haxorbaba95 970 Questions 0 Answers 0 Best Answers 615 Points View Profile 0 haxorbaba95Associate Professor Asked: January 20, 20222022-01-20T19:35:32+00:00 2022-01-20T19:35:32+00:00In: Accounting What is contingency fund 0 Share Facebook Related Questions What are the books of account used in public sector accounting Public sector organization meaning Procurement meaning Public sector accounting Malaysia Disadvantages of public finance 0 Answers Voted Oldest Recent Oscar Nana Nyame 1 Question 13 Answers 0 Best Answers 120 Points View Profile Oscar Nana Nyame Visiting Professor 2022-01-21T21:17:42+00:00Added an answer on January 21, 2022 at 9:17 pm What is Contingency fund A contingency fund is a set of funds set up to account for unexpected or urgent needs for which no alternative provision exists. Unforeseen events could include societal unrest, natural disasters, and other comparable occurrences. Advances from the fund should be replaced as quickly as feasible by submitting a supplemental estimate to parliament. The contingency fund is funded by money appropriated by Parliament for that purpose. Withdrawals from this fund must be requested by the President through the parliament’s public finance committee. Withdrawals from this fund must be requested by the President through the parliament’s public finance committee. The contingency fund, on the other hand, is a fund into which funds have been voted (put aside) by Parliament to pay for unexpected events to which the nation must respond to restore normalcy (for which no alternative provision exists). 0 Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Asquestions Author Cape Coast, Ghana 339 Questions 81 Answers 14 Best Answers 2k Points View Profile Asquestions Author Administrator 2022-01-21T21:12:14+00:00Added an answer on January 21, 2022 at 9:12 pm Contingency Fund A contingency fund is a fund established to account for the urgent or unforeseen needs for which no other provision exists to meet the need. The unforeseen circumstances may include social disorder, natural disaster, and other similar events. Advances made from the fund should be replaced as soon as possible by presenting a supplementary estimate to parliament to that effect. The contingency fund is resourced from the money voted by parliament for that purpose. For withdrawals to be made from this fund, the President must request the public finance committee of parliament. On the other hand, the contingency fund is a fund into which funds have been voted (set aside) by Parliament to pay for unexpected events (which no other provision exists) for which the nation must respond to restore normalcy. For instance, Ghana had to respond to the May 9 Stadium Disaster and the June 3 Accra (Circle) Flooding and Fire disaster. These monies would normally come from the contingency fund. Even though payments from the contingency fund requires only the approval of the finance committee of parliament, the fund needs to be reimbursed from the consolidated fund for monies spent from the contingency fund and such reimbursements need parliamentary approval No money shall be withdrawn from any public fund, other than the consolidated fund and the contingency fund unless the issue of those money has been authorized by or under the authority of an Act of Parliament 0 Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp You must login to can add an answer. Username or email* Password* Remember Me! Forgot Password?