- 10 Marks
PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector
Explanation of budget uses and steps for National Chart of Accounts application in public budgeting.
Question
The importance of classification code as a system driven for budget cannot
be over emphasised as it forms the basis for budgeting and budgetary
control mechanism. Thus, for a country, state or local government to
achieve a reasonable level of success in accountability, transparency,
performance evaluation and adherence to Appropriation Act, the
application of unified chart of accounts is paramount.
Required:
Discuss FOUR uses of budget and FOUR steps to be followed to ensure completeness of using the National Chart of Accounts for budgeting.
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