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1. What is the role of National Treasury in the implementation of the accounting standards? (4 Marks )

2. List five organisations that influence the development of accounting practice in the public sector. (5 marks)

3. List and briefly explain three challenges which may be encountered by an entity in preparing a GRAP compliant Fixed Asset Register (5marks)

4. Are the following statements true or false? Briefly explain. (4 marks)

4A.When a provision involves a present obligation and satisfies the rest of the definition, it is not recognized as a liability unless the exact amount of the obligation is known

4B.Budgeting and accounting systems operate independently from each other, thus the budgeting process need not be in line with the GRAP requirement

5. Give four examples of circumstances indicating that inventory is impaired and needs to be written down to its net realizable value.(5Marks)
6. Briefly discuss the correct accounting treatment of finance leases in the financial statements of the entity as lessee? (4marks )

7. What are the conditions for recognizing revenue relating to government grants and subsidies in the financial statements of an entity? (3marks )

8. Briefly explain the approach to be followed for the correction of a prior period error in terms of GRAP ,If the prior period errors are material, correct retrospectively by: (5 marks )

9. List and briefly explain the factors an entity should consider before writing off any bad debts.(5 marks)

10. List the information that is normally recorded onto a loan register for external borrowings.( 9 marks)

11. Management should ensure that the Fixed Assets Register (FAR) of an entity contains as minimum, specific information. List twelve such types of information which should be included in the FAR.