• 4 Marks

PSAF – May 2016 – L2 – Q3d – Preparation and presentation of financial statements for central government

This question covers the explanation of the features of the new Chart of Accounts used in the public sector.

The new Chart of Accounts has been designed to reflect the generic organisational structure of Government and its requirements for financial reports. It is based on the Ghana Finance Statistics Manual, International Monetary Fund, and Government of Ghana Reporting requirements.

Required: Explain FOUR features of this new Chart of Accounts.

The new Chart of Accounts features:

  • It reflects financial responsibility and accountability.
  • It enables analysis of the budget by sector, geography, and activity.
  • It allows scope for future refinement and development, and introduces cost center budgeting.
  • It facilitates the integration of recurrent and development activities and provides for the separation of recurrent and development expenditure.
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