Observation

Candidates that attempted this question on users of government accounting information and purposes of public sector accounting performed well.

Valuable marks were gained in this question as the performance of candidates in this question was quite impressive.

Below are some of the suggested responses:

4(a)      Users of Government Accounting Information:
                                    They include:

1. the executive arm of government/ ministers of state;
2. government advisors;
3. administrators of government departments/ directors;
4. the general public;
5. legislators;
6. media;
7. pressure groups such as Trade Unions, Civil Service Organizations;
8. foreign agencies such as World Bank, International Monetary Fund (IMF), International Finance Corporation (IFC);
9. auditors;
10. foreign governments;
11. financial institutions;
12. financial analysts;
13. foreign investors;
14. donor agencies;
15. non- governmental organizations;
16. students;
17. researchers;
18. suppliers / contractors to the government;
19. accountants.

4 (b)     Purposes of Public Sector Accounting:
They:

1. serve as bases for government planning/budgeting;
2. disclose the source of government revenue;
3. show the bases for disbursement of government revenue;
4. serve as evidence of financial accountability;
5. serve as control instrument for evaluation;
6. serve as bases for decision making;
7. provide general statistical information;
8. disclose government expenditure;
9. satisfy constitutional and legislative requirement of the nation;
10. show the financial position of a country;

serve as bases for securing credit facilities for a country