Terminologies Used In Public Sector Account - SS3 Accounting Past Questions and Answers - page 1
1
What is a fund in public sector accounting?
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A
A legal authority granted by a legislative body to spend money
B
A separate accounting entity that contains money or other resources allocated for a specific purpose
C
The money earned by a government or public organization from its operations
D
The money spent by a government or public organization to fulfil its obligations
2
What is an appropriation in public sector accounting?
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A
A legal authority granted by a legislative body to spend money
B
A separate accounting entity that contains money or other resources allocated for a specific purpose
C
The money earned by a government or public organization from its operations
D
The money spent by a government or public organization to fulfil its obligations
3
What is revenue in public sector accounting?
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A
A legal authority granted by a legislative body to spend money
B
A separate accounting entity that contains money or other resources allocated for a specific purpose
C
The money earned by a government or public organization from its operations
D
The money spent by a government or public organization to fulfil its obligations
4
What is a budget in public sector accounting?
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A
A legal authority granted by a legislative body to spend money
B
A separate accounting entity that contains money or other resources allocated for a specific purpose
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C
The money earned by a government or public organization from its operations
D
A financial plan that outlines the expected revenue and expenditure for a specific period
5
What is accrual accounting in public sector accounting?
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A
A method of accounting that records revenue and expenditure when they are earned or incurred
B
A method of accounting that records revenue and expenditure when the money is received or paid
C
A legal authority granted by a legislative body to spend money
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D
A separate accounting entity that contains money or other resources allocated for a specific purpose
6
What is the purpose of internal controls in public-sector accounting?
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7
What is an audit in public-sector accounting?
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