Get premium membership and access revision papers, questions with answers as well as video lessons.

Accounting For Governmen Question Paper

Accounting For Governmen

Course:Bachelor Of Commerce (Commerce)

Institution: Kabarak University question papers

Exam Year:2008

KABARAK
UNIVERSITY
EXAMINATIONS
2008/2009 ACADEMIC YEAR
FOR THE DEGREE OF BACHELOR OF COMMERCE
COURSE CODE: ACCT 423
COURSE TITLE: ACCOUNTING FOR GOVERNMENT
AGENCIES
STREAM:
Y4S1
&
Y4S2
DAY: FRIDAY
TIME: 8.30-10.30
A.M.
DATE: 19/12/2008
INSTRUCTIONS:
Attempt Question ONE and any other TWO questions.
PLEASE TURN OVER
Page 1 of 4
QUESTION ONE
A. Compare and contrast receipts and payment account and income and expenditure
account.
(8 Marks)
B. The following is the receipt and payments accounts of a football Club for the year
ended 31st October 2008.
Receipts
Shs Payments
Shs
Entrance
fees
54,400 Balance
1st Jan. 2007 22,500
Subscriptions 125,500 Bar
purchases
360,000
Donations
50,000 Barmen
salaries
36,000
Dance
tickets
24,500 Bank
deposit
50,000
Receipt from bar
400,000 Club expenses
9,400
debtors

Club
expenses
20,600

Sports
equipt.
70,000

Balance
C/D
85,900
654,400
654,400
The following is also provided:
1. Balances as at 1st January 2007
Subscription
in
arrears
18,000
Subscription
in
advance
8,000
Bar
stock
12,500
Bar debtors 300,000
2. Balances as at 31st December 2007
Bar
stock
25,000
Bar
creditors
450,000
Barman salary owing 1,200
3. Subscriptions received during the year includes Shs 11,000 for 2006 and Shs
2,000 for 2008
4. Subscription in arrears for more than one year are to be written off
5. Subscription in arrears for 2007 amounted to Shs 17,000
Required
i.
Bar debtors account
ii.
Subscriptions account
iii.
Bar trading account
iv.
Income and expenditure account
(12 Marks)
C.
Discuss the role of treasury.
(10 Marks)
Page 2 of 4
QUESTION TWO
In relation to government accounting, explain briefly what is meant by the following
terminologies;
i.
Public Accounts committee
(5 Marks)
ii.
Consolidated fund
(5 Marks)
iii.
Appropriation-in-aid
(5 Marks)
iv.
Paymaster general
(5 Marks)
QUESTION THREE
A. List three functions of public investment committee and three matters which
cannot be investigated by PIC
(5 Marks)
B. Write brief notes on the following
i. Estimate committee
(3 Marks)
ii. Sinking fund
(3 Marks)
iii. Revolving fund
(3 Marks)
iv. Controller and Auditor General
(3 Marks)
v. Trust fund
(3 Marks)
QUESTION FOUR
a) With specific reference to government accounting, briefly explain the following
concepts;
i.
Budgetary accounting
(4 Marks)
ii.
Cash accounting
(3 Marks)
iii.
Commitment accounting
(4 Marks)
iv.
Fund accounting
(3 Marks)
b) List three arguments for and against the accrual basis of accounting in the public
sector.
(6 Marks)
QUESTION FIVE
a) In the context of accounting for government operations, explain the meaning of
the term ‘fund”
(4 Marks)
b) The following are the details relating to approved estimates and actual
expenditure for a certain government department for the financial year ended 30th
June 2008.
Page 3 of 4
Approved
Actual
estimates
estimates
Personal
emoluments 6,355,929 5,643,878
Other
allowances
8,379,888 7,007,387
Transport and
5,000,000 4,594,730
operating expenses
Travel and subsistence 3,300,000 2,680,500
Telephone and postage 1,250,000 833,838
Electricity
expenses 1,800,000 1,800,000
Purchase of
stationery 2,000,000 1,800,620
Purchase of equipment 13,200,000 12,355,555
Training
expenses
2,500,000 2,398,200
Appropriation
in
aid 8,500,000 7,900,000
The exchequer issues were dully released in equal quarterly installments of Kshs
8,750,000 each.
Required:
i.
Paymaster general account
(4 Marks)
ii.
Exchequer account
(4 Marks)
iii.
General account of vote
(4 Marks)
iv.
Statement of assets and liabilities as at 30th June 2008
(4 Marks)
Page 4 of 4

Accounting For Governmen Question Paper

More Question Papers

Popular Exams