BBF 306 PSA TUTORIAL chapter1-4

BBF 306 PSA TUTORIAL chapter1-4 - Chapter 1 Define the...

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Chapter 1 Define the following terms: Accounting Accounting is the System of identifying, classifying, recording, summarising, analysing & reporting of financial data & information of organisation in accordance Government Government is a political organization set up with power to direct, regulate & control men’s activities to enable them to live together harmoniously & constructively & to NGO and government accounting Non-Government Organisations include commercial (sole proprietor, partnership & companies) and non- commercial (FOMCA, ABIM, MMA, and BAM). Government accounting it is a study of the accounting practices of government (public sector) organisations. Explain the components of the followings: Public sector organizations and accounting practices. Public sector organizations comprise of three components: a) Federal government— ministries, departments and public enterprises. b) State government – departments and public enterprises. c) Local government (municipalities) — departments. Accounting practices comprise of three components: a) Books and records maintained, b) Rules and regulations followed, and c) Reports and statements prepared by an organisation. Explain the following: Justification of the public sector a) Equality of access to facilities, b) To correct perceived inequalities & redistribute income & wealth,
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c) To provide desirable public services, d) e) Importance of the public sector a) Wide range of services provided, b) Large proportion of nation’s resources used, c) d) e) Differ in accounting practices, f) Feature of the public sector a) No individual shares of ownership, b) c) Plurality of objectives, d) Contributors of resources receive no direct interest, e) f) Political rather than financial control. Function of the public sector (government) a) Night watchman – preservation of law & order and minimum interference in social affairs. b) Regulation & control – to regulate social and economic affairs. eg. Education, c) Economic management – new economic policy, 5 year development plans. d) Welfare services – provision of minimum health services, free primary education.
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Chapter 2 Constitution is a document containing the supreme law of the country. Constitution is
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This note was uploaded on 01/26/2011 for the course ACCT 101 taught by Professor Wormer during the Spring '08 term at Acton School of Business.

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BBF 306 PSA TUTORIAL chapter1-4 - Chapter 1 Define the...

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