, trucks, motor cars, etc., is a function of the ______.
The Executive of a Local Government Area is the ______.
The Annual Estimates aggregated with the Supplementary Provision are referred to as __________.
What of the meaning of PPBS?
________checks the relevance and adequacy of the supporting documents of a transaction.
The committee established by law to study and examine the reports submitted by the Auditor-General is called________.
“To regulate, supervise and ensure the effective administration of pension matters in Nigeria” is the principal object of the __________
The account an employee maintains under the Pension Act is called___________.
The technique directed at finding out the least possible costs of an investment and the economic benefits which may accrue from the commitments of revenue is called________.
The “Discounted Cash Flow yield” approach is also called _________.
A measure designed to influence cost, allocation and distribution of credit in order to change the level of money supply in the economy is termed _____.
A _______refers to the deliberate action, which government takes in the areas of spending and/or levying taxes, the objective of achieving macroeconomic variable.
According to IPSAS 2 ____________ identifies the sources of cash inflows, the items on which cash was expanded during the reporting period.
IPSAS ……………. prescribes the accounting treatment and disclosures for the effect of changes in foreign exchange rates.
IPSASB means__________
IPSAS 32 is on _________
As a Principal Accountant in the office of the Accountant General of the Federation the following revenue figures for the month of December 2011 were made available:
N’000
Import duties 10,524,000
Export duties 240,000
Excise duties 1,110,000
Fees 112,000
11,996,000
Royalty 25,852,000
Petroleum profit tax 46,470,000
Rent 1,900,000
Sales of oil by NNPC 19,370,000
Penalty for Gas flared 80,000
Pipeline licences granted 72,000
93,744,000
Federal Inland Revenue Board 18,400,000
Sundry income 10,370,000
28,770,000
Revenue September – December 2001 107,794,000
Expenditure September – December 2001 87,851,600
Expenditure for December 2001 10,451,000
Entries from contingencies fund 272,000,000
Entries to contingencies fund 579,000,000
Issued: September to December 386,750,000
Repaid: September to December 390,604,000
I. Sales of Oil Details:
Sales abroad 14,880,000
Local sales 4,490,000
ii. Details of Royalty:
Oil 17,748,000
Gas 5,914,000
Coal 50,000
Copper 170,000
Bitumen 1,900,000
Gold 70,000
iii. Rent Consists:
Minerals 1,818,000
Mining lease 24,000
Mining right 34,000
Others 24,000
iv. Federal Board of Inland Revenue:
PAYE deductions from Armed Forces 3,400,000
Federal Territory collections 6,000,000
Corporate Affairs Commission collections 5,312,000
The Balance of consolidated Revenue as at 1st September 271,300,000
The revenue Allocation Formula is:
Federation Government 45%
State Government 35%
Local Government 15%
Special Funds 5%
Required – Prepare the following:
Show all your computations.
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
Okoduwa State Government has a problem of not being able to pay the salaries of workers promptly. Apart from the statutory allocations receivable from the State and Federal Governments, internally generated sources are meagre. As the Chief Accountant assigned with the responsibility of managing the Treasury, you are required to prepare the Cash Budget of the State for June to November, 2018; using the information given below:
On 31 May, 2018, the State anticipated the under-listed transactions up to 31 December, 2018:
|
Statutory Allocation |
Internally Generated revenue |
Salaries |
Others |
|
N’000 |
N’000 |
N’000 |
N’000 |
June |
50,000 |
10,000 |
5,000 |
600 |
July |
70,000 |
12,000 |
4,900 |
620 |
August |
65,000 |
8,000 |
5,100 |
650 |
September |
72,000 |
11,000 |
6,000 |
630 |
October |
61,000 |
5,000 |
7,200 |
580 |
November |
42,000 |
3,000 |
15,000 |
710 |
December |
49,000 |
1,560 |
15,550 |
490 |
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
The following are the information provided by Ilasamaja Local Government Council. Using the net present value method with the cost of capital at 10%, advise the Local Government Council on which of the projects ‘Alpha’, ‘Beta’ ‘Omega’ is the most viable and should be picked.
Projects: Alpha Beta Omega
N’000 N’000 N’000
Initial Investment 100,000 180,000 150,000
Inflows: Year 1 40,000 10,000 50,000
2 50,000 30,000 10,000
3 60,000 50,000 90,000
4 70,000 70,000 10,000
5 80,000 120,000 40,000
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
[a] Discuss the reasons for Application of Accrual Based IPSAS and the Impact of IPSAS Adoption in Nigeria.
[b] There are five (5) performance reports expected to be prepared by MDA’s in Nigeria in addition to the General Purpose Financial Statements (GPFS) prescribed by IPSAS 1.
Required:
Enumerate these reports.
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.