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- 5 Marks
Question
Explain FIVE (5) segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts. (5 marks)
Answer
- Institution: This segment defines the institution responsible for the transaction. In Ghana, only the Government of Ghana qualifies as an institutional unit under this segment.
- Funding: This segment tracks the source of funding for expenditures, including Fund Types and Fund Sources as established by law.
- Functions of Government: This segment classifies outlays by function, providing an overview of the allocation of budget resources among different sectors of the economy.
- Organization: This segment defines the organizational structure of Ministries, Departments, Agencies (MDAs), and Metropolitan, Municipal, and District Assemblies (MMDAs), identifying cost centers or units within these organizations.
- Program, Sub Program, Projects and Activities: This segment is used to identify government programs and their strategic objectives, tracking outputs and services to achieve these objectives.
- Location: This segment will record each geographical location, e.g. where work is
performed or transactions occur. This is determined by using the Regions, Districts
and various subdivisions of Metropolitan, Municipal and District areas. - Natural Accounts: This segment is used to define account classes – Revenue,
Expenditure, Assets and Liabilities. The natural account segment as produced in
the trial balance is an essential component of the Chart of Accounts. - Two Spare segments: There are two segments with 6 characters each provided for
future business operations. They may be dependent or independent of each other.
- Tags: Chart of Accounts, GIFMIS, Public Sector Accounting
- Level: Level 2
- Topic: Public sector fiscal planning and budgeting
- Series: NOV 2020
- Uploader: Joseph