QUESTION 1

1. With appropriate examples, brieflyexplain the main features of a Public Sector Entity ( 10 marks )
2. i. Briefly explain the terms "Public Sector Accounting " and "Public Financial Management " ( 4 marks )

ii. Explain the key principles that underpin a sound Public Financial Management, giving an appropriate example in each case. ( 6 marks)

( Total =20 marks)

QUESTION 2

A. Briefly explain the essential matters / conditions that are necessary for a sound Public Financial Management that would achieve the desirable results of Public Expenditure. ( 10 marks)

B i. Differentiate between Public and Private sector Accounting, giving an appropriate example in each case. ( 6 marks)

ii. Explain the importance of Legal Framework and Institutional Framework in ensuring the effective and efficient Public Financial Management ( 4 marks ) (Total (20 marks )

QUESTION 3

1. i. From the Public Sector (Government) perspective, the successful budget formulation process largely depend on addressing four ( 4 ) key issues .Briefly explain each of these issues, giving an appropriate example in each case ( 4 marks )

ii. Explain the key issues that are addressed in the Top - down and Bottom -up Planning and Budgeting process in Zambia. (6 marks)

1. From the Zambian Government (GRZ) perspective , the Budget formulation process is coordinated by the Ministry of Finance (MOF ) . Briefly explain the Five ( 5 ) mainstages that are involved in thisprocess . ( 10 marks )

( Total = 20 marks )