- 20 Marks
PSAF – May 2019 – L2 – Q4a – Preparation and presentation of financial statements for central government
Prepare the Statement of Financial Performance for the Consolidated Fund for the year ended 31 December 2018.
Question
Additional Information:
i) The Controller and Accountant General uses the modified accrual accounting concept in the preparation of its accounts.
ii) Established Post salaries of GH¢2,937,000 were outstanding as of 31/12/2018.
iii) Interest on domestic and external loans is provided for at 20% and 15%, respectively.
iv) The Central Government depreciates assets on a cost basis using the schedule below:
| Class of Assets | Number of Years |
|---|---|
| Building | 50 years |
| Plant, Machinery, Furniture, and Fittings | 20 years |
| Transport Equipment | 7 years |
| Computer Software and License | 5 years |
v) Provisions:
Specific provision for bad debt is made for loans receivables and investments as and when their non-recoverability is determined, and where a request is made for write-off to parliament. This provision is set at 3% and 5%, respectively.
Required:
a) Prepare the Statement of Financial Performance of the Consolidated Fund for the year ended 31/12/2018.
(10 marks)
b) Prepare the Statement of Financial Position for the Consolidated Fund as at 31/12/2018.
(7 marks)
c) State and explain THREE (3) Accounting Policies that usually accompany Consolidated Fund Financial Statements.
(3 marks)
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- 20 Marks
PSAF – May 2019 – L2 – Q4a – Preparation and presentation of financial statements for central government
Prepare the Statement of Financial Performance for the Consolidated Fund for the year ended 31 December 2018.
Question
Additional Information:
i) The Controller and Accountant General uses the modified accrual accounting concept in the preparation of its accounts.
ii) Established Post salaries of GH¢2,937,000 were outstanding as of 31/12/2018.
iii) Interest on domestic and external loans is provided for at 20% and 15%, respectively.
iv) The Central Government depreciates assets on a cost basis using the schedule below:
| Class of Assets | Number of Years |
|---|---|
| Building | 50 years |
| Plant, Machinery, Furniture, and Fittings | 20 years |
| Transport Equipment | 7 years |
| Computer Software and License | 5 years |
v) Provisions:
Specific provision for bad debt is made for loans receivables and investments as and when their non-recoverability is determined, and where a request is made for write-off to parliament. This provision is set at 3% and 5%, respectively.
Required:
a) Prepare the Statement of Financial Performance of the Consolidated Fund for the year ended 31/12/2018.
(10 marks)
b) Prepare the Statement of Financial Position for the Consolidated Fund as at 31/12/2018.
(7 marks)
c) State and explain THREE (3) Accounting Policies that usually accompany Consolidated Fund Financial Statements.
(3 marks)
Find Related Questions by Tags, levels, etc.