Lecture Notes On Public Sector Accounting & Finance

CONTENT 1.0 INTRODUCTION ACC 418- Public Sector Accounting and Finance is designed to give you self instruction to you as you study Bachelor of Science (B. Sc) in Accounting. It is adapted from the Institute of Chartered Accountants of Nigeria study materials to prepare you for your B. Sc Accounting examination of School of Management Sciences of the National Open University of Nigeria . 2.0 COURSE AIM The aim of this course is to explain broadly public sector accounting and finance approaches and developments. 3.0 COURSE OBJECTIVES By the end of this course, you should be able to: Understand the legal frameworks and the financial authorities used in the Public Sector. Describe the accounting concepts, Fund accounting, Concepts and various Professional pronouncements on Government Accounting Identify the various revenue inflows to the federated account and consolidated revenue fund, their differing characteristics and interaction with each other. Evaluate the Financial Management Cycle in Federal, State and Local Governments and explain the main public expenditure votes- Personnel Emolument, Overheads and Capital Votes and the rules guiding disbursement. Prepare Financial Statements for Parastatals based on enabling laws setting each up and explain the procedure of accounting for the fund allocated to each of