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

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.

withholding Signup and view all the answers

Match the following responsibilities with the correct officers or authorities:

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

Which of the following is considered an unfunded mandate?

A requirement imposed without financial support Signup and view all the answers

Provincial adjustments budgets cannot be published as reports.

False Signup and view all the answers

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

Penalties or financial repercussions Signup and view all the answers

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

To act as the head of the provincial treasury Signup and view all the answers

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

False Signup and view all the answers

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

Transparency and effective management Signup and view all the answers

The provincial treasury must prepare the __________.

provincial budget Signup and view all the answers

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

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 Signup and view all the answers

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

A member accountable for a department or public entity Signup and view all the answers

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

False Signup and view all the answers

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

To distribute revenue between national and provincial governments. Signup and view all the answers

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

accounting authority Signup and view all the answers

Match the following terms to their definitions:

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 Signup and view all the answers

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

It can be a person or a body mentioned in section 49. Signup and view all the answers

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

True Signup and view all the answers

What legislative act is referenced for annual enactment regarding revenue?

Division of Revenue Act Signup and view all the answers

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

Conduct foreign trade negotiations Signup and view all the answers

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

True Signup and view all the answers

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

Before the start of the financial year 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.

False Signup and view all the answers

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

Prescribe uniform treasury norms and standards Signup and view all the answers

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

national budget Signup and view all the answers

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

the financial year Signup and view all the answers

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

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 Signup and view all the answers

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

Prepare quarterly financial statements 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.

two Signup and view all the answers

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

False Signup and view all the answers

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

Withhold funds as necessary Signup and view all the answers

Match the following budget components with their descriptions:

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 Signup and view all the answers

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

False Signup and view all the answers

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

Report it to the executive authority and the relevant treasury. 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.

prescribed Signup and view all the answers

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

Monitor and assess the implementation of the Act Signup and view all the answers

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

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 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?

Two months Signup and view all the answers

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

False Signup and view all the answers

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

Take effective and appropriate steps. Signup and view all the answers

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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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.

Provincial Treasury Responsibilities Quiz

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Podcast

Questions and Answers

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

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

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

The budgetary control responsibilities include _____ of appropriated funds.

Match the following responsibilities with the correct officers or authorities:

Which of the following is considered an unfunded mandate?

Provincial adjustments budgets cannot be published as reports.

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

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

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

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

The provincial treasury must prepare the __________.

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

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

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

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

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

Match the following terms to their definitions:

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

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

What legislative act is referenced for annual enactment regarding revenue?

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

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

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

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

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

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

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

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

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

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

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

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

Match the following budget components with their descriptions:

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

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

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.

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

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

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

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

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

Study Notes

Public Finance Management Act No. 1 of 1999

Act Details

Editorial Note

General Note

Studying That Suits You

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