Section A.

1. One of the following is not an external user of Public sector accounting

information:
A) Members of the Legislature
B) Governments, apart from the one reporting
C) The members of the public
D) Financial institutions
E) Governments, including the one reporting

2. Which of the following is the cash basis of accounting records from the stages through which a
spending decision passes?
A) Management decision to spend money
B) Issue of order or contract for the supply of goods and services
C) Supply of goods or services-acknowledgment of liability
D) Settlement of the amount of the good or service received
E) Consumption of value

3. Which of the following is not a public sector organisation?

A) Federal government
B) State government
C) National Agency for Food and Drug Administration and Control
D) Nigeria Theological Seminary and Chaplaincy
E) Nigerian Civil Aviation Authority

4. One of the following is not bases under which the financial statements of a public sector enterprise
are compiled:
A) Cash basis
B) Accrual basis
C) Profit maximisation basis
D) Commitment basis
E) Modified cash basis

5. Which one of the following is not an advantage of cash basis?

A) it is simple to understand
B) It takes a realistic view of financial transactions
C) It eliminates the existence of debtors and creditors
D) It saves time and is easy to operate
E) It allows for comparison between the amount provided in the budget and that actually spent.

6.One of the following is not part of other laws and regulations guiding Public sector accounting
A) Revenue Mobilization and Fiscal Allocation Commission Act (Act. R.7 LFN 2004)
B) Pension Reforms Act of 2014
C)Companies and Allied Matters Act 2020
D)Code of Conduct Bureau and Tribunal Act 1991
E)Financial Reporting Council Act 2011

7. Which on of the following are the administrative tools, used to amend the existing provisions of
Financial Regulations, public service rules and the introduction of new policy guidelines
A)Finance/Treasury circulars
B)Financial Regulations
C)Revised Financial Memoranda for Local Government, 1991
D)Medium-Term Expenditure Framework (MTEF)
E)Fiscal ResponsibilityAct, 2007

8. One of the following is not among the objectives of the Financial Memoranda
A)To serve as a learning tool for officers on first appointment
B)To serve as an administrative guidelines, which facilitate day-today running of local government
C)To facilitate recording of local government financial transactions using appropriate accounting
methods
D)To expressly highlight the implications of disbursing government funds and properties with proper
approval
E)To make the Local Government Chairmen to be accountable to their various communities

9. Which of the following laws regulates financial matters, payment or withdrawal from the
Consolidated Revenue Fund?
A) Fiscal Responsibility Act, 2007.
B) Public Procurement Act, 2007.
C) The Financial Regulations (2009 Edition)
D) Annual/ Supplementary Appropriation Act
E) Finance and Treasury Circulars.

10. The Act that prescribes the basis for distribution of revenue accruing to Federation Account between
the Federal, States and Local Governments is known as----
A) Public Procurement Act, 2007
B) Fiscal Responsibility Act, 2007
C) Allocation of Revenue (Federation Account, etc.) Act, 1982 CAP. A.15 Laws of the Federation 2004
D) Financial Reporting Council Act, 201
E) Ministry of Finance Incorporated (MoFI) Act of 1959

11. One of the following is not a user of the National Chart of Accounts (NCOA)
A) Finance/ Accounts officer in ministries/MDA
B) Legislators and other Political leaders
C) Nigeria Bottling Company Plc.
D) Donors and other development partners
E) Budget/Planning Officers in ministries/MDA

12. One of the following is not a member of the Law & Justice sector of the NCOA;
A) Judicial Council
B) National Population Commission
C) Ministry of Justice
D) Independence Corrupt Practice and Related Offences Commission
E) Code of Conduct Bureau

13. Revenue of a government entity should be classified by fund and its source to provide the necessary
information. One of the following is not among the necessary information
A) Prepare and control the budget
B) Conduct independent examination of financial statements and schedules
C) Record the collection of revenues
D) Prepare financial statements and schedules
E) Prepare financial statistics

14. Which of the following is NOT among the structure of NCOA?

A) Functional segment
B) Historic segment
C) Geographic segment
D) Programme segment
E) Economic segment

15. The following except one are objectives of Cash Basis IPSAS
A) Accountability regarding cash receipts, cash payments and cash balances
B) Transparency on allocation of cash resources
C) Enhances comparability
D) Recognises transactions when it occurs not minding when it is paid for
E) Provides a sound base for transition to the accrual basis

16. The following except one are the objectives of the new Pension Reform Act, 2014
A) To establish a uniform set of rules, regulations and standards for the administration of pension –
related matters in Nigeria
B) To assist improvident individuals by ensuring that they save towards their inactive years, after active
service
C) To make provision for the smooth operation of the contributory pension scheme
D) To give a bulk amount to employees at retirement without recourse to contribution from salary
E) To ensure that every public service employees and private sector employees receives his retirement
benefits as and when due.

17. The following except one are the categories of persons exempted from the Contributory Pension
Scheme
A) The categories of person mentioned in section 291 of the Nigerian constitution including members of
the armed forces, the intelligent and secret services of the federation
B) An employee who is entitled to retirement benefits under any pension scheme existing before 25th
day of June 2004 and has less than three (3) years to retire
C) Any person who falls within (a) and (b) above shall continue to derive retirement benefit under such
existing pension scheme as provided in the second scheme as provided in the second schedule of the
Act
D) The Chairman of any ministry, department and agencies (MDA)
E) The President of the Federal Republic of Nigeria.

18. The contribution for any employee to which the Pension Reform Act, 2014 applies shall be made in
one of the following:
A) A minimum of 10% by the employer and a minimum of 5% by the employee
B) A minimum of 7.5% by the employer and a minimum of 7.5% by the employee
C) A minimum of 12.5% by the employer and a minimum of 7.5% by the employee
D) A minimum of 10% by the employer and a minimum of 8% by the employee
E) A minimum of 10% by the employer and a minimum of 10% by the employer

19. Which of the following is NOT a condition governing withdrawal from the Scheme?
A) Withdrawal from the Scheme can only occur when staff has attained 35years in service
B) Withdrawal cannot be carried out by an employee until the attainment of 50years of age
C) Where the officer is retired as a result of total or permanent disability either of mind or body
D) Where an employee disengage or he is disengaged before the age of 50years and could not secure
another employment within four months of such disengagement can make withdrawal from his
retirement savings account
E) Where the Medical Board certifies that an employee who was once not medically fit, such employee
may re-enter the Scheme upon securing another employment.

20. The following EXCEPT ONE are exemptions form taxes in line with PRA 2014
A) Contributions to the scheme are exempted from taxes under this Act and shall form part of tax
deductible expenses in the computation of tax payable by an employer or employee under the relevant
income tax law.
B) All interests, dividends, profits, investment and other income accruable to pension funds and assets
under this Act shall not be taxable.
C) Any amount payable as a retirement benefit under this Act shall not be taxable.
D) Any voluntary contribution shall be subject to tax at the point of withdrawal where the withdrawal is
made before the end of 5 years from the date the voluntary contribution was made.
E) Income of high net-worth private individuals in the various industries.
21. One of the following will be responsible for preparing the Medium – Term Expenditure Framework :
A) Accountant – General of the Federation
B) Chairman National Economic Commission
C) Governor of Central Bank
D) Minister of Finance, Budget and National Planning
E) National Bureau of Statistics

22. One of the following methods involves using last year’s figure as a base and adding a percentage to it
to arrive at this year’s budget:
A) Line – item Budgeting System
B) Traditional/Incremental Budgeting System
C) Planning Programming Budgeting System
D) Programme Performance Budgeting System
E) Zero – based Budgeting System

23. One of the following is responsible for the issuance of Budget Call Circular at the beginning of the
3rd Quarter at the Federal level:
A) President
B) National Assembly
C) Budget Offices
D) Ministry of Finance
E) Accountant – General of the Federation

24. The following except one are included in the format for annual budgeting with the Charts of
Accounts
A) Summary of contracts obtained by the reporting entity
B) Recurrent budget
C) Revenue budget
D) Consolidated budget summary
E) Summary of total capital receipts budget by MDAs

25. Which of the following is not a function of the Budget Office of the Federation?
A) Developing reasoned economic assumptions and forecast
B) Issuing budget guidelines to ministries and extra-ministerial departments
C) Compiling total revenue and expenditure estimates
D) Determining the amount to be included in the estimates submitted and ratified by the National
Assembly
E) Drafting the budget speech

26. One of the following is not among the officials that have attained positions by
way of experience, hard work, efficiency, and cannot be arbitrarily removed:
A) Accountant –General
B) Local Government Chairman
C) Auditor- General for the federation
D) Accounting Officer
E) Federal Pay Officer

27. The functions of officer controlling expenditure, include the followings except for one:
A) Supervision of government expenditure and ensuring that no payment is made without proper
authority
B) Ensuring that all books are correctly posted and kept up to date
C) Promptly charging in his accounts under proper heads and subheads all disbursement
D) Maintenance of cashbook
E) Ensuring that all books are correctly posted.

28. One of the following is not among the listed functions of the Auditor-General for the Federation as
per Financial Regulation 109 (2009)
A) Appropriation audit
B) Comment on the annual accounts and auditor’s report thereon for corporations and bodies
established by an Act of the National Assembly
C) Financial control unit
D) Powers to carry out the audit of foreign missions
E) Value for money (performance) audit

29. The following are the functions of the Minister of Finance except.
A) The preparation of annual estimates of revenue and expenditure of the Federal Government
B) The formulation of all policies relating to fiscal and monetary matters
C) The execution of all capital projects that cut across regions of the Nigerian nation
D) The supervision of all matters in connection with the allocation of revenue to the three tiers of
Federal, State and Local Government
E) The stabilization of the value of Nigerian currency both internally and externally

30. The following are the functions of the Accountant-General of the Federation except
A) Serve as the Chief Accounting Officer for the receipts and payment of the government of the
Federation
B) Supervise the accounts of federal ministries, extra-ministerial offices and other arms of government
C) Manage federal government investments
D) Maintains and operates the Federation account
E) Comment on their annual accounts andauditors reports of government statutory corporation
commissions etc.
31. One of the following is responsible to take custody of Personnel Emoluments Records Cards (PERC)
where the accounting system is manual
A) Revenue Collector
B) Imprest holder
C) Accountant General
D) Head of Finance and Account
E) Cashier

32. One of the following must approve the procedure and method to be employed by Federal ministries,
Departments and Units for the recording and the calculation of personal emoluments
A) Minister of Finance
B) Budget Officer of the Federation
C) Accounting Officer
D) Accountant General
E) National Assembly

33. The standard Personal Emoluments Record shall show the following except for one
A) Standard rate of pay of the officer
B) Incremental Rate
C) Next-of-kin of the officer
D) Salary and other advances issued
E) Tax, P.A.Y.E.

34. Adjustment voucher is used in any of the following circumstances with the exception of one
A) Payment for Inter-ministerial services
B) Payment for on-going projects
C) Correction of accounting errors arising from misclassification
D) Ultimate allocation of unallocated inventories
E) Carrying and adjustments or transfers between accounts

35. One of the following is not a component of receipt voucher

A) NCOA code
B) Commitment balance
C) Received from
D) Date
E) Receipts No

36. Charges/outlet of funds from the consolidated revenue fund could be summarized as follows:
A) All recurrent expenditure Heads in the approved estimates
B) Salaries and allowances of Statutory officers
C) Pension and Gratuity
(i) I only
(ii) II only
(iii) III only
 (iv) I, II and III
(v) I and II only

37. The general sources of government revenue include the following EXCEPT
A) Taxation
B) Fines
C) Foreign investment
D) Ordinary shares
E) Public debt

38. The revenue collection agencies of federal government are the following EXCEPT
A) Nigerian Customs Service
B) State Internal Revenue Service
C) Federal Inland Revenue Service
D) Nigerian National Petroleum Corporation
E) Department of Petroleum Resource

39. Membership of Federation Accounts Allocation Committee (FAAC) technical session include the
following except ONE
A) Federal Ministry of Finance
B) Department of Petroleum Resources (DPR)
C) Central Bank of Nigeria
D) Office of the Auditor-General for the Federation
E) Office of Head of the Service of the Federation

40. Functions of technical session include the following except ONE

A) To consider the accounting returns of revenue collecting agencies
B) To submit annual report of its performance/activities to the National Assembly
C) To deliberate and consider the revenue available for distribution
D)To make recommendation to the plenary session for adoption of the revenue to be shared to the
three tiers of government
E) To consider any other issues sent from the plenary session

41. The Permanent Secretary/Chief Executive can approve contracts of works, services and purchase up
to certain sum of ------ without open competitive tendering.
A) N2,500,000
B)N3,000,000
C) N5,000,000
D) N10,000,000
E) N20,000,000
42. By the current approved revised threshold for service-wide application, the approval limit for Bureau
of Public Procurement (BPP) and Federal Executive Council for Goods is one of the following
A) N500,000,000 and above
B) N750,000,000 and above
C) N100,000,000 and above
D) N250,000,000 and above
E) N200,000,000 and above

43 With the exception of one model which may not require the approval of the Bureau, all others
attracts the “Certificate of ‘No objection’ to award contracts” duly issued by the Bureau. one of the
following is the model
A) Two-stage bidding
B) Restrictive bidding
C) Direct procurement
D) Emergency procurement
E) Request for quotations

44. The following are the reasons for introducing due process to the award of contract except
A) To stem the tide of corruption of government officials conniving with contractors to dupe
government
B) To allocate contracts to the key management staff of government MDAs
C) To eradicate embezzlement of public funds in the name of contract awards
D) To arrest flagrant abuse of contract award procedures
E) To disabuse inflation of contract and lack of transparency in contract award

45. Which of the following is not one of the benefits of Due Process?
A) To safeguard public funds and assets
B) To enhance transparency and accountability in governance
C) To see that documentation is affected only where government officials are involved in contract
execution
D) To rebuild public confidence in government financial activities
E) To ensure that government receive value for money expended.

46. Where a cash loss to the value of #50,000 or less has occurred without fraud being involved,
accounting officer’s report of the loss under this regulation must be sent to the following, except one:
A) The Chairman, Federal Civil Service Commission
B) The Inspector General of Police
C) The Auditor-General for the Federation
D) The Accountant-General of the Federation
E) The Federal ministry of finance
47. The composition of the Federal Losses Committee include the following members, with the
exception of one
A) A representative of the Auditor-General for the Federation
B) A representative of the Accountant-General of the Federation
C) A representative of the Inspector-General of Police
D) A representative of the Governor of Central Bank
E) A representative of the Economic and Financial Crime Commission (EFCC)

48. The functions of the Storekeeper include the followings with the exception of one:
A) Maintenance of proper books of accounting records to timely reflects the transactions
B) Diligent arrangement of the store
C) Ensuring cleanliness of the store
D) Invitation of purchase requisitions from the needy department
E) Carry out a market survey or obtaining quotation/tenders from prospective supplier

49. One of the following is not covered by the exceptions from the IPSAS 12 for inventories:
A) Work-in-progress arising under construction contract including directly related contracts
B) Assets to be consumed in the production of goods or services for sale
C) Financial Instruments
D) Biological assets related agricultural activity and agricultural produce at the point of harvest
E) Work-in-progress of services to be provided for no or nominal consideration directly in return from
the recipient

50. The following except one are the items on the debit side of shortfall and excess account when
treating unallocated inventories
A) Claims written-off
B) Inventories written-off
C) Inventories found surplus and taken on charge
D) Revaluation of inventories
E) Transfer to Unallocated inventories deficiencies Sub-head

51. Which of the following is not a considerable influence of States over local governments as contained
in the fourth Schedule of the 1999 Constitution?
A) Issuance of licenses in respect of motorcycles, cars, bicycles and keeping of pets
B) Registration of births, marriages and deaths
C) Naming of streets, roads and crescents and numbering of houses
D) Provision and maintenance of basic facilities for refuse disposal and public conveniences
E) Collection of personal income taxes and withholding taxes
52.One of the following is not in the Executive arm of a local government
A) The Executive Chairman
B) The Secretary
C) The Cashier
D) Head of Personnel management
E) The Legislative

53. The following except one are the duties of the Secretary of a local government council now being
performed by the Head of Personnel Management
A) Co-ordinates the operations of the various departments and represent the Chairman, as directed at
high-level meetings
B) Liaises with the secretary to the State government and other important dignitaries on matters of
interest to Local Government Councils
C) Handles the disbursement of funds on various contracts awarded by the Local Government Council
D) Maintains the record of proceedings of meetings
E) Performs other assignments as may be delegated by the Chairman from time to time

54. The Accounting Officer of the Local Government is ONE of the following:
A) Secretary to the Local Government
B) Treasurer
C) The Chairman
D) Leader of the House
E) Head of Personnel Management

55. Election of leaders in the council is performed by ONE of the following:

A) Chairman
B) State Governor
C) Electorate at the poll
D) Council Clerk
E) The Councillors

56. The following except one are the essential features of Cash office
A) Paying cage or Cubicle
B) Close circuit monitor
C) Cash tank or Safe with dual control key
D) Means of convenience for toileting
E) Counting machine

57. Which of the following cannot be classified as security document in government circle?
A) Cheque book
B) Cash flow statement
C) Cash book
D) Payment voucher
E) Cheque Summary register

58.The following items except one are items that should be posted into Cheque/Mandate Summary
Register
A) All cheques issued
B) Money lodged into the bank account
C) Voucher raised to cover bank advices
D) Total Payroll bills of the Local government council’s staffers
E) Teller particulars

59. Which of the following documents is not required for the preparation of a bank reconciliation
statement?
A) Cash book and Cheque Summary Register
B) Bank Statements
C) Cheque Stubs
D) Debit and Credit advices
E) List of contractors

60. Salary and rent advances are granted to officers under the following conditions except ONE
A) If an officer that is on official duty lost either of his parents
B) If an officer is returning from leave of not less than 21 days duration, and/or he is to proceed on
transfer and bear the cost of his transportation
C) If an officer is assuming first appointment and is not living in Government residential quarter
D) If an officer is returning to Nigeria by sea and is to be stationed elsewhere other than in Lagos
E) If an officer is on posting to an overseas office of the Ministry of Foreign Affairs

61. Which one of the following should not appear under investments in the statement of financial
position of the government under cash basis?
A) Imprest
B) Revolving loans granted
C) Cash balances of trust and other funds of the government
D) Advances
E) Intangible assets
62 Which one of the following is not one of the reporting operating activities under statement of
cashflow?
A) Statutory allocation
B) Value added tax allocation
C) Royalties
D) Subvention to parastatals
E) Proceeds from aids and grants 3

63. The following outflows are from statement of Consolidated Revenue Fund except
A) Recurrent expenditure;
B) Transfers to Contingency Fund;
C) Redemption of Treasury Bills;
D) Direct taxes
E) Consolidated Revenue Fund (CRF) charges.

64 Which of the following is not one of liquid assets of the government under cash basis?
A) Cash balances with federal pay offices
B) Cash held by MDAs
C) Pension account (CBN/ Bank)
D) Cash balances of trust and other funds of the state government
E) Police reward fund balance

65. The format of the statement of financial position of government prepared under the cash basis must
give information on the following except-------
A) Liquid assets
B) Investments and other cash assets
C) Final budget
D) Public funds
E) External and internal loans

66. Which one of the following is not one of the characteristics of Government Business Enterprises
(GBEs)?
A) It is an entity with the power to contract in its own name
B) It has been assigned the financial and operational authority to carry on a business
C) It is controlled by a public sector entity
D) It is not reliant on continuing government funding to be a going concern
E) A legal entities created for the purpose of producing goods and services for the market

67. Which one of the following is not one of the definitions stated in accordance to with IPSAS 3?
A) Accounting policies
B) Changes in accounting estimates
C) Prior period errors
D) Recoverable service amount
E) Material omissions or misstatements

68. The following items classifies as investing activities except

A) Cash repayments of amounts borrowed
B) Cash receipts from sale of property plant and equipment, intangibles and other long-term assets
C) Cash receipts from sale of equity or debt instruments of other entities
D) Cash advances and loans made to other parties
E) Cash payments to acquire equity or debt instruments of other entities

69. The following information are to be presented on the face of the statement of financial performance
except
A) Revenue
B) Finance costs
C) Cash payments to and on behalf of employees
D) Surplus or deficit.
E) Minority interest share of surplus/(deficit)

70. The following terms are used in IPSAS-22 except-------

A) General Government Sector (GGS)
B) Entity specific value
C) Public financial corporation sector (PFC)
D) Public non-financial corporation sector (PNFC)
E) Government Business Enterprises (GBEs)

71. Which of the following is true of parastatals?

(i) They have their enabling laws
(ii) They are natural legal persons that can sue and be sued.
(iii) They are artificial legal persons that can sue and be sued.

A) I only
B) II only

C) III only
D) I and II
E) I and III

72 Why are public companies and corporations set up?

(i) To beat down high prices charged by commercial businesses
(ii) To raise the standard of living of the people.
(iii) To ensure the survival of some industries
A) I only
B) II only
C) III only
D) I and III
E) I, II and III
73. The following are the main objectives of parastatals except
A) Bring the means of production under public ownership;
B) Avoid high prices of goods normally charged by the private sector;
C) Avoid duplication of facilities;
D)nMaximisation of profits
E) Ensure the survival of the Industries;

74 The financial statements of parastatals will include the following except

A) Statement of financial position
B) Statement of financial performance
C) Statement of monthly transcripts
D) Statement of cash flow
E) Accounting policies

75 Changes in net assets/equity are normally caused by the following except

A) The acquisition and disposal of non-current assets
B) Correction of prior years’ errors;
C) Revaluation of the assets;
D) Surplus or deficit for the period; and
E) Changes in currency translation.

76. Issuance of financial authorities is one of the control measuresadopted by:

(i) The Treasury.
(ii)The Ministry of Finance.
(iii) The Extra-Ministerial Departments

A) (i) only
B) (ii) and (iii)
C) (iii) only
D) (i) and (ii)
E) (ii) only

77. Which of the following organs approve the Nation’s Budget?

A) The National Assembly.
B) The Executive.
C) The Minister of Finance.
D) The Accountant-General of the Federation.
E) The Auditor-General for the Federation.

78. The Legislative body that performs a post mortem function on financial matters is the
A) Audit Alarm Committee.
B) Treasury Board.
C) Public Accounts Committee.
D) The Joint Committee of the Senate and House of Representatives
E) The Board of Survey

79. Which ONE of the following Arms of Government carries out monetary and fiscal policies as a means
of control over government expenditure?
A) The Industries and Extra-Ministerial Departments
B) The Ministry of Finance
C) The Legislature
D) The Executive.
E) The Judiciary

80. The independent organ of government that reviews all contracts awarded, which is of significant
values, is
A) The procurement body
B) The Board of enquiry
C) The Board of Survey
D) The Budget Monitoring and Price Intelligence Unit
E) The Federal Executive Council

81. Opening inventory, purchases, carriage inwards and closing inventory are accounting information
which can be used to compute
A) Working Capital ratio
B) Acid test ratio
C) Trading Account ratio
D) Cost of Sales ratio
E) Stock Turnover ratio

82. The ratio which is used to determine how much a government businessenterprise is financed by
borrowed fund is________________________
A) Working capital ratio
B) Acid test ratio
C) Efficiency ratio
D) Gearing ratio
E) Profitability ratio

83. One of the following is not in the class of liquidity ratio

A) Quick asset ratio
B) Working capital ratio
C) Acid test ratio
D) Cash ratio
E) Gross profit margin

84. Which of the following is not among the class of profitability ratio?
A) Net profit margin
B) Earnings per share
C) Return on assets
D) Debt to Equity ratio
E) Return on Equity

85. The formula for calculating Days’ sale in inventory is________________

A) Sales/Total assets
B) Current assets: Current liabilities
C) 365 days/Inventory turnover
D) Sales/Net working-capital
E) Net profit/Net sales

86. Which of the following is NOT an objective of the Treasury Single Account (TSA)?
A) Ensure cash availability
B) Eliminate operational inefficiency and cost associated with maintaining multiple bank accounts
C) Block loopholes in revenue management
D) Ensure job stability
E) Establish an efficient collection and disbursement mechanisms for government funds

87. GIFMIS is an acronym for

A) General Integrated Financial Management Information System
B) Government Instituted Financial Management Information System
C) Government Information Financial Management Information System
D) Government Integrated Financial Management Information System
E) Government Institution Financial Management Information System

88. Which of the following is notone of the objectives of Government Integrated Financial Management
Information System (GIFMIS)?
A) Increases the ability to access information on financial and operational performance
B) Increases internal controls to prevent and detect potential and actual fraud
C) Improves medium term planning through a Medium Term Expenditure Framework (MTEF)
D) Increase the ability to demonstrate accountability and transparency
E) Ensuring excessive use of ways and means in financing budget Expenditure

89. Which of the following is not among the benefits of IPPIS?

A) It facilitates manpower planning since all civil service records are centralized
B) It aids budgeting as a result of availability of accurate recurrent expenditure budget is made possible
C) It eliminates payroll fraud such as ‘ghost workers’ syndrome’
D) It ensures payment of extra allowances to members of the executive, legislature and the Judiciary
E) It ensures database integrity brought about by storage of accurate personnel information

90. One of the following is not among the benefits of ATRRS accounting software
A) Potentially reduces training period and requirements for GIFMIS
B) Facilitates ease of reconciliation of the various bank accounts
C) Potentially reduces GIFMIS implementation costs
D) Ensures that clean and accurate data are available for migration into GIFMIS
E) Makes accountants depends more on the efficiency of the staff of the Auditor General for the
Federation on audit of public accounts

91.The Commission responsible for compelling any person or government institution to disclose
information relating to public revenue and expenditure is
A) Economic and Financial Crimes Commission
B) Fiscal Responsibility Commission
C) Audit Committee
D) Public Complaints Commission
E) Security Service Commission

92. Which of the following tiers of government funds the Fiscal Responsibility commission?
A) The Local Government
B) The State GovernmentC. The Federal Government
D) The National Assembly
E) The Local Council Legislature

93. Who of the following will serves as the Chairman of the National Council on Public Procurement?
A) The Auditor-General for Federation
B) The Accountant-General of the Federation
C) The Revenue Collector
D) The Minister of Finance
E) The Budget officer

94. Which ofthe following Ministries has a representative on the Board of the EFCC?
A) Ministry of Education
B) Ministry of Power and Steel
C) Ministry of Works
D) Ministry of Agriculture
E) Ministryof Justice
95. Which of the following is not true about ICPC?
A) It is established by an Act
B) It is a body Corporate
C) It has perpetual succession
D) It can sue and be sued in its own name
E) It can prosecute without recourse to Attorney-General

96. The duties of Auditor-General does NOT include

A) Financial audit
B) Appropriation audit
C) Direct audit of public quoted companies
D) Value for money audit
E) Financial control audit

97. Instituting a sound internal control system in the public sector is one of the functions of
A) Officer controlling expenditure
B) Sub accounting officer
C) Role player
D) Accounting officer
E) Internal auditor

98. Effective audit can be made possible through the following EXCEPT
A) The independence of the auditor
B) Adequacy and scope of the auditor’s powers
C) The expertise and professionalism of the auditor
D) The academic qualifications of the auditor
E) The resources at the auditor disposal

99. The auditor is expected to consider the following when determining the use of an expert except
A) The engagement team’s knowledge and previous experience of the matter being considered;
B) The risk of material misstatement based on the nature, complexity and materiality of the matter
being considered;
C) The quantity and quality of other audit evidence expected to be obtained;
D) Evaluate the professional competence of the expert; and
E) Ignore objectivity of the experts which may be impaired if the expert is employed by the auditee or
related to the auditee.

100. Auditor-General could rely on the internal auditor’s work in the following circumstances except
A) The degree of independence of the internal auditor.
B) The scope and objectives of the internal audit functions as defined by the management.
C) Due professional care, that is, whether or not the internal audit work is properly planned, recorded
and reviewed.
D) The technical competence of the internal auditor. This raises the question as to whether the internal
auditor belongs to any reputable
E) It ensures database integrity brought about by storage of accurate personnel information

Section B
1. The users of public accounting information with interest areas on evaluating the credit rating of a
borrowing nation is called……………………………

2. The basis of accounting under which the books of accounts are left open for a maximum of three
months after the end of the year so as to capture substantial amount of income or expenditure relating
to the year just ended is called………………………

3. The accounting basis that records anticipated expenditure evidenced by a contract or a purchase
order is called……………………….

4. The name of the first International Standards setting body formed in 1973 is called……………..

5. All organisations, which are created, administered and financed by government from the taxpayers’
money on behalf of the members of the public, are called………………….

6. ______________governs the management and operation of government funds

7. The Act, which provides for prudent management of the nation’s resources and ensure long term
macro-economic stability of the nation’s economy is__________

8. The powerful control tools use in public sector fund management is___________

9. The document containing the administrative guidelines, the existing systems of checks and balances
on local government financial matters is known as________

10. The body that is charged with procurement issues as contained in the Public Procurement Act, 2007
is_____________

11. The National Chart of Accounts was developed by______________________

12. That document which gives a complete list of budget and accounting items, uniquely represented by
a code is known as ________________________

13. The specific principles, bases, conventions, rules and practices adopted by an entity in preparing and
presenting financial statements is known as__________________________
14. Functional report, programme report and geo-location reports are integral part
of___________________

15. The statement which shows funds transferred from the Consolidated Revenue Fund and other
borrowings to finance capital projects is called________________

16. The gross salary (basic and allowances) attached to a retiring officer’s substantive rank is known
as_________________________

17. The rates of contributions to the Pension scheme by the military are_________
and______________.

18. The rate of contributions by an employee and his or her employer according to PRA, 2014
are________________ and_____________________.

19. At the death of an employee, his entitlement under the life insurance company shall be paid into
his_______________________.

20. The supposed qualifications and year of experience of the Part-time Chairman of the National
Pension Commission are____________ and _____________.

21. A medium term, high level strategic plan of the Nigerian federal government, usually for three years,
is known as ____________________.

22. Developing formats of returns aimed at ensuring cost effectiveness in the use of government
resources is one of the function of _________________.

23. A budget in which government intends to incur more expenditure or more spending than revenue to
be generated from taxes and other sources is called …………………..

24. The use of last year’s figure as a base and adding a percentage to it to arrive at the current year
budget is known as _______________________.

25. An unjustified amount or unnecessary increase in an Estimate made by Ministry or Department

while preparing their estimate (Budget) for the purpose of escaping an anticipated arbitrary cut that be
made by Ministry of Finance (Budget & Planning) while scrutinizing their estimate is called……….

26. The public sector officer charged with the control and management of public fund of the Federation
is __________________________
27. The Chief Accounting Officer saddled with the general supervision of the accounts of all Ministries,
Extra-ministerial departments and the preparation of annual financial statements of the nation is
_____________________

28. The remuneration of the Auditor-General for the Federation shall be drawn
from_________________

29. Authorisations issued by the Minister of Finance to disburse from the Consolidation Revenue Fund is
known as __________________

30. The warrant issued for additional personal emolument and other services provided for in the
approved supplementary estimate is known as ______________________

31. According to Financial Regulation 605 of January 2009, a payment voucher shall be operated by
…………………….

32. Documentary evidence of payment or receipt of money which is available for future reference,
accounting and auditing purposes is called ………………;

33. A process used for effecting transfers from one account to the other without involving physical
movement is called …………….

34. The office that is responsible to ascertain the accuracy of entries in the Personnel Emolument
Records of officers and the payroll by examining them in details to ensure that variations if any in the
emolument of staff are correctly stated is called ……………..

35. Before any receipt into the Government purse can be regarded as an authentic receipt voucher, the
attached Treasury Receipt Book 6 must be supported with …………..

36. Funds used to account for the resources derived from the business activities of government and its
agencies such as Parastatal is called …………..

37. A compulsory levy imposed by the government for which citizens received no direct benefit is called
………………..

38. The State Joint Local Government Account Allocation Committee is set up to distribute allocation to
local governments from the federation account and…………..(%) of the internally generated revenue of
the appropriate state government

39. The expenditure incurred for the provision and maintenance of infrastructural amenities such as
road and bridge construction are contained in _____________
40. he fund set up to meet unforeseen expenditure in urgent situations occasioned by natural disasters
is called __________________

41. The mechanism for ensuring strict compliance to rules and procedures guiding award of contract
with openness, competition and cost accuracy is known as ____________

42. The proposal for the supply of goods or services, usually made and presented as a result of invitation
is known as ________________

43. The offence committed when a public officer deliberately split tenders, contracts of works,
purchases procurement or service so as to circumvent the provisions and the circular earlier referred to
is known as _____________________

44. In the composition of the membership of National Council on Public Procurement (NCPP), the
chairman of the council is ………….

45. The invitation for bids must be advertised on the notice board of the procuring entity, on any official
websites of the procuring entity in at least ………… national newspapers

46. The estimated selling price in the ordinary course of operations less the estimated costs of
completion and estimated cost necessary to make the sale, exchange or distribution, is called
…………………..

47. The cost formula that make for the cost of each item determined by adding the purchase cost of a
given item at the beginning of a period to the purchase cost of item at the end of a given period and
divide by two is called ………………..

48. The method of arriving at the value at which inventories are to be taken on charge when the details
of the full landed cost are not immediately available is called ………….....

49. A method used to refine the inventory control system to arrive at a balance between holding too
much or too little inventory is called ……………

50. Inventories the cost which are chargeable to and remain a charge to the NCOA code of expenditure
in which funds for their purchase are provided in the budget estimates is called ……….

51. The publication by the Federal government containing administrative guidelines, the existing
systems of checks and balances as well as role of all officers in a local government is
called__________________.
52. Budgetary control and feedback process in a local government finances is one of the measures of
_________________.

53. Proceeds from loans and other borrowings’ in Statement No. 1 Cash flow Statement is an item
under________________.

54. The share of the Statutory Allocation going to local government councils in accordance with
Allocation of Revenue (Federation Account, etc.) Act, CAP A15 LFN, 2005 is_______________________.

55. Vetting and monitoring the implementation of projects and programmes in the local government
Council annual budget is the prerogative of ________________.

56. A ledger which serves as a useful record for the verification of bank transactions in the cashbook is
called …………..

57. Cash credits granted to an individual officers in their respective ministries, parastatals and
departments or cash given to an officer to carry out specified task and to be retired later is called
…………..

58. An MDA which has no control whatsoever over any of its accounting records is called …………

59. A summary of the total receipts and payments as posted in the cashbook is called…………..

60. The ledger account that is used in recording all receipts and payments of any nature is called
…………………….

61. -------------- are made up of Treasury Bills, Treasury Certificates and Loan Stocks raised and retired
within the country

62. The office is charged with the responsibility of preparing and publishing the accounts of the Federal
Government of Nigeria.

63. The item that is collected from the government’s day-to-day activities is known as-----------

64. ----------------- relate to the day-to-day disbursements to run the administration of local government
councils, state and federal governments

65. The fund that is meant to finance general capital projects such as the construction of government
hospitals is called ---------------

66. Items that are short-term, highly liquid investments that are readily convertible to cash and which
are subject to insignificant risk of changes in value are called------
67. ----------------- are the specific principles, bases, conventions, rules and practices applied by an entity
in preparing and presenting financial statements.

68. ------------ items are material if they could, individually or collectively, influence the decisions or
assessments of users made on the bases of the financial statements.

69. An ----------------of a cash generation asset is the amount by which the carrying amount of an asset
exceeds its recoverable amount.

70. An entity thatsells goods and services, in the normal course of its business, to other entities at a
profit or full cost recovery called -----------

71. Public companies andcorporations are government agencies set up for ...............purposes

72. The subventions which government gives may be ....................or.....................in nature.

73. Parastatals have......................Ministries.

74. Collection of tuition fees, admission fees, fines, session charges and special fees e.g. laboratory fees,
library fees, sports fees etc. should be separately recorded in ------------

75. The ----------- has the power to conduct periodic checks of all government statutory corporations,
commissions, authorities, agencies, including all persons and bodies establish by an Act of the National
( State) Assembly.

76. Issuance of budgetary guidelines is one of the ways by which the................... Arm of government
controls expenditure

77. What is the mechanism of government for ensuring strict compliance with the openness,
competition and cost accuracy rules and procedures in contract awards?

78. The Officer that is saddled with the responsibility of performing purelyregularity and compliance
audit on government accounts and reports to the National assembly
is.................................................................

79. The authority, which confers power on government officers controlling expenditure, votes to incur
expenditure is called...................................
80. The organ of government that issues guidelines on the preparation ofbudgets is the.........................
81 Ratio analysis explains relationships between ------- while users are more concerned about current
and future information.

82. Public or private sector organisations use -------------- to compare financial performance changes from
one month to the next or perhaps from one quarter to another or year to year.
83. According to----------, entities are required to present a comparison of the budgeted amount for
which it is held publicly accountable and actual amount, either as a separate additional financial
statement or as an additional budget columns in the financial statements currently presented in
accordance with IPSASs.

84. Budget variance is--------- when actual revenue results are higher than budget expectations, or
expenses are lower than budget

85. -------------- assess an entity’s ability to convert its assets to cash and pay off its obligations without
any significant difficulty

87. ------------is a solvency ratio that measures the proportion of interestbearing debt to the sum of
interest-bearing debt and shareholders' equity

88. ----------- assess the long-term financial viability of a public sector entity i.e. its ability to pay off its
long-term obligations such as bank loans, bonds payable, etc. Information about solvency is critical for
banks, employees, owners, bondholders, institutional investors, government, etc

89. -------- is a unified structure that gives consolidated view of government cash resources with a view
to strengthening effective budget implementation, check idle cash balances, make planning easy and
allow for effective decision making.

90. ---------- is an ICT based accounting software application, which facilitates the input of accounting
transactions, reconciliations and generation of standard accounting reports that meet the required
standard of the treasury

91. The Federal Government (FGN) introduced----------- to improve the effectiveness and efficiency in the
storage of personnel records and administration of monthly payroll in such a way as to enhance
confidence in staff emolument costs and budgeting

92. ------------ is a sub component of the ERGP (Economic Reform and Governance Project) which will
support the public resource management and targets anticorruption initiatives through modernising
fiscal processes using better methods, techniques and information technology

93. -------------------- initiative was approved by Federal Government of Nigeria (FGN) goal to strengthen
governance, accountability, reduce corruption and deliver services more effectively
94. The body established by Act of Parliament No5 of December, 2002, whichhas the power to enforce
the provisions of the Bank and Other Financial Institution Act is called..................

95. The ICPC composition has a Chairman and twelve other members, two ofwhom shall come each
from..................
96. The Chairman of the ICPC is required, according to the Corrupt Practices and other Related Offences
Act, 2000, to hold office for a maximum of................. years aggregateon re-election.

97. The Body that has the power to prosecute directly without recourse to the Attorney-General’s office
is.........................

98. The body that receives copies of annual reports and financial statements of public interest entities
from preparers within 60 days of the approval of the Board is----------

99. The means of effecting payment for and receipts of government business transactions through on-
line transfer is called..............

100 The independent assessment of whether a particular subject matter is in compliance with applicable
authorities identified as criteria in auditing is known as ___________________.

101 The officer who attest to the integrity and accuracy of financial statements at the end of the year
is____________________.

102 _________________ is an independent appraisal activity within an organisation for the review of
accounting, financial and other operations as basis for services to management.

103 Auditors shall have full, free, and unrestricted access to all activities, records, property,
infrastructure, and personnel is contained in _______________.

104 _______________is a review of the performance of management during a period. It is synonymous

with the investigation or performance review of the management, otherwise called ‘operational audit.’

105 The documentary documents used by Auditor when conducting an audit, and the document can be
tendered in a court in case of litigation is called…………..

106 An examination of suspected irregular activities within an entity either public or private sector, with
a view of obtaining evidence that could be used in support of any proceedings in a law court is
called……..

Section C
1. IPSASB adopts due process for the development of IPSAS and provides opportunity for comments by
interested parties. Enumerate any four (4) stages of IPSASB’s due process for project execution.

2. Discuss comparison between non-profit oriented organization and profitoriented organisation under:
(a) Profit (b) legal formation (c) Budgetary approach (d) Dissolution (e) Revenue.

3. The Fiscal Responsibility Act, 2007, established fiscal Responsibility Commission. You are required to
state the functions of the Commission as contained in the Act

4. The Nigerian public sector finances and other related the Constitution of Federal Government of
Nigeria and some other laws guide matters. List any ten (10) of such laws.
Section B

5. Cash basis GPFS are financial statements prepared based on cash basis accounting. Name any five
financial statement prepared as financial reports in the public sector in Nigeria and explain any three of
them.

6. Cash basis and accrual basis IPSAS are two financial standards used in the public sector financial
reporting. Identify the differences between GPFS-Cash and GPFS-Accrual.
Section B

7. National Pension Commission is the established body charged with overseeing all pension related
matters in Nigeria. List any ten (10) functions of the commission.

8. Enumerate any ten (10) powers of the National Pension Commission.

9. Cash management is one of the challenges of Treasuries all over the world.
(a) Identify any FOUR objectives of cash planning and management

(b) 18,000,000 citizens inhabit NEMBE State. The state is expected to generate revenue from different
sources. The following details are provided for the 2021 fiscal year.

(i) The number of taxable adults residing in the State is 5,000,000. The rate of tax payable per resident is
N25,000 per taxable adults on average per annum.

(ii) There are 45,000 industries, which are expected to pay land use charge of N15,000 per industry.

(iii) There are 4,500,000 residential buildings expected to pay land use charge of N 7,500 per house per
annum.

(iv) The modern markets built by the State Government will generate #20,000 per annum per stall and N
8,000 per annum per seller and hawkers operating in the markets. There are 5,000 modern stalls and
450,000 sellers and hawker that are assumed to be operators of the markets in any year. The local
governments within the areas of location of the markets are entitled to 50% of revenue generated from
the markets.

(v) There are 10,000 mass transit buses owned by the State Government, each of which generates
N8,000 per business day. Assume 28 business days in a month.

(vi) The State expects the following additional revenue in the year:
Statutory allocation from the Federation Account
N45,000,000

Miscellaneous Revenue
N5,000,000

Required: Compute the revenue budget of Nembe State Government for the fiscal year 2021.
(Show your workings)

10. Warrant is a document used by the Ministry of Finance to authorize money for spending by
government departments and agencies. List and explain any five (5) Warrants under Recurrent
Expenditure Warrants.

11. Sub-accounting officers are entrusted with the receipts, custody and disbursements of public funds.
Enumerate the basic functions of Sub-accounting officers.

12. A valid payment voucher must contain the full particulars of services rendered or goods purchased.
List any ten (10) essential features of a well-prepared payment voucher.

13. The following were discovery made by the Accountant-General of OGUDU State while checking the
books of accounts of the State.
a. On the 31st May, 2019, a double payment of N1,950,000 was made to Sango Plc for a contract
executed on maintenance of office complex. The discovery was made in December of the same year.

b. A fraudulent withdrawal of the sum of N950,000 from the account of the State Emergency Relief
Agency was made in the month of August 2019 and discovered in the month of December of the same
year.

c. The sum of N1,300,000 initially charged to Motor Vehicle Advance Account had been abandoned.

d. The sum of N3,500,000 revenue that should have been collected by the government had been
abandoned.
e. A erroneous overpayment of N76,000 was made in 2018 and charged to CRF but was discovered in
2019.
Required: Record the above discoveries and transactions using Journal

14. Prepare the Statement of Consolidated Revenue Fund as at 31 December 2021 from the following
data related to financial transactions of JOJO Federal Republic for the year 2021
N’000

Balance as at 1st Jan 2021 6,292

Treasury bills issued 1st Jan to 31st December 2021 7,114

Treasury bills repaid 1st Jan to 31st December 2021 6,518

Transfer to contingencies fund 3,400

Issues from contingencies fund 3,000

Total Revenue received 1st Jan to 31st December 2021 35,554

Recurrent expenditure from 1st Jan to 31st December 2021 28,897

Transfer to Development Fund 3,400

Appreciation arising from valuation of securities 44

15. You are required to:

i) State the stipulated criteria for sharing revenue allocations to the local governments in accordance
with the 1999 Constitution of Nigeria

ii) State the composition of the State Joint Local Government Account Allocation Committee (SJLGA)

iii) State the functions of the Committee

16. (a) What is Due Process?

(b) Enumerate five benefits of “Due Process

17. Under the post contract award activities; you are required to discuss the processes involved,
classifying them into (i) Tenders Board Information on voucher, and (ii) Tenders board Information
availability

18. In the event of any loss of government inventory, explain the actions to be taken by:
i. The Storekeeper
ii. The Head of Department
iii. The Accounting officer

19. (a) What circumstances would warrant the setting up of a Board of Enquiry?

(b) State the contents of a Board of Enquiry’s Report

20. Local Government Financial Memoranda guides all financial activities in Local Government.
i. Enumerate the objectives of the Memoranda
ii. List the contents of the Local Government Financial Memoranda

21. The Local government Treasurer oversees all financial-related issues of a Local government.
Enumerate his functions as specified in the Civil Services and Local Government Reform of 1988.

22. Control of cash is a major activity required of MDAs. List the various cash control measures adopted
by Ministries, Departments and Agencies.

23. (a) Give the conditions to be fulfilled for a ministry to become a ‘Selfaccounting unit’.
(b) List the advantages and disadvantages of a Self-accounting unit.

24. The following balances were extracted from the books of Denge Pose State Government of Manna
as at 31 December 2021:

2020. 2021

N’000 N’000
644,997 Statutory allocation 4,841,017
119,102 Value Added Tax Collection 160,133
403,020 Internally Generated Revenue 498,843
58,256 Other Revenue 79,397
490,110 Personnel Cost 1,170,666
280,095 Overhead Cost 739,646
137,081 Consolidated Revenue Fund Charges 382,936
246,400 Other Capital Receipts 379,237
394,969 Capital Expenditure. 2,753,553
591 Other Fund Deposits 591
28,288 Cash at Bank 69,604
67,799 Deposit with Banks 740,352
62,772 Investments 27,987
11,252 Advances 74,474
Additional Information provided:
The following amounts expended on Unfunded Internal Debt servicing have been included in the
Consolidated Revenue Fund Charges: N’000
2020 36,970
2021 45,364
Any surplus/deficit on Revenue Account is transferred to the Capital Account as appropriate.
You are required to prepare recurrent and capital accountsfor the year ended 31 December 2021.

25. Iludun Polytechnic had the following ledger balances in respect of EguAwori Memorial Loan Fund as
at 31 December, 2020:

Dr Cr
N’000 N’000

Cash 8,400
Loan Receivable 316,000
Investments 202,000
Fund Balance 526,400
526,400 526,400

During year 2021, the following transactions took place:

(i) Investments costing N61,600,000 were sold for N63,800,000.

(ii) N61,400,000 cash was received from the repayment of loans.

(iii) N5,000,000 was received from the family of a former student in full payment of a loan which had
earlier been written off.

(iv) N83,600,000 was issued out as loan during the year.

(v) A loan of N1,500,000 was written off as un-collectable.

(vi) A contribution of N6,000,000 in cash was received as gift from a former borrower.

Required:
(a) Open the ledger accounts and record the year 2021 transactions.

(b) Extract a trial balance and prepare the balance sheet of the Fund as at 31/12/2021.

(c) Prepare a statement of changes in the fund balance

26. In line with IPSAS 1, financial statements must be identified clearly and distinguished from other
forms of information.
a. What are the information that must be clearly displayed in the financial statements?
b. Give any four (4) persons charged with the responsibility of preparing and presenting financial
statement.
c. Enumerate the factors that will make financial statements to be reliable documents

27. What are the main roles of the National Assembly in planning and monitoring of public expenditure?

28. List the basic controls exercised over government expenditure to prevent indiscriminate spending of
funds.

29. Define Ratio Analysis

b. Explain the objective of the following ratios and state their respective mode of computation
(i) Current ratio
(ii) Quick ratios or Acid Test Ratio
(iii) Debtors payment period
(vi) Creditors payment period
(v) Stock turnover period

30. State the advantages and limitations of ratio analysis.

31 a. What is e-payment?
b. List ten benefits of e-payment
c. State two types of transactions covered by e-payments.
d. Itemise the content of an e-payment voucher.

32 a. Explain the concept of Treasury Single Account (TSA)

b. Discuss any five benefits of TSA

33. Part 1 of the Third Schedule of 1999 Constitution established the Code of Conduct Bureau. You are
required to state six powers of the Code of Conduct Bureau
b. Outline the punishment, which can be imposed by the Code of Conduct Tribunal, where a public
officer is found guilty of contravention of any of the provisions of the code of conduct.
33. The Economic & Financial Crimes Commission was established by Act No 5, of 2002 to combat
economic and financial crimes in Nigeria.
Required:
(i) Enumerate eight functions of the Commission.
(ii) In line with paragraph 6 of the Act, state three powers of the Commission
34. The functions of the office of the Auditor-General for the federation is to audit the accounts of all
accounting officers and all persons entrusted with the collections, receipts, custody and issue or
payment of the federal government moneys or with the receipt collection issue, sale transfer of delivery
of any stamps, securities, stores, or other property of the government of the federation and for the
certification of the annual accounts of the government.
In the light of the above, state the audit objectives of:
(a) Treasury accounts.
(b) Agency accounts.
(c)Government enterprise accounts.

35. State eight (8) tests to be carried out when auditing a revenue
collector.
b. List out seven (7) internal control questionnaires to evaluate the operation of imprest accounts.