The extent of government involvement in society is a debatable issue. Over the past 250 years, there have been several phases of government involvement in society. The most significant of these are, laissez-faire, welfare, and neo-classical.
Briefly explain the extent of government involvement in society in each of the above economic theories. (3×2=6 marks)
Two of the most critical instruments the government uses to affect its policy are monetary and fiscal policies. Both have economic purposes.
Discuss the main objectives of the monetary and fiscal policy to the government. (6 marks)
Explain the main differences between private goods & services and public goods & services.
Write up a paragraph explaining in your own words the specific features of non-rivalry and non-excludability of public goods and services. (8 marks)

Compile a short paragraph discussing what you understand by a public finance management system? (3 marks)
Describe the purpose of the Public Finance Management Act (PFMA)(4 marks) 2.3)
Outline the functions, powers and responsibilities of the national treasury in terms of section 6 of the Public Finance Management Act (PFMA). (8 marks)
Having a strong public finance management system is an essential aspect of the institutional framework of an effective state.
Reflect on the above statement and give four reasons why you believe having a strong public finance management system is essential.
(4×2=8 marks) 2.5)
The Municipal Finance Management Act (MFMA) is only one of the four pieces of legislation regulating day-to-day municipal administration and the reforms in the MFMA reflects five key underlying principles.
In your opinion how would the MFMA go about promoting sound financial governance in the municipality? (5 marks)

Taxes are distinct from voluntary payments made in exchange of specific goods or services provided by the government.
As the newly appointed public accounting administrator highlight and discuss the two characteristics of taxes that distinguishes it from other forms of payments to the government. (4 marks)
Taxation serves other functions besides just a revenue function.
Reflect on the above statement about taxation and then discuss five (5) of the functions of taxation to the government. (10 marks)
3.3) Differentiate between direct and indirect tax with two examples for each type.(6 marks)

Explain the term Tax as explained by Aligadede (2012), (4 Marks)
Explain the two characteristics taxation (4 Marks)
Discuss the functions of the taxation other than the revenue function (17 Marks)

Answers to Above Questions on Public Accounting

Answer 1: Government has a significant role to play in the development of an economy. Over the last 250 years, the government is faced with several phases in the process of development of society. The government involvement in society across different phases such as laissez faire, welfare and neo classical is significant. During the laissez faire phase, the intervention of government was minimal in the development of the society.


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