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Government Accounting Exam

The document provides information about key concepts and principles of government accounting in the Philippines. It discusses accounting for national, local, and special purpose government funds. Some key points covered include: - Government accounting follows accrual basis accounting and provides a framework for budget preparation, execution, accounting and auditing of financial transactions. - Presidential Decree 1445 governs government accounting in the Philippines. - Government derives most of its income from taxes and fees collected. - Funds are categorized as general funds which are available for any government purpose, and special purpose funds which are appropriated for specific agency purposes. - The document asks multiple choice and true/false questions to test understanding of concepts like

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Allen Gonzaga
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1K views4 pages

Government Accounting Exam

The document provides information about key concepts and principles of government accounting in the Philippines. It discusses accounting for national, local, and special purpose government funds. Some key points covered include: - Government accounting follows accrual basis accounting and provides a framework for budget preparation, execution, accounting and auditing of financial transactions. - Presidential Decree 1445 governs government accounting in the Philippines. - Government derives most of its income from taxes and fees collected. - Funds are categorized as general funds which are available for any government purpose, and special purpose funds which are appropriated for specific agency purposes. - The document asks multiple choice and true/false questions to test understanding of concepts like

Uploaded by

Allen Gonzaga
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Government Accounting

Name: _____________________________

Direction: Identification. Write the answer on the space provided before each number. Choose
your answer from the box below.

Sec 109 of PD 1445 Perpetual Method Accrual accounting

Special purposed fund Unified Accounts Code Periodic Method


Structure
Chart of Accounts Local Government
Ten percent
Straight line method Government Accounting
General Fund
Continuing appropriations National Government
Regular Agency Books
Agency Budgetary Mix Moving Average Method
Cash basis accounting
Taxes and fees Tax Revenue Accounts
National Government Books
Weighted Average Method Double declining method
Imprest Fund System

________________________ 1. It encompasses the processes of analyzing, recording,


classifying, summarizing and communicating all transactions involving the receipt, disposition
and utilization of government funds and property and interpreting the results thereof.

________________________ 2. The Presidential Decree that governs Government Accounting

________________________ 3. The government derives most of its income from the collection
of ____.

________________________ 4. Consisting of departments, bureaus, commissions, boards, state


colleges and universities

________________________ 5. Consisting of provinces, chartered cities, municipalities, and


barangays

________________________ 6. Government uses (Accrual accounting or Cash basis


accounting)
________________________ 7. Funds which are generally available for all functions of
government or for any purpose that Congress may choose to apply, and are composed of all
receipts or revenues that do not otherwise accrue to other funds

________________________ 8. Fund appropriated for purposes other than those provided in the
regular funds of government agencies

________________________ 9. Authorizations to support obligations for a specified purpose or


project, even when these obligations are incurred beyond the budget year

________________________ 10. List of general ledger accounts consisting of real and nominal
accounts

________________________ 11. Provides a framework for identifying, aggregating and


reporting financial transactions in budget preparation, execution, accounting and auditing

________________________ 12. Book used to record the receipt and utilization of Notice of
Cash Allocation (NCA) and other income/receipts which the agencies are authorized to use and
to deposit

________________________ 13. Book used to record income which the agencies are not
authorized to use and are required to be remitted to the National Treasury

________________________ 14. Inventory of government shall be recorded using _____.

________________________ 15. Inventory shall be valuated using _______.

________________________ 16. Depreciation is computed using this method

________________________ 17. Residual value shall be equivalent to what percentage

________________________ 18. The petty cash fund shall be kept using what method?

________________________ 19. The official document used as basis in the release of the
obligational authority

________________________ 20. Encompasses all taxes imposed on taxable income, properties,


and use or sale of goods and services

Direction: True or False. Write T if the statement is true and F otherwise.

_____ 1. Government accounting puts together all activities pertaining to the gathering of data
which are to be used as the bases for management decisions.
_____ 2. Government accounting’s activities include bookkeeping, posting, preparation of
financial reports and analysis of reports to determine their accuracy and adequacy as well as
efficiency and effectiveness of agency operations.

_____ 3. The primary purpose of government business is to render service to the private
entities.

_____ 4. In government accounting, the highest cost possible is considered in doing its
primary purpose.

_____ 5. Every citizen has a share in the assets of the government and every one may
dispose his share and realize profit from it.

_____ 6. The officers and administrators of the government business who are governed by
specific laws and regulations manage the government business.

_____ 7. The basic objectives of accounting include providing a basis for guidance for
present and past operations.

_____ 8. The basic objectives of accounting include providing information concerning


future operations.

_____ 9. Government accounting provides for control the acts of public bodies and offices
regarding the receipt, disposition, and utilization of government funds and property.

_____ 10. Subjects of government accounting include National Government, Local Government
and Government-owned or government controlled corporations.

_____ 11. Income shall be on accrual basis except for transactions where that basis is impractical
or when other methods are required by law

_____ 12. The government adopts the one fund concept.

_____ 13. Separate fund accounting can be done anytime.

_____ 14. The legislative authorization that identifies new appropriations in terms of specific
amounts for salaries, wages and other personnel benefits is the General Appropriations Act

_____ 15. Supplemental appropriations are authorizations made annually or for some
other period prescribed by law, by virtue of standing legislation, which do not require
periodic action by the Congress

_____ 16. Depreciation shall start on the second month after purchase of the property, plant and
equipment
_____ 17. Depreciation of leasehold improvement should be computed using the period of
lease or the estimated useful life of the assets, whichever is longer.

_____ 18. The government can still use contingent asset.

_____ 19. Foreign currency adjustment shall be computed at the exchange rate prescribed by the
BSP at the balance sheet date.

_____ 20. General Income Accounts encompasses all types generated by government agencies in
the exercise of their administrative and regulatory function, income from public
enterprises/investments, and income from grants and donations including subsidies.

_____ 21. Government agency cannot pay its payables/obligations without the NCA

_____ 22. The NCA may not be used for payment of personal services, maintenance and
operating expenses, financial expenses, capital outlay, and other miscellaneous transactions

_____ 23. Receipt of NCA shall be recorded in the Regular Agency books as debit to Cash-
Modified Disbursement System, Regular and credit to Subsidy from National Government

_____ 24. The agency is authorized to incur obligations only in the performance of activities
which are in pursuits of its functions and programs authorized

_____ 25. Disbursements shall be covered by Disbursement Voucher (DV) or payroll and paid
either by check or in cash

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