PFM1 – Public Sector Accounting

PFM 1: PUBLIC SECTOR ACCOUNTING

4.1.1. LEARNING OUTCOMES: On completion of the module, students will be able to:

1. Explain the objectives of Public Sector Accounting;
2. Distinguish between Public Sector Accounting and Commercial Accounting;
3. Explain and apply Accounting Bases and Standards;
4. Apply the Legal and Institutional Framework for Government Accounting;
5. Account for Revenue and Expenditure; and
6. Explain the structure of the Chart of Accounts.

4.1.2. MODULE UNITS AND WEIGHTINGS

Unit	Title	Weight %
1	Introduction to Public Sector Accounting	10
2	Accounting Bases and Principles	20
3	Regulatory and Institutional Framework for Public Sector Accounting	20
4	Revenue and Expenditure Accounting	30
5	Chart of Accounts	20

4.1.3. COURSE CONTENT UNIT 1: INTRODUCTION TO PUBLIC SECTOR ACCOUNTING

• Unit Topics:

• 1.1 Public Sector Accounting
• 1.2 Differences between Private and Public Sector Accounting
• 1.3 Structure of the Public Sector

UNIT 2: ACCOUNTING BASES AND PRINCIPLES

• Unit Topics:

• 2.1 Components of Public Sector Institutions
• 2.2 Public Sector Financial Management
• 2.3 Accounting Principles and Policies
• 2.4 Cash Basis of Accounting
• 2.5 Accrual Basis of Accounting

UNIT 3: REGULATORY AND INSTITUTIONAL FRAMEWORK FOR PUBLIC SECTOR ACCOUNTING

• Unit Topics:

• 3.1 Legislation governing Public Sector Accounting
• 3.2 Institutional Framework for Public Sector Accounting

UNIT 4: REVENUE AND EXPENDITURE ACCOUNTING

• Unit Topics:

• 4.1 Definition of Revenue
• 4.2 Sources of Revenue
• 4.3 Definition of Expenditure
• 4.4 Uses of Funds (Types of Expenditure)
• 4.5 Accounting for Revenue and Expenditure
• 4.6 Appropriation Accounts
• 4.7 Management of Accountable documents
• 4.6 Treasury Management and Payment Systems

UNIT5: CHART OF ACCOUNTS

• Unit Topics:

• 5.1 Purpose of Chart of Account
• 5.2 Characteristics of the Chart of Accounts
• 5.3 Classification of Functions of Government
• 5.4 Government Revenue
• 5.5 Government Expenses 5.6 Government Assets
• 5.7 Government Liabilities
• 5.8 Net Assets

4.1.4 The Examination Paper Format:

Structure of the Paper	Marks
Section A: 1 Compulsory question of 40 marks	40
Section B: Any 3 out of 4 questions, 20 marks each	60
TOTAL	100

The candidates will be allowed fifteen (15) minutes reading time. 4.1.5 Recommended Readings: ZICA PFM 1 Study Materials