BOOKING OF HOSTEL SPACE FOR 2017/2018 ACADEMICS SESSION

DIRECTORATE OF STUDENT AFFAIRS STEPS FOR HOSTEL ACCOMMODATION PROCESS

Visit the Portal (www.fepoda.edu.ng)

Click on Accommodation

ND I and HND I are to login with their REGISTRATION No or FORM No ND II and HND II are to login with their school REGISTRATION No Then enter School fee teller number and Level to proceed

If there are spaces still available then book a space by completing the form. On completion, you will be generated RRR NUMBER which confirms that you have successfully booked a room in the selected hostel.

Print out your data and go to ANY BANK not later than 5 WORKING DAYS to pay ACCOMMODATION FEE.

Failure to pay within 5 working days, your booking will be cancelled and your room will be placed vacant.

Go to any café to validate the RRR NUMBER by Uploading your Passport

Upload your Passport and print two (2) copies of your allocation slip to know your Hostel Name, Bed-space and Room Number.

Go to Student Affairs Directorate for documentation and take a copy of theallocation slip to the hostel supervisor for check-in.

Registration Starts from 6TH February, 2017 .

Buhari,Obasanjo have "expired"-Fayose

Governor Ayodele Fayose of Ekiti State on Tuesday said President Muhammadu Buhari and former President Olusegun Obasanjo are both expired leaders that Nigerians are desirous of getting rid of.

Reacting to Obasanjo's lengthy statement to President Buhari, Fayose in a series of tweets said,"Obasanjo (the accuser) and Buhari (the accused) are both expired people that Nigerians are desirous of getting rid of. They both don't know when they were born and have outlived their usefulness in the political life of Nigeria".

Fayose accused Obasanjo of "culpable in the enthronement and colossal failure of Buhari", adding that it is the decision of Nigerians that Buhari has failed and he must go,not that of OBJ. 

"Content of OBJ's letter is a welcome development but the messenger is also culpable in the enthronement and colossal failure of Buhari. Though we warned them ahead of this tragedy. It is therefore the decision of Nigerians that Buhari has failed and he must go,not that of OBJ", he said.

Obasanjo (the accuser) and Buhari (the accused) are both expired people that Nigerians are desirous of getting rid of. They both don't know when they were born and have outlived their usefulness in the political life of Nigeria.
— Peter Ayodele Fayose (@GovAyoFayose) January 23, 2018

Content of OBJ's letter is a welcome development but the messenger  is also culpable in the enthronement and colossal failure of Buhari. Though we warned them ahead of this tragedy. It is therefore the decision of Nigerians that Buhari has failed and he must go,not that of OBJ
— Peter Ayodele Fayose (@GovAyoFayose) January 23, 2018

Finance ministry, BoI move to recover NERFUND’s N17.5bn loan

The Bank of Industry has signed an agreement with the Ministry of Finance to recover the N17.5 billion outstanding loans being owed by customers of the Nigeria Economic Reconstruction Fund.

The Memorandum of Understanding was signed on Wednesday in Abuja between the Ministry of Finance led by its Permanent Secretary, Mahmoud Dutse and the BoI led by the Managing Director, Mr Olukayode Pitan.

Speaking during an interview shortly after the event, Pitan said that the bank would adopt all legal means available to recover the bad loans for the government.

“Part of what we signed today is that BoI will continue to manage NERFUND. That means that those who owe NERFUND and also outstanding facilities that have put NERFUND into trouble; BoI will recover and make sure those loans are collected,” he said.

He said those who owe the NERFUND should come to the Bank of Industry for repayment.

“The money to be recovered now is about N17.5bn and we will use all available means open to us legally to recover the money,” he assured.

He decried the inability of people who borrowed money from government agencies to repay, adding that such practice was denying others who needed funds for their business the opportunity to raise the needed financing.

ALL YOU NEED TO KNOW ABOUT ICAN

The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accountancy body in Nigeria. It is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Association of National Accountants of Nigeria (ANAN). The relationship between the two organizations has been tense. In 2007 ICAN attempted to have the bill establishing ANAN declared void.

The Association of Accountants in Nigeria (AAN) was formed in 1960 with the goal of training accountants. Chief Akintola Williams playing a leading role in establishing the organization.[3] ICAN was created by an Act of Parliament No. 15 of 1 September 1965 from existing accounting and auditing organizations including the AAN.At time of foundation, ICAN had 250 members.

ICAN has the mission statement: “To Produce World-Class Chartered Accountants, Regulate and Continuously Enhance Their Ethical Standards and Technical Competence in the Public Interest”.[6] It has headquarters in Lagos.[7] By 2003 ICAN had over 12, 000 members.[4] In August 2004 the ICAN began providing training on Information Technology for its members.[8] On 11 May 2011, ICAN admitted 1, 494 new members who had successfully passed their qualifying examination, bring total membership to 32, 722.[5]

In May 2011 Major General Sebastian Achulike Owuama (retired), the 46th President of ICAN and the 16th President of the Association of Accountancy Bodies in West Africa, was elected President of the newly created Pan-African Federation of Accountants (PAFA), or Fédération Panafricaine des Experts-Comptables (FEPEC). He was elected during the inaugural meeting of PAFA in Dakar, Senegal.[9] The International Federation of Accountants described creation of PAFA, which includes professional accountancy organizations from 35 countries, as a “historical event for the accountancy profession and the African continent”

According to wikipedia

STORES AND STORES ACCOUNTING

 The Federal Government Financial Instruction 3101 defines stores as “All moveable items purchased from public fund or otherwise acquired by the Government”. 

STORES CLASSIFICATION 

Stores can be classified into two main classes – these are: -

a) Allocated Stores

b) Unallocated Stores

Allocated Stores: - These are stores which the money used for their procurement are already provided for or budgeted for in the approved estimates. The cost of allocated stores is charged to the sub-head that is responsible for the expenditure of the stores. Allocated stores may be purchased directly from outside or taken from the stock of items in unallocated stores.

Purpose of Allocated Stores

1. To make provision for acquisition of quality stores and make them available always when required.

2. To create the required storage space always. This is by adhering to the policy of holding the minimum stocks required.

3. To ensure that those stores which are always needed is made available always.

4. To incur minimum cost as regards acquisition of stores.

Unallocated Stores: - These are stores that are purchased or ordered for the general stock. For unallocated stores, the vote of charge i. e. the sub-head to be chargeable cannot be determined immediately the stores are ordered. The cost of unallocated stores is chargeable to the unallocated stores sub-head in the approved estimate of expenditure. They are charged to the relevant sub-head of expended as Allocated stores when issued.  

FURTHER CLASSIFICATION OF STORES Stores can further be classified into three based on their life span.

1. Expendable Stores: - These are stores that are used in the day-to-day activities of an organization. They have a life span of about 2 to 5 years. They include Computer, Television, Farm implements like Cutlasses and Shovels, Calculators e.t.c.

 

2. Non-Expendable Stores: - These are stores that can be used for a long period of time. They only need maintenance and repairs when required. They have a life span of 5 years and above e.g. Plant and Machinery, Building, Motor Vehicles, Furniture e.t.c.

3. Consumable Stores: - These are stores that are used in the day-to-day running of an establishment. They are used up immediately demand is made for them e.g. Stationeries e.t.c.

DOCUMENTATION OF STORES 

Stores accounts are contained in the stock ledger accounts which are extracted from vouchers that are properly authorized. In the case of unallocated stores, the quantities, values and balances will be recorded in the stock ledgers and vouchers. It is pertinent to note that the storekeeper is not responsible for the maintenance of store ledgers. This should be apportioned to the store officer. The stock officer is required to keep separate ledgers for different items of stores. All items of stores should be serially recorded and arranged. All stores that belong to the same class should be recorded in one single ledger. 

 MAINTENANCE OF TALLY CARD OR BIN CARD 

This is a card that must be kept by the store keeper in order to ensure that all the items in the store at any point in time tally with the items contained in the store ledgers. The tally card must be marked with the ledger folio and must be checked and updated when the need arises. Tally cards must be updated by entering the contents of the vouchers prepared for the receipt or issue of stores.

RECEIPT OF AND PAYMENT FOR STORES 

When stores are received, the authorized officer in charge should ensure that such stores meet specification, are of required quality and quantity. All stores receipts documentation procedures should be duly observed. The storekeeper must ensure that all received stores are entered in the stores ledger and charged to the chargeable expenditure sub-head. The payment voucher for all items received must be supported with valid Local Purchase Order (LPO), invoices and copy of Stores Receipt Voucher (SRV). The SRV number must be clearly stated on the certificate issued by the storekeeper.

 TRANSFER OF STORES 

There may arise a situation where one store in a department is out of stock of a particular item, in this case, stores may be transferred from another store to that store. The transfer is carried out by raising Stores Transfer Requisition (STR) by the first store making the request. The STR will be prepared in duplicate and the original forwarded to the issuing store. The issuing store then issues a Store Issue Voucher (SIV) also in duplicate a copy of which will accompany the transferred stores. The other copy will serve as a receipt voucher. 10.4.7 ISSUE OF STORES Before the storekeeper issues out any requisition for stores, a Store Requisition Form (SRF) will have to be prepared and signed by the authorized officer of the department or unit where the store is needed. Also, Stores Issue Voucher (SIV) will be prepared to support all stores issue in the prescribed form. The SIV is to be prepared in duplicate. The storekeeper will update his records by posting the tally card or bin card, the quantity and date of issue. 

STORE PROCUREMENT PROCEDURE

The Accounting Officer is responsible for the determination of the maximum level, minimum level and re-order level for the unallocated

stores. When the re-order level is reached, the storekeeper is expected to make purchase requisition to the Purchasing Department. The following procedure will then be followed by the Purchasing Department in the acquisition of new stores: -

1. Seek and approve authority to make purchases from the officer controlling expenditure.

2. Advertise for quotation from suppliers or request for tenders from contractors specifying the closing date for submission.

3. A Departmental Tenders Board will then be constituted to determine the lowest, most reliable and dependable bidder.

4. Recommendation of award of the contract to the successful bidder by the Departmental Tenders Board.

5. Approval by the Head of Department or Director General.

6. Issue of Local Purchase Order (LPO) specifying the quantity, rate and time of delivery of the stores to the successful bidder i.e. contractor.

 STORES HANDOVER 

This may arise where an officer is re-deployed to another department or another station entirely. It could also be due to an officer embarking on annual or casual leave. The following procedure is to be observed in handover of stores: -

1. The officer taking over the stores must ensure that items in the store tally with the record in the store ledger or bin card.

2. Where the out-going officer is not available, an appointment of a stock verifier is effected to hand-over the store to the in-coming one. 

 

3. Where there are no differences between the physical stores and the store ledger records, the incoming and outgoing officer will sign Treasury Form 10 certificate on stores.

4. Where there are differences resulting in loss of stores, the outgoing officer will be held responsible.

 LOSS OF STORES 

Where there is establishment of loss of stores, the accounting officer may authorize the write-off of such loss. This however is determined by the factors surrounding the loss. The loss can be written off where any of the following conditions prevails: -

1. The value of the items lost is not more than N200.

2. The internal control system exists and is devoid of any exploitable weakness.

3. The loss cannot be traced to or narrowed down to outright fraud, theft, or unauthorized usage.

4. The loss is not due to negligence of the store officer.

PROCEDURE FOR REPORT OF LOSS OF STORES 

In the event of loss of stores discovered by the store-keeper, he must make official report to the Head of Department who will in turn forward a detailed report to the Accounting Officer.

The Accounting Officer then determines the materiality of the loss and if justified to be material, he completes Part IV of the Treasury Form 146 and forwards a copy each to: -

 The Accountant-General of the Federation

 The Auditor-General for the Federation; and

 Head of Accounts Section

SUMMARY OF ACTIONS TO BE TAKEN BY CONCERNED OFFICERS IN THE EVENT OF LOSS OF STORE.

1. Store Keeper: -

 Where fraud or theft is established and an officer is suspected, he reports to the police.

 Collects and completes the Treasury Form 146 and submits the completed form to the Head of Department.

2. Head of Department: -

 Reports the loss in detail to the Accounting Officer.

 Carries out thorough investigation about the loss of stores and computes Parts II and III of Treasury Form 146.

 Makes recommendation to the Accounting Officer where it deems fit that Board of Enquiry should be constituted to investigate the loss.

3. Accounting Officer: -

 Where the loss is found to be substantial, he is to carry out independent investigation and order for the constitution of Board of Enquiry.

 Ensures that the recommendations of the Board of Enquiry are effected to the letter.

4. Accountant-General of the Federation:--

 Ascertains that the composition of Board of Enquiry is not devoid of experienced, reliable and competent officers of proven integrity.

 He is to ensure an accounting officer who is versed in public sector accounting or the internal auditor of the department is a member of the Board of Enquiry.

Generally, all the officers mentioned above have the collective responsibility of ensuring that: -

a) All the exploited internal control system weaknesses are effectively fortified.

b) The loss is recovered by surcharging the culprits.

Public Sector Accounting and Finance Past Question

1.Every officer authorized to sign payment vouchers is required to maintain a/an

A. departmental vote expenditure accounts book.

B. cheque summary register.

C. cash book.

D payment voucher register.

E..adjustment voucher register.

2.The installation of proper internal control and accounting systems is the function of the

A.Internal Auditor.

B.Officer Controlling Expenditure.

C.Sub-accounting Officer.

D.Sub-head Controller.

E.Accounting Officer.

3.The method which values stock at the end of an accounting period at the  latest prices is called

A .current market price method.

B. last-in-first-out (LIFO) method.

C .first-in-first-out (FIFO) method.

D. weighted average method.

E. simple average method.

4.Imprest Warrants are issued by the

A .Accounting officer.

B. Revenue collector.

C. Accountant-General.

D .Minister of Finance.

E. Sub-Accounting Officer.

5.Every issue of a receipt book is usually accompanied by a serially numbered  form, printed in quadruplicate, called

A .receipt issue register.

B. receipt book issue note.

C .receipt and distribution register.

D. receipt and license register.

E .revenue book register.

6.Which ONE of the following budgeting methods do Extra-Ministerial Departments and Agencies adopt?

A. Incremental Budgeting method

B. Zero-Base Budgeting method

C. Rolling Plan Budgeting method

D. Planning, Programming and Budgeting System

E. Performance Budgeting.

7.The methods and principles applied by an entity to record its financial transactions are known as

A. accounting practice.

B. accounting basis.

C. accounting method.

D accounting policy.

E. accounting principle.

8.The Authority/Warrant issued prior to the approval of the Appropriation Bill at the beginning of the year is known as

A. provisional general warrant.

B. annual general warrant.

C. supplementary general warrant.

D. virement warrant.

E. supplementary contingencies warrant.

9.A basis which records anticipated expenditure evidenced by a purchase order and/or contract is called the

A. budgeting basis.

B .commitment basis.

C. accrual basis.

D .modified accrual basis.

E. modified cash basis.

10.The instrument which is used to re-vote capital expenditure estimate which had lapsed over the years is known as

A. development fund supplementary warrant.

B. development fund (special) warrant.

C .development fund general warrant.

D .development fund virement warrant.

E .development fund reserve expenditure warrant.

11.All the following are marketable Federal Government debt instruments, EXCEPT

A .Treasury bills.

B. Promissory notes.

C. Treasury bond.

D. Treasury certificate.

E. Federal government development stock.

12.Which of the following will lead to a reduction in aggregate disposable income in the economy?

A. Increase in transfer payment

B. Increase in external borrowing

C. Reduction in company income tax

D .Surplus budgeting

E. Deficit budgeting.

13.Which of the following is a tax on the supply of goods and services which is borne by the final consumer but collected at each stage of production and distribution chain?

A. Value added tax (VAT).

B. Petroleum profit tax.

C. Capital transfer tax

D. Excise duties

E .Export duties.

14.A budgeting technique which requires every item of expenditure to be justified as if the particular activity or programme is taking off for the first time is called ..................

A. flexible budgeting technique.

B. rolling budget technique.

C. perspective budgeting technique.

D. traditional budgeting technique.

E. zero-base budgeting technique.

15.The deliberate manipulation of theextent and timing of taxes and revenue by the government to achieve certain economic objectives is called.....................................

A. discretionary fiscal policy.

B. policy drag.

C. built-in-stabilizer.

D. fiscal responsibility.

E. compensatory fiscal policy.

16.Which of the following goods and services is NOT supplied by the public sector?

A. National defense

B .National health service

C .Clothes

D .Police protection

E. Vehicle licensing.

17.Which of the following is a direct tax?

A .Import duty

B. Excise duty

C. Value added tax

D. Petroleum profit tax

E. Export duty.

18.Which of the following is an expansionary fiscal policy?

A .Reduction in government spending

B .Reduction in taxation

C .Reduction in government transfer payment

D. Reduction in external debt

E .Budget Surplus.

19.The policy initiative which emphasizes positive returns on public sector investment is called

A .indigenization.

B. privatization.

C. commercialization.

D .nationalization.

E. industrialization.

20.Public debts that are due for settlement each month are financed by the Federal Government through

A .a reduction in expenditure.

B .increasing the tax rate imposed on the public.

C. asking corporate organizations for donations.

D. selling new bonds to the public.

E. asking States and Local Governments for donation.

Answers

1. D
2. E
3. C
4. C
5. B
6. A
7. B
8. A
9. B
10.A
11.B
12.D
13.A
14.E
15.A
16.C
17.D
18.B
19.C
20.D