Lead City University, Ibadan

Faculty of Environment, Management & Social Sciences

Department of Accounting & Finance
2st Semester, 2017/2018 Session
COURSE PARTICULARS
COURSE CODE: ACC 418
COURSE TITLE: Public Sector Accounting
NO OF UNITS: 3 UNITS
STATUS: COMPULSORY
LECTURER DETAILS:
NAME: J.A.ADEJUWON
QUALIFICATIONS: B.SC, M.SC, FCA
PHONE: 08033715590
EMAIL:
AREA OF SPECIALIZATION: ACCOUNTING AND FINANCE
NAME: T.A. ILORI
QUALIFICATIONS: N.D, B.SC, M.SC, ACA
PHONE: 08034830534
EMAIL: [email protected]
AREA OF SPECIALIZATION: ACCOUNTING AND FINANCE

Course Description: The course: The course explores the rudiments, techniques and
scope of Public Sector Accounting in all its ramifications, particularly in the Nigerian
environment.
Course Objectives: This course has four main objectives:
• To familiarize students with the peculiar nature of socio-economic nature of public
sector organizations
• To make the students understand the nature, techniques and the practice of Public
Sector Accounting
• To enhance the students ability to generate relevant accounting information in aid of
decisions in the public sector
• To familiarize students with the accounting problems and practices of public sector
organizations.
Teaching Plan
Weeks Topics
1 Introduction to Public Sector Accounting: Definitions and distinction between
Public and Private sector accounting. Objectives of PSA
2 Legal Framework of Government Accounting
3 Theory and Practice of Government Accounting
 4 Sources of Government Revenue
5 Funds Accounting: Principles & Application by Nigerian Government.
6 Financial Control Procedure: Monthly Transcripts, Self Accounting/Non self
Accounting Systems
7 Financial Control Procedure: Budgeting & Budgetary Control
8 Financial Control Procedure: Audit & Audit Alarm System
9 Financial Reporting: International Public Sector Accounting Standards (IPSAS)
10 Parastatals & Public Enterprise Accounting
11 Fraud Detection and Prevention Techniques in Government.
12 Public Finance
13 Public Debt
14 Ethical Issues In Public Sector Accounting & Finance
15 Revision & Examination
Course Requirement/Assessment: The approach will be relying on assigned readings, normal
class lectures, problem solving, and case analysis. The assessment shall be based on
Continuous Assessments (40%) and semester examination (60%). The Continuous Assessment
shall be made up of attendance, class work/participation and graded tests/assignments. In
addition to the worked examples that would be treated in class, 12 additional tutorial questions,
covering all the topics treated have been provided for students’practice.

Reading List:
1 Public Sector Accounting & Finance By R A Adams
2 Public Sector Accounting & Finance :ICAN’s Professional Exam. II Study Pack
3 Professional Accountancy Journals.

Section B: Tutorial Questions

1. (a) The users of Government Accounting and financial reports can be classified into two
categories, namely: the internal & external. Discuss
Required:
(b) Compare and contrast Public Sector Accounting and Private Sector Accounting
(c) Outline the Constitutional and Regulatory Framework of Public Sector Accounting.

2. (a) What is Accountability?

(b) Differentiate clearly in relation to Public Accountability between Rendering of
Accounts and Holding to Accounts.
(c) i. State five (5) conditions that facilitate the promotion of Public Accountability.
ii. State six (6) of the measures put in place by the Federal Government of Nigeria to
enhance Public Accountability.
3. (a) What is government revenue?
(b) What are the general revenue sources of revenue of various governments?
(c) Describe a federation Account?
 (d) What are the sources of revenue into this account?

4. (a) What is Government Accounting?

(b) The expenditure of the Government can be classified into 2 classes, Name them?
(c) Differentiate between Government and Business Accounting?

5. Cash flow from operating activities are primarily derived from the principal cash-
generating activities of any entity. Give any eight (8) of such generating activities as
contained in IPSAS 2 on cash Flow Statements.

6. Distinguish between Federation Account and Consolidated Revenue Fund.

Prepare Federation Account and CRF Account from the following:
Inflows:
N’000
Import Duties 400
Export Duties 300
Excise Duties 200
Petroleum Income Tax 80,000
Companies Income Tax 71,000
PAYE from emoluments of Armed Forces 400
PAYE from emoluments of Police Personnel 30
PAYE from emoluments of Residents of Abuja 20
Dividends from Federal Government Investments 120
Outflows
Remuneration of statutory officers 13,800
Recurrent expenditure 1,500
Transfer to Development Fund 2,500
Transfer to Contingency Fund 20
Note: Revenue allocation formula;
Federal Govt. 48.5%
State Govt. 24%
Local Govt. 20%
Specific Fund 7.5%

1. The fifth schedule, part 1 of the 1999 constitution of Nigeria states that “a public officer
shall not put himself in a position where his personal interest conflicts with his duties and
responsibilities”
(a) State and explain five (5) of the instances where a public officer may put himself in a
position where his personal interest would conflict with his duties and
responsibilities.
(b) State the requirements of public officers vis-à-vis the Code of Conduct Bureau
(c) List the punishments which the Code of Conduct Tribunal shall impose if it finds a
public officer guilty of contravention of any of the provisions of the Code of Conduct
for public officers.

8. (a) Local Government council in Nigeria has Statutory, permissive and incidental
revenue sources with which to discharge their constitutional obligations. State and
explain these revenue sources?
(b) Discuss the various function of local Government council Treasurer?

9. (a) What is Budgeting?

(b) List and explain the objectives of Government Budget?
 10. (a) List Ten (10) Standards under International Public Sector Accounting
Standards(IPSAS)
11. (a) What is Public Expenditure
(b) What are the reasons for increase in Public expenditure in Nigeria?
12 (a) What is Public Debt?
(b) What are the causes of Debt?
(c) What are the consequences and economic effects of Public Debt?
(d) What are the benefits of public Debts?

Section C: Marking Guide

1. (a) Discussing the users of Government Accounting and financial reports can be
classified into two categories, namely: the internal & external. 5 marks
Required:
(b) Compare and contrast Public Sector Accounting and Private Sector Accounting
5marks
(c) Outline the Constitutional and Regulatory Framework of Public Sector Accounting.
5marks

2. (a) What is Accountability? 3 marks

(b) Differentiate clearly in relation to Public Accountability between Rendering of
Accounts and Holding to Accounts. 4 marks
(c) i. State five (5) conditions that facilitate the promotion of Public
Accountability.4marks
ii. State six (6) of the measures put in place by the Federal Government of Nigeria to
enhance Public Accountability. 4 marks
3. (a) What is government revenue? 3 marks
(b) What are the general revenue sources of revenue of various governments? 4 marks
(c) Describe a federation Account? 4 marks
(d) What are the sources of revenue into this account? 4 marks

4. (a) What is Government Accounting? 5 marks

(b) The expenditure of the Government can be classified into 2 classes, Name them
6marks
(c) Differentiate between Government and Business Accounting? 4 marks
5. Cash flow from operating activities are primarily derived from the principal cash-
generating activities of any entity. Give any eight (8) of such generating activities as
contained in IPSAS 2 on cash Flow Statements. 15 marks

6. Distinguish between Federation Account and Consolidated Revenue Fund. 2 marks

Prepare Federation Account and CRF Account from the following:
Inflows:
N’000
Import Duties 400
Export Duties 300
Excise Duties 200
Petroleum Income Tax 80,000
Companies Income Tax 71,000
PAYE from emoluments of Armed Forces 400
PAYE from emoluments of Police Personnel 30
PAYE from emoluments of Residents of Abuja 20
Dividends from Federal Government Investments 120
Outflows
Remuneration of statutory officers 13,800
Recurrent expenditure 1,500
Transfer to Development Fund 2,500
Transfer to Contingency Fund 20
Note: Revenue allocation formula;
Federal Govt. 48.5%
State Govt. 24%
Local Govt. 20%
Specific Fund 7.5% 13 marks

7. The fifth schedule, part 1 of the 1999 constitution of Nigeria states that “a public officer
shall not put himself in a position where his personal interest conflicts with his duties and
responsibilities”
(a)State and explain five (5) of the instances where a public officer may put himself in a
position where his personal interest would conflict with his duties and responsibilities.
5marks
(b)State the requirements of public officers’ vis-à-vis the Code of Conduct Bureau.
5marks
(c)List the punishments which the Code of Conduct Tribunal shall impose if it finds a
public officer guilty of contravention of any of the provisions of the Code of Conduct for
public officers. 5marks

2. (a) Local Government council in Nigeria has Statutory, permissive and incidental revenue
sources with which to discharge their constitutional obligations. State and explain these
revenue sources? 10 marks
(b) Discuss the various function of local Government council Treasurer? 5 marks

9. (a) What is Budgeting? 2 marks

(b) List and explain the objectives of Government Budget? 13 marks

10. (a) List Ten (10) Standards under International Public Sector Accounting
Standards(IPSAS) 15 marks
11. (a) What is Public Expenditure? 5 marks
(b) What are the reasons for increase in Public expenditure in Nigeria? 10marks
12 (a) What is Public Debt? 3 marks
(b) What are the causes of Debt? 4 marks
(c) What are the consequences and economic effects of Public Debt? 4 marks
 (d) What are the benefits of public Debts? 4 marks

LEAD CITY UNIVERSITY, IBADAN

Faculty of Environment, Management and Social Sciences
Department of Accounting and Finance
Post Graduate School
2017/2018 First Semester
Answer Any Four Questions
COURSE TITLE: Public Sector Accounting COURSE Code: ACC 716

1. (a) The users of Government Accounting and financial reports can be classified into two
categories, namely: the internal & external. Discuss
Required:
(b) Compare and contrast Public Sector Accounting and Private Sector Accounting
(c) Outline the Constitutional and Regulatory Framework of Public Sector Accounting.

2. What is Accountability?
(b) Differentiate clearly in relation to Public Accountability between Rendering of
Accounts and Holding to Accounts.
(c) i. State five (5) conditions that facilitate the promotion of Public Accountability.
ii. State six (6) of the measures put in place by the Federal Government of Nigeria to
enhance Public Accountability.

3. What is government revenue?

(b) What are the general revenue sources of revenue of various governments?
(c) Describe a federation Account?
(d) What are the sources of revenue into this account?

4. What is Government Accounting?

(b) The expenditure of the Government can be classified into 2 classes, Name them?
(c) Differentiate between Government and Business Accounting?

5. Cash flow from operating activities are primarily derived from the principal cash-
generating activities of any entity. Give any eight (8) of such generating activities as
contained in IPSAS 2 on cash Flow Statements

6. Distinguish between Federation Account and Consolidated Revenue Fund.

Prepare Federation Account and CRF Account from the following:
Inflows:
N’000
Import Duties 400
Export Duties 300
Excise Duties 200
Petroleum Income Tax 80,000
Companies Income Tax 71,000
 PAYE from emoluments of Armed Forces 400
PAYE from emoluments of Police Personnel 30
PAYE from emoluments of Residents of Abuja 20
Dividends from Federal Government Investments 120
Outflows
Remuneration of statutory officers 13,800
Recurrent expenditure 1,500
Transfer to Development Fund 2,500
Transfer to Contingency Fund 20
Note: Revenue allocation formula;
Federal Govt. 48.5%
State Govt. 24%
Local Govt. 20%
Specific Fund 7.5%

7. The fifth schedule, part 1 of the 1999 constitution of Nigeria states that “a public officer
shall not put himself in a position where his personal interest conflicts with his duties and
responsibilities”
(d) State and explain five (5) of the instances where a public officer may put himself in a
position where his personal interest would conflict with his duties and
responsibilities.
(e) State the requirements of public officers vis-à-vis the Code of Conduct Bureau
(f) List the punishments which the Code of Conduct Tribunal shall impose if it finds a
public officer guilty of contravention of any of the provisions of the Code of Conduct
for public officers.

8. Local Government council in Nigeria has Statutory, permissive and incidental revenue
sources with which to discharge their constitutional obligations. State and explain these
revenue sources?
(b) Discuss the various function of local Government council Treasurer?

9. What is Budgeting?
(b) List and explain the objectives of Government Budget?

10. (a) List Ten (10) Standards under International Public Sector Accounting
Standards(IPSAS)

11. (a) What is Public Expenditure

(b) What are the reasons for increase in Public expenditure in Nigeria?

12 (a) What is Public Debt?

(b) What are the causes of Debt?
(c) What are the consequences and economic effects of Public Debt?
(d) What are the benefits of public Debts?

LECTURER: Mrs. Taiwo Ilori

 LEAD CITY UNIVERSITY, IBADAN
FACULTY OF ENVIRONMENT, MANAGEMENT AND SOCIAL SCIENCES
DEPARTMENT OF ACCOUNTING & FINANCE
FIRST/SECOND SEMESTER EXAMINATION 2017/2018 SESSION
TITLE: PUBLIC SECTOR ACCOUNTING COURSE CODE: ACC 716
ATTEMPT 4 QUESTONS. EACH QUESTION CARRIES EQUAL MARKS

1. (a) What is Accountability?

(b) Differentiate clearly in relation to Public Accountability between Rendering of
Accounts and Holding to Accounts.
(c) i. State five (5) conditions that facilitate the promotion of Public Accountability.
ii. State six (6) of the measures put in place by the Federal Government of Nigeria to
enhance Public Accountability.

2 What is government revenue?

(a) What are the general revenue sources of revenue of various governments?
(b) Describe a federation Account?
(c) What are the sources of revenue into this account?

3 Distinguish between Federation Account and Consolidated Revenue Fund.

Prepare Federation Account and CRF Account from the following:
Inflows:
N’000
Import Duties 400
Export Duties 300
Excise Duties 200
Petroleum Income Tax 80,000
Companies Income Tax 71,000
PAYE from emoluments of Armed Forces 400
PAYE from emoluments of Police Personnel 30
PAYE from emoluments of Residents of Abuja 20
Dividends from Federal Government Investments 120
Outflows
Remuneration of statutory officers 13,800
Recurrent expenditure 1,500
Transfer to Development Fund 2,500
Transfer to Contingency Fund 20
Note: Revenue allocation formula;
Federal Govt. 48.5%
State Govt. 24%
Local Govt. 20%
Specific Fund 7.5%

4 (a) What is Budgeting?

(b) List and explain the objectives of Government Budget?
(c) What is Public Expenditure?
(d) What are the reasons for increase in Public expenditure in Nigeria?
5. (a) What is Public Debt?
(b) What are the causes of Debt?
(c) What are the consequences and economic effects of Public Debt?
(d) What are the benefits of public Debts?

6. Local Government council in Nigeria has Statutory, permissive and incidental revenue
sources with which to discharge their constitutional obligations. State and explain these
revenue sources?
(b) Discuss the various function of local Government council Treasurer?