Question 1
ICAN
•
2026
•
PUBLIC SECTOR ACCOUNTING AND FINANCE
•
mixed
Case Stimulus
The following information was obtained from the records of the Office of the Accountant General for the Federal Republic of Obudu for the year ended December 31, 2024.
N‘000
Value added receipts 22,950,000
Miscellaneous revenue 3,750,000
Direct tax 105,000,000
Allocation for collection costs to FIRS and custom 30,750,000
Personnel costs 72,000,000
Share of statutory allocation 135,000,000
CRF charges 22,500,000
Grants and subvention from foreign donors 750,000
Rent of federal government properties 2,850,000
Overhead charges 15,000,000
Subvention to parastatals 18,000,000
Sales of federal government properties 3,750,000
Repayment of loans 8,700,000
Purchases and construction of non-current assets 25,000,000
Proceeds from sales of federal government properties 10,500,000
Purchases of marketable securities 5,000,000
Cash and cash equivalent Jan. 1, 2024 37,500,000
Proceeds from loans and other borrowings 30,000,000
Cash and cash equivalent Dec. 31, 2024 216,600,000
Requirements
(
a
)
Prepare a statement of cash flows for the year ended December 31, 2024 using direct method.
(
b
)
Briefly explain the Pillar 1 of ICAN-Accountability Index on “policy-based fiscal strategy and budgeting” and explain any FOUR indicators for the measurement.
(
c
)
Identify any SIX events where financial assets are measured at fair value through net assets.
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About This Question
This is
Ican
2026
Public Sector Accounting And Finance
Question 1.
It is one of the
mixed
questions from the
2026
Ican
Public Sector Accounting And Finance
examination.