Provincial Treasury Responsibilities Quiz
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Questions and Answers

What is the primary responsibility of accounting officers related to budgetary control?

  • Implementation of unfunded mandates
  • Ensuring compliance with fiscal policies (correct)
  • Oversight of departmental operations (correct)
  • Approval of provincial adjustments budgets

Accounting officers are not allowed to reallocate funds between main divisions within votes.

False (B)

What do accounting authorities need to submit annually along with their financial statements?

Annual budget and corporate plan

The budgetary control responsibilities include _____ of appropriated funds.

<p>withholding</p> Signup and view all the answers

Match the following responsibilities with the correct officers or authorities:

<p>Accounting Officers = Budgetary control responsibilities Accounting Authorities = Financial responsibilities Executive Authorities = Tabling in legislatures External Auditors = Audit of financial statements</p> Signup and view all the answers

Which of the following is considered an unfunded mandate?

<p>A requirement imposed without financial support (A)</p> Signup and view all the answers

Provincial adjustments budgets cannot be published as reports.

<p>False (B)</p> Signup and view all the answers

What is the consequence of unauthorized transactions according to the general principles?

<p>Penalties or financial repercussions</p> Signup and view all the answers

What is the primary role of the MEC for finance in a provincial treasury?

<p>To act as the head of the provincial treasury (D)</p> Signup and view all the answers

A provincial treasury can delegate all its functions and powers without restrictions.

<p>False (B)</p> Signup and view all the answers

What must a provincial treasury promote and enforce regarding financial management?

<p>Transparency and effective management</p> Signup and view all the answers

The provincial treasury must prepare the __________.

<p>provincial budget</p> Signup and view all the answers

Match the following functions of a provincial treasury with their descriptions:

<p>Prepare the provincial budget = Creating a financial plan for the province Control implementation of budget = Monitoring expenditures and revenues Promote transparency = Ensuring openness in financial matters Fiscal policy adherence = Aligning local fiscal policies with national policies</p> Signup and view all the answers

What does the term 'executive authority' refer to in the context of this Act?

<p>A member accountable for a department or public entity (A)</p> Signup and view all the answers

The financial year for public entities is uniformly defined as concluding on 31 December.

<p>False (B)</p> Signup and view all the answers

What is the purpose of the annual Division of Revenue Act?

<p>To distribute revenue between national and provincial governments.</p> Signup and view all the answers

An _____ is a body or person mentioned in section 49.

<p>accounting authority</p> Signup and view all the answers

Match the following terms to their definitions:

<p>accounting officer = Person mentioned in section 36 financial year = Year ending 31 March constitutional institution = Institution listed in Schedule 1 Accounting Standards Board = Established in terms of section 87</p> Signup and view all the answers

Which of the following is true regarding an 'accounting authority'?

<p>It can be a person or a body mentioned in section 49. (A)</p> Signup and view all the answers

A national or provincial department is referred to as a 'department' in this Act.

<p>True (A)</p> Signup and view all the answers

What legislative act is referenced for annual enactment regarding revenue?

<p>Division of Revenue Act</p> Signup and view all the answers

Which of the following is NOT a duty of the National Treasury?

<p>Conduct foreign trade negotiations (B)</p> Signup and view all the answers

The National Treasury is responsible for ensuring transparency in revenue and expenditure.

<p>True (A)</p> Signup and view all the answers

When must the Minister table the annual budget for a financial year in the National Assembly?

<p>Before the start of the financial year (B)</p> Signup and view all the answers

The MEC for finance must table the provincial annual budget within one month of the national budget being tabled.

<p>False (B)</p> Signup and view all the answers

What must the National Treasury do to enforce accounting standards in national departments?

<p>Prescribe uniform treasury norms and standards</p> Signup and view all the answers

The National Treasury must exercise control over the implementation of the annual __________.

<p>national budget</p> Signup and view all the answers

What must an annual budget contain estimates of revenue expected to be raised during?

<p>the financial year</p> Signup and view all the answers

Match the following functions of the National Treasury with their descriptions:

<p>Monitor provincial budgets = Ensure provincial budgets are implemented effectively Facilitate the annual Division of Revenue Act = Oversee distribution of funds among different levels of government Assist departments = Help in building capacity for financial management Investigate financial management = Examine internal controls in public entities</p> Signup and view all the answers

Which responsibility is NOT assigned to an accounting officer of a department?

<p>Prepare quarterly financial statements (D)</p> Signup and view all the answers

The Minister may approve an extension of time for the tabling of a provincial budget after the national budget, but not beyond __________ weeks.

<p>two</p> Signup and view all the answers

An accounting officer is allowed to commit a department to liabilities without appropriated funds.

<p>False (B)</p> Signup and view all the answers

Which action can the National Treasury take in response to a serious breach of the Act?

<p>Withhold funds as necessary (B)</p> Signup and view all the answers

Match the following budget components with their descriptions:

<p>Revenue estimates = Estimates of all revenue expected to be raised for the financial year Current expenditure = Estimates of current expenditure per vote Capital expenditure = Estimates of capital expenditure per vote Direct charges = Estimates of all direct charges against the relevant Revenue Fund</p> Signup and view all the answers

The National Treasury may not assist departments in building financial management capacity.

<p>False (B)</p> Signup and view all the answers

What must an accounting officer do if they anticipate an overspending of a department's vote?

<p>Report it to the executive authority and the relevant treasury.</p> Signup and view all the answers

An accounting officer must keep full and proper records of the financial affairs of the department, trading entity, or constitutional institution in accordance with _____ norms and standards.

<p>prescribed</p> Signup and view all the answers

What is one key responsibility of the National Treasury in relation to public entities?

<p>Monitor and assess the implementation of the Act</p> Signup and view all the answers

Match the following responsibilities with the correct actions of an accounting officer:

<p>Prevent unauthorized expenditure = Take effective steps Prepare financial statements = Follow generally recognized accounting practice Report to the Auditor-General = Submit statements for auditing Comply with remedial measures = Act on treasury's directives</p> Signup and view all the answers

What is the time frame within which an accounting officer must submit the financial statements after the financial year ends?

<p>Two months (C)</p> Signup and view all the answers

An accounting officer does not need to report under collection of revenue to the treasury.

<p>False (B)</p> Signup and view all the answers

What must be done to prevent overspending of the department's vote or main division?

<p>Take effective and appropriate steps.</p> Signup and view all the answers

Flashcards

Accounting Officers

Officials responsible for financial management in government entities.

Budgetary Control

The process of managing government spending and revenue according to the approved budget.

Public Entities

Government-owned organizations, distinct from departments and ministries.

Accounting Authorities

Officials responsible for financial operations of public entities.

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Annual Budget

The yearly plan for raising and spending public funds.

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Unfunded Mandates

Obligations imposed without sufficient funding.

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Unauthorized Expenditure

Spending not authorized by the budget.

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Virement

Transfer of funds between different sections within a budget.

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Accounting Standards Board

The board set up under section 87.

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Annual Division of Revenue Act

The yearly law passed under section 214(1) of the Constitution.

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Constitutional Institution

An institution listed in Schedule 1.

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Department

A national or provincial government office or component.

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Executive Authority (National)

The Cabinet member responsible to Parliament for a national department.

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Financial Year

A year ending on March 31, unless a different year is approved by the National Treasury for a specific public entity.

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Provincial Treasury

A financial body within each province, headed by the MEC for finance and responsible for managing provincial finances.

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Provincial Budget

A financial plan outlining how a province intends to raise and spend money during a specific period.

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Provincial Treasury Instructions

Guidelines or rules issued by the provincial treasury to ensure consistent and proper financial management practices.

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Transparency in Provincial Finances

The practice of making provincial financial information readily available to the public, fostering accountability and trust.

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Impact of Provincial Fiscal Policies

Provincial financial policies must be designed to avoid unnecessarily harming national economic objectives.

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National Treasury's role

The National Treasury is responsible for managing the national government's fiscal policy, coordinating intergovernmental finances, and monitoring the implementation of the annual budget.

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National Budget Timing

The national budget must be presented to the National Assembly before the start of the financial year, or as soon as possible after the start of the year if there are exceptional circumstances.

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Budget preparation tasks

The National Treasury manages the budget preparation process which includes implementing and adjusting the annual budget.

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Provincial Budget Timing

The provincial budget must be presented to the provincial legislature within two weeks after the national budget is presented, but the Minister can grant an extension.

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Intergovernmental coordination

The National Treasury coordinates financial and fiscal relations among different levels of government.

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Budget Format

The annual budget must follow a prescribed format and include estimates of revenue, current and capital expenditure, interest and debt servicing charges, revenue excluded from the Revenue Fund, and direct charges against the Revenue Fund.

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Uniform treasury norms

The National Treasury establishes standardized procedures and guidelines for managing public finances.

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Revenue Estimates

The budget must include estimates of all revenue the government expects to raise during the financial year.

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Capital Expenditure Estimates

The budget must include estimates of capital expenditure for the financial year, along with the projected financial implications for future years.

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Enforcement of financial Acts

The National Treasury enforces the laws and norms related to public finance, including accounting practices and classifications.

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Capacity Building (Departments)

The National Treasury can help government departments improve their financial management efficiency, effectiveness, and transparency.

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Addressing breaches of the law

The National Treasury can intervene if a government department significantly violates financial regulations using measures like withholding funds or referring issues to higher authorities.

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Monitoring and Assessment (provincial departments, etc.)

The National Treasury monitors and evaluates the implementation of financial acts in all relevant government sectors to improve overall compliance and efficiency.

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Liability without Appropriation

An accounting officer cannot commit a department or institution to a financial liability unless funds have been specifically allocated for it in the budget.

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Accounting Officer's Duty: Expenditure Control

An accounting officer must ensure that departmental spending aligns with the approved budget and its divisions.

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Prevent Unauthorised Spending

Accounting officers are responsible for taking steps to stop any spending that is not allowed under the budget.

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Prevent Overspending

Accounting officers must take action to avoid exceeding the allocated budget for the department or specific budget divisions.

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Reporting Shortfalls

Accounting officers must inform the relevant authorities (executive authority and treasury) about any potential problems with revenue collection, budget shortfalls, or overspending.

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Financial Records

An accounting officer must maintain detailed records of financial transactions for their department, trading entity, or constitutional institution.

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Financial Statements

Accounting officers must prepare annual financial reports for their organization, following accepted accounting standards.

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Financial Statements Submission

An accounting officer must submit audited financial statements to the relevant treasury and the Auditor-General within two months after the financial year ends.

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Study Notes

Public Finance Management Act No. 1 of 1999

  • Act regulates financial management in national and provincial governments
  • Aims to manage revenue, expenditure, assets, and liabilities efficiently and effectively
  • Defines responsibilities for those entrusted with financial management
  • Includes connected matters

Act Details

  • Assented to March 2, 1999
  • Commencement date: April 1, 2000
  • Updated to Government Gazette 40637, February 24, 2017
  • Amended by various Acts (e.g., Public Finance Management Amendment Act, No. 29 of 1999)
  • Includes numerous sections and chapters (e.g., National Treasury, National Revenue Fund, Provincial Treasuries) regarding financial management structures.

Editorial Note

  • English and Afrikaans versions have inconsistencies despite amendments
  • Notifications in Government Gazettes regarding schedule amendments are annotated
  • Refer to the starting pages of schedules to find these amendments.

General Note

  • The Preferential Procurement Policy Framework Act, No. 5 of 2000, and its Regulations apply to all public entities listed in Schedules 2 and 3, effective December 7, 2011.

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Related Documents

PFMA 1999 Act (As Amended March 2017) PDF

Description

Test your knowledge of the roles and responsibilities of accounting officers and provincial treasuries. This quiz covers a range of topics related to budgetary control, financial management, and compliance with regulations. Assess your understanding of these essential functions in public finance.

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