Chapter 3 Financial Accounting and Reporting

1. List the main sources of regulation for government’s financial system and procedures
2. Define Fund Accounting and discuss its characteristics.
3. Discuss the three accounts of the Consolidated Accounts. (Consolidated Revenue Account,
Consolidated Loan Account and Consolidated Trust Account.)
4. Define vote book and state the main purpose of maintaining a ‘vote book’ by government
agencies.
5. What the restrictions imposed on the state government in terms of their borrowing powers
and giving guarantees?
6. Discuss the revenue of state government.
7. Briefly discuss financial reporting.
8. State and explain the objectives of financial reporting.
9. Describe the key accounting concepts for Public Sector Financial Reporting.
10. Identify and explain briefly FOUR (4) users of the financial statements of the government.