Chart of Accounts

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.

Answer

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Tags: Accountability, Budget Classification, Budget Completeness, Chart of Accounts, Transparency
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: MAY 2021

FA – May 2018 – L1 – SB – Q6a – Recording Financial Transactions

Explains the chart of accounts and its usefulness in recording transactions.

Question

Explain chart of accounts and its usefulness.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Chart of Accounts, Classification, Financial Statements
Level: Level 1

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

Question

What is the purpose of a chart of accounts in a business?

A. To organise financial transactions into identified categories of assets, liabilities, income and expenses
B. To generate instructions and policies for recording information in the financial statements
C. To design a unique code and headings for each personal ledger account
D. To follow the rules of accounting set by the government
E. To ensure consistent posting of transactions

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Management, Chart of Accounts, Financial Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

PSAF – Nov 2020 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain five segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts.

Question

Explain FIVE (5) segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Chart of Accounts, GIFMIS, Public Sector Accounting
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2020

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.

Question

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.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Chart of Accounts, Financial management, Financial Reporting, Government of Ghana, IMF, Public Sector
Level: Level 2

Topic: Preparation and presentation of financial statements for central government
Series: MAY 2016

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

Required:

Discuss FOUR uses of budget and FOUR steps to be followed to ensure completeness of using the National Chart of Accounts for budgeting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountability, Budget Classification, Budget Completeness, Chart of Accounts, Transparency
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: MAY 2021

FA – May 2018 – L1 – SB – Q6a – Recording Financial Transactions

Explains the chart of accounts and its usefulness in recording transactions.

Question

Explain chart of accounts and its usefulness.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Chart of Accounts, Classification, Financial Statements
Level: Level 1

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

Question

What is the purpose of a chart of accounts in a business?

A. To organise financial transactions into identified categories of assets, liabilities, income and expenses
B. To generate instructions and policies for recording information in the financial statements
C. To design a unique code and headings for each personal ledger account
D. To follow the rules of accounting set by the government
E. To ensure consistent posting of transactions

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Management, Chart of Accounts, Financial Transactions
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2023

PSAF – Nov 2020 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain five segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts.

Question

Explain FIVE (5) segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Chart of Accounts, GIFMIS, Public Sector Accounting
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2020

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.

Question

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

Answer

Find Related Questions by Tags, levels, etc.

Tags: Chart of Accounts, Financial management, Financial Reporting, Government of Ghana, IMF, Public Sector
Level: Level 2

Topic: Preparation and presentation of financial statements for central government
Series: MAY 2016

Question Tag: Chart of Accounts

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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.

FA – May 2018 – L1 – SB – Q6a – Recording Financial Transactions

Explains the chart of accounts and its usefulness in recording transactions.

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

PSAF – Nov 2020 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain five segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts.

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.

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.

FA – May 2018 – L1 – SB – Q6a – Recording Financial Transactions

Explains the chart of accounts and its usefulness in recording transactions.

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

PSAF – Nov 2020 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain five segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts.

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.

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Question Tag: Chart of Accounts

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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.

You're reporting an error for "PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector"

FA – May 2018 – L1 – SB – Q6a – Recording Financial Transactions

Explains the chart of accounts and its usefulness in recording transactions.

You're reporting an error for "FA – May 2018 – L1 – SB – Q6a – Recording Financial Transactions"

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions"

PSAF – Nov 2020 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain five segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts.

You're reporting an error for "PSAF – Nov 2020 – L2 – Q5a – Public sector fiscal planning and budgeting"

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.

You're reporting an error for "PSAF – May 2016 – L2 – Q3d – Preparation and presentation of financial statements for central government"

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.

You're reporting an error for "PSAF – May 2021 – L2 – Q6b – The Budgeting Process in the Public Sector"

FA – May 2018 – L1 – SB – Q6a – Recording Financial Transactions

Explains the chart of accounts and its usefulness in recording transactions.

You're reporting an error for "FA – May 2018 – L1 – SB – Q6a – Recording Financial Transactions"

FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions

Explain the purpose of a chart of accounts in a business.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q2 – Recording Financial Transactions"

PSAF – Nov 2020 – L2 – Q5a – Public sector fiscal planning and budgeting

Explain five segments of the Ghana Integrated Financial Management Information System (GIFMIS) Chart of Accounts.

You're reporting an error for "PSAF – Nov 2020 – L2 – Q5a – Public sector fiscal planning and budgeting"

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.

You're reporting an error for "PSAF – May 2016 – L2 – Q3d – Preparation and presentation of financial statements for central government"

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