Name: Score:

 
1. University of Santo Tomas unrestricted current funds comprised the
following:

Assets…………………………………………….. P5, 000,000

Liabilities (including deferred revenues of P100, 000) P3, 000,000

The fund balance of net assets of University of Santo Tomas unrestricted

current funds was?
a. P 1,900,000
b. P2,000,000
c. P2,100,000
d. P5,000,000

2. For the 2011 summer session, Far Eastern University assessed its
student P300, 000 for tuition and fees. However, the net amount realized
was only P290,000 because of the following reductions:

Tuition remissions granted to faculty members’ families….. P3,

000
Class cancellation refunds……………………………………… P7,
000

How much unrestricted current funds revenues from tuition and fees
should Far Eastern University report for the period?

a. P290,000
b. P293,000
c. P297,000
d. P300,000

3. For the summer session of 2011, Silliman University assessed its

students P1, 700,000 (net of refunds), covering tuition and fees for
educational and general purposes. However, only P1, 500,000 was
expected to be realized because scholarship totaling P150, 000 were
granted to students and tuition remissions of P50, 000 were allowed to
faculty members’ children attending Silliman. What amount should
Silliman include in the unrestricted current funds as revenues from
student tuition and fees?

a. P1,500,000
b. P1,550,000
c. P1,650,000
d. P1,700,000
4. The following receipt were among those recorded by St. Louis College
during 2011:

Unrestricted gifts………………………………………….. P500,

000
Restricted current funds
(Expended for current operating purposes)……………. P200,
000
Restricted current funds (not yet expended)…………… P100,
000

The amount that should be include as:

Revenue Current fund revenue

a. P800,000 P700,000
b. P700,000 P800,000
c. P600,000 P600,000
d. P500,000 P500,000

5. The following information was available from St. Louis University’s

accounting record for its current funds for the year ended March 31,
2011:

Restricted gift received

Expended…………………………………. P100, 000
Not expended……………………………… P300, 000
Unrestricted gift received
Expended………………………………… P600, 000
Not expended……………………………… P75, 000

What amount should be included in current funds revenues for the year
ended March 31, 2011?

a. P600,000
b. P700,000
c. P775,000
d. P1,000,000

6. The following funds are among those held by Centro Escolar University at
December 31, 2011:

Principal specified by the donor as non expendable………… P500,

000
Principal expendable after the year 2012…………………….. P300,
000
 Principal designated from current funds……………………… P100,
000

What amount should Centro Escolar University classify as regular

endowment funds (or permanently restricted endowment)?

a. P100,000
b. 300,000
c. 500,000
d. 900,000

7. On January 2, 2011, a graduate of Ateneo established a permanent trust

fund and appointed Security Bank as the trustee. The income from the
trust fund is to be paid to Ateneo and used only by the school of
education to support student scholarships. What entry is required on
Ateneo’s book to record the receipt of cash from the interest on the trust
fund?

a. Debit cash and credit restricted current funds deferred revenue

b. Debit cash and credit restricted endowment revenue
c. Debit cash and credit endowment fund balance
d. Debit cash and credit unrestricted endowment revenue

8. In 2011, University of San Augustin board of trustee established a

100,000 fund to be retained and invested for scholarship grants. In 2011,
the fund earned 6,000 which had not been disbursed at December 31,
2011. What amount should University of San Augustin report on a quasi
endowment fund balance at December 31, 2011?

a. P 0
b. 6,000
c. 100,000
d. 106,000

9. Sienna College, a private not-for-profit college, received the following

contributions during 2011:

I. P 5,000 from alumni for construction of a new Wing on the

science on the science building to be constructed in 2012.
II. P 1,000,000 from a donor who stipulated that the
contribution be invested indefinitely and that the earnings be used
for scholarships. As of December 31, 2011, earnings from
investment amounted to 50,000.

For the year ended December 31, 2011, what amount of this contribution
 should be reported as temporarily restricted revenue on the statement of
activities?

a. P 50,000
b. 5,050,000
c. 5,000,000
d. 6,050,000

10. On November 30,2011, Malou Basil, an alumnus in Sto School, a private

not-for-profit high school contributed P 15,000, with the stipulation that the
donation be used for faculty travel expenses during 2012. During 2012, Santo
spent the entire donation in accordance with Malou wishes. For the year ended
December 31, 2012, what was the effect of the donation on unrestricted and
temporarily restricted net assets?

Unrestricted Temporarily restricted

Net assets net assets

a. Increase Decrease
b. No effect Decrease
c. Increase No effect
d. No effect No effect

11. Liway College, a private not-for-profit college, received from Ms. Mary
Basilio on April 30, 2011. Ms. Basilio stipulated that her contribution be used to
support faculty research during the fiscal year beginning on Jilt 1, 2011,
administrators of Liway awarded research grants totaling P 25,000 to several
faculties in accordance with the wishes of Mrs, Basilio. For the year ended June
30,2011, Liway college should report the report the P 25,000 contribution as

a. Temporarily restricted revenues on the statement of

activities.
b. Restricted revenue on the statement activities.
c. Temporarily restricted deferred revenue on the statement of
d. Increase in fund balance on the statement of financial
position.

12. On July 31,2011, St. Vincent’s College showed the following amount to be
used for

Renewal and replacement of college properties…. 200,000

Retirement of indebtedness on college properties….. 300,000
Purchase of physical properties for College purposes
But unexpected at 7/31/2011…….. 400,000

What total amount should be included in St. Vincent’s plant funds at July
 31, 2011?

a. P900, 000
b. 600,000
c. 400,000
d. 200,000

13. Albert University, a private not for profit University, had the following
cash inflows during the year ended June 30, 2011:

(1) 500,000 from student for tuition.

(2) 300,000 from a donor who stipulated that the money be
invested indefinitely.
(3)100,000 from a donor who stipulated that the money be spent in
accordance with the wishes of Albert governing board.

On Albert University's statement of cash flows for the year ended June 30,
2011, what amount of these cash flows should be reported a operating
activities?
a. P900, 000
b. 400,000
c. 800,000
d. 600,000

14. The current funds group of a not-for-profit private university includes

which of the following?

Annuity funds Loan funds

a. yes yes
b. yes no
c. no no
d. no yes

15. The current funds group of a not-for-profit private university includes

which of the following?

Investment in Unexpected
Plant funds plant funds
a. no yes
b. no no
c. yes no
d. no yes

16. The plant fund group of a not-for-profit private university includes which
of the following subgroups?
 Current funds Plant funds

a. no yes
b. no no
c. yes no
d. yes yes

17. Which of the following funds are usually encountered in a not-for-profit

private university?

Loan funds Life income funds

a. no yes
b. no no
c. yes no
d. yes yes

18. An alumnus donates securities to San Sebastian College and

stipulates that the principal be held in perpetuity and revenues be used for
faculty travel. Dividends received from the securities should be recognize
a revenue in

a. endowment funds
b. quasi endowment funds
c. restricted current funds
d. unrestricted current funds
19. Unconditional promises to give are recognized as contribution revenue when:

a. The promise is received

b. The related receivable is collected
c. The time or purpose restriction is satisfied
d. The future events that the promisor occurs

20. Net assets that are restricted by the governing board of a non government, non-
for-profit organization are reported as a part of:

a. Permanently restricted net assets

b. Temporarily restricted net assets
c. Unrestricted net assets
d. Either permanently or temporarily restricted net assets depending on the
term of the restriction

21. Which of the following is not a characteristic of a conditional promise to give:

 a. Depends on the occurrence of a specified future and uncertain event to
bind the promisor
b. Gift may have to be returned to the donor if condition is not met
c. Recognized as contribution revenue when the condition are substantially
met
d. Depends on demand by the promisee for performance

22. Unconditional promises to give that are collectible within one year of the financial
statement date:

a. Should be reported at their gross amount

b. Should be reported at the gross amount less an allowance for
uncollectible accounts
c. Should be reported at the present value of the amounts expected to be
collected, using the donor’s incremental borrowing rate
d. Should not be reported until collected

23. When a temporary restriction on resources of a nongovernmental, not-for-profit

entity is met by the incurrence of an expense for the restricted purpose:

a. The expense is reported in the statement of activity as an increase in

unrestricted net assets
b. Amount reported in the temporary restricted net assets are reclassified as
unrestricted net assets
c. The entry is a debit to expense and a credit to the program services
d. The expense is reported in restricted net assets

24. How will a nongovernmental, non-for-profit entity record an agency transaction in

which it receives resources?

a. No entry is made in the accounts

b. Debit the asset account and credit contribution revenue
c. Debit asset account and credit temporary restricted net assets
d. Debit asset account and credit a liability account
25. Financial statement for not-for-profit organization focuses on:

a. Basic information for the organization as a whole

b. Standardization of funds nomenclature
c. Inherent differences of non-for-profit organizations that impact reporting
presentations.
d. Distinctions between current fund and non current fun.

26. In preparing the statement of cash flows for a nongovernmental, not-for-profit

entity, cash distributions that are restricted for long term purposes are classified
as:

a. operating activities
b. investing activities
c. financing activities
d. capital and related financing activities

27. Long lived assets are purchased by a nongovernmental, not-for-profit entity with
cash that was restricted for that purpose. The assets are reported in temporarily
restricted net assets. Depreciation expense is reported in unrestricted net assets.

a. The depreciation expense is incorrectly reported

b. An amount equal to the depreciation is reclassified from temporarily
restricted to unrestricted net assets
c. An amount equal to the deprecations reclassified from unrestricted to
temporarily restricted net assets.
d. An amount equal to depreciation is reported as revenues.

28. A nongovernmental, not-for-profit entity gives donors a sweatshirt imprinted with

its logo when they pay P15 dues. The value of the sweatshirt is approximately
P15. this transaction is most likely reported as:

a. An exchange transaction
b. An agency transaction
c. A contribution
d. A gift in kind

29. A large not-for-profit organization’s statement of activities should report the net
change for net assets that are

Unrestricted Permanently restricted

a. Yes Yes
b. Yes No
 c. No No
d. No Yes

30. A statement of financial position (balance sheet), which reports unrestricted

temporarily restricted, and permanently restricted net asstes, is required for
which one of the following organization?

I. A public university
II. A private, non-for-profit hospital

a. Both I and II
b. I only
c. Neither I nor II
d. II only

31. Which of the following classifications is required for reporting of expenses by all
not-for-profit organizations?

a. Natural classification in the statement of activities or notes to financial

statements.
b. Functional classification in the statement of activities or notes to financial
statements.
c. Functional classification in the statement of activities and natural
classification in the matrix format in a separate statement.
d. Functional classification in the statement of activities and natural
classification in the notes to financial statements.

32. Which prescribe the financial statements for not-for profit organizations, reporting
reclassification is caused by which of the following?

I. Expiration of donor-imposed conditions.

II. Expiration of donor-imposed restrictions.

a. I only
b. Both I and II
c. II only
d. Neither I nor II

33. Which of the following transactions or events would cause increase in

unrestricted net assets for the year ended December 31, 2012?
 I. A voluntary health and welfare organization spent a
restricted donation which was received in 2011. in
accordance with the donor’s wishes, the donation was
spent on public health education during 2012.
II. During 2012, a private, not-for profit college earned
dividends and interests on term endowment. Donors placed
no restrictions on the earnings of term endowments. The
governing board of the college intends to use this
investment income to fund undergraduate scholarship for
2013.

a. II only
b. I only
c. Neither I nor II
d. Both I and II

34. Tina Hospital’s patient service revenues for services provided in 2011, at
established rates, amounted to P 8,000,000 on the accrual basis. For internal
reporting, Tina uses the discharge method. Under this method, patient service
revenues are recognized only when patients are discharged, with no recognition
given to revenues accruing for services to patients not yet discharge. Patient
service revenues at established rates using the discharge method amounted to P
7,000,000 for 2011. According to GAAP, Tina should report patient service
revenues for 2011 of:

a. Either P 8,000,000 or P7,000,000, at the option of the hospital

b. P8,000,000
c. P7,500,000
d. P7,000,000

35. During 2011, UST Hospital purchased medicines for hospital use totaling P800,
000. Included in this P800, 000 was an invoice of P10, 000 that was cancelled in
2011 by the vendor because the vendor wished to donate this medicine to UST.
This donation of medicine should be reported as:

a. A P10,000 reduction of medicine expense

b. An increase in other operating revenue of P10,000
c. A direct P10,000 credit to the general (unrestricted) fund balance
d. A P10,000 credit to the restricted funds balance

36. ST. Luke’s Hospital received an unrestricted bequest of P100, 000 in 2011. the
bequest should be reported as:

a. A memorandum entry
b. Other operating revenue of P100,000
c. Non operating revenue of P100,000
 d. A direct credit of P100,000 to the fund balance

37. On March 1, 2011, Katkat Ong established a P100, 000 endowment funds, the
income from which is to be paid to Cebu Hospital for general operating purposes.
Cebu does not control the funds principal. Katkat Ong appointed PNB as trustee
of this fund. What journal entries is requiredby Cebu to record the establishment
of the endowment?

Debit Credit
a. Cash………………………………….P100,000
Non expendable endowment fund P100, 000

b. Cash…………………………………P100,000
Endowment fund balance………… P100, 000

c. Nonexpendable endowment fund…P100,000

Endowment fund balance P100, 000

d. A memorandum entry only.

38. In 2011, St. Paul Hospital received an unrestricted bequest of a common stcks
with a fair value of P50, 000 on the date of receipt of the stocks. The testator had
paid P20, 000 for this stock in 2009. St. Paul Hospital should record this bequest
as?

a. Non operating revenue of P50,000

b. Non operating revenue of P30,000
c. Non operating revenue of P20,000
d. A memorandum entry only

39. Capital Hospital has a marketable equity securities portfolio that is appropriately
included in non current assets in unrestricted funds. The portfolio has an
aggregate cost of P300, 000. It had an aggregate fair market value of P250, 000
at the end of 2012 and P290, 000 at the end of 2011. If the portfolio was properly
reported in the balance sheet at the end of 2011, the change in the valuation
allowance at the end of 2012 should be?

a. P0
b. A decrease of P40,000
c. An increase of P40,000
d. An increase of P50,000
40. Philippine General Hospital’s accounting records disclosed the following
information:

Net resources invested in plant assets………………..P10, 000,000

Board designated funds……………………………….. .P2, 000,000

What amount should be included as part of unrestricted funds?

a. P12,000,000
b. P10,000,000
c. P2,000,000
d. P0

41. East Avenue Hospital fiscal year ends May 31, 2011. In March 2011, a P300,
000 unrestricted bequests and a P500, 000 pure endowment grant were
received. In April 2011, a bank notified East Avenue that the bank received P10,
000 too be held in permanent trust by the bank. East Avenue is to receive the
income from this donation.

East Avenue should record the P300, 000 unrestricted bequests as?

a. Non operating revenue

b. Other operating revenue
c. A direct credit to the fund balance
d. A credit to operating expenses

42. Using the same information in No. 23, the P500,000 pure endowment grant:

a. May be expended by the governing board only to the extent of the

principal since the income from this fund must be accumulated.
b. Should be reported as non operating revenue when the full amount of
principal is expended.
c. Should be reported as a memorandum entry only.
d. Should be accounted for as donor-restricted funds upon receipt.
43. Which of the following is charged with the responsibility of keeping the general
accounts, and related documents, of the Government?
a. COA
b. BTr
c. NGAs
d. DBM
44. A journal entry with a credit to the “Cash-Modified Disbursement System (MDS),
Regular” Account will most likely be recorded in the
 a. General Journal
b. Special Journal
c. Cash Disbursement Journal
d. Check Disbursement Journal
45. The receipt of an allotment is recorded by a government entity in the
a. RAOD
b. ORS
c. RAPAL
d. A and C
46. The receipt of an appropriation is recorded by a government in the
a. RAOD
b. ORS
c. RAPAL
d. A and B
47. According to the Revised Chart of Accounts (RCA) issued by the COA, the
“Subsidy from the National Government” account is a(an)
a. Asset account
b. Liability account
c. Revenue Account
d. Equity account
48. The bureau of Treasury (BTR) is responsible for
a. Promulgating accounting and auditing rules and regulations
b. The formulation and implementation of the national budget with the goal of
attaining the nation’s socio -economic objectives
c. Receiving and keeping national funds and managing and controlling the
disbursement thereof.
d. Directly implementing the projects of the government
49. Disbursement by government entities are most commonly made through
a. MDS checks
b. Cash
c. Petty Cash Fund
d. Credit card
50. It refers to the amount contracted by a duly authorized administrative officer for
which the government is held liable.
a. Appropriation
b. Allotment
c. Obligation
d. Disbursement
51. It is an authorization issued by the DBM to NGAs to incur obligations. It is also
referred to as obligation authority.
a. Appropriation
b. Allotment
c. Obligation
 d. Disbursement
52. It is the authorization made by a legislative body to allocate funds for purposes
specified by the legislative or similar authority
a. Appropriation
b. Allotment
c. Obligation
d. Disbursement

53. Obligations shall be incurred through the issuance of _____.

A. Capital Outlays
B. Notice of Obligation Request and Status Adjustment
C. Obligation request and status
D. Financial expenses
54. Obligations referred to as _______.
A. Due and demandable
B. Liability
C. Not yet due and demandable
D. Assets
55. The transactions not recorded in the special journals will be recorded at:
A. General Ledgers
B. Subsidiary Ledgers
C. cash receipts journals
D. General Journals?
56. What account shall be used if the obligation recorded in the RAOD and ORS need to
be adjusted?
A. Registry of Allotments and Notice of Cash Allocation (RANCA)
B. Registry of Allotment and Notice of Transfer of Allocation
(RANTA)
C. Notice of Obligation Request and Status Adjustment (NORSA)
D. Registry of Appropriations and Allotments (RAPAL)
57. It's like a logbook rather than accounting book, and it is also defined as budget record.
A. Accounting Records
B. Ledger
C. Journal
D. Registries
58. Which of the following is not part of Journals?
A. A General Journal and ledger
B. Cash receipts
C. Cash Disbursement
D. General Journal
59. Entity Z incurs obligation amounting to P 1,000,000. The obligations are recorded in
to:
i. Registry of Appropriations and Allotments (RAPAL)
 ii. Obligation Request and Status (ORS)
iii. Registries of Revenue and Others Receipts (RROR)
iv. Registries of Allotments, Obligation and Disbursement (RAOD)

A. I, II and IV
B. I,IV, and III
C. II and IV
D. II and III

60. Appropriation budgets are typically concerned with

A. The details of appropriated expenditures
B. Long-term revenues and expenditures
C. Current operating revenues and expenditures
D. Capital outlays
61. Tax Remittance Advice (TRA) is used to recognize the constructive receipt of the
taxes and customs duties remitted, in the books of?
A. BTr
B. BIR
C. Government Agencies
D. BOC
62. It is a list of all accounts used by the entity.
A. RAPAL
B. General Journal
C. General Accounts
D. Chart of Accounts

63. The various registries maintained by government entities are considered, technically,
as
a. Books of accounts
b. Budget records
c. General ledgers
d. Log books
64. Which of the following is recorded in the obligation request and status (ORS)?
a. Receipt of notice of appropriation
b. Receipt of allotment from DBM
c. Receipt of Notice of Cash allocation from the DBM
d. Entering into employment contracts with employees
65. Entity A, a government entity, made disbursement for traveling expenses of its
personnel. These expenditures are most likely classified as.
a. Personnel Services (PS)
b. Maintenance and Other Operating Expenses (MOOE)
c. Financial Expenses (FE)
 d. Capital Outlays (CO)

66. Agency XXX conducted a seminar/conference and was able to collect seminar fees
from attendees totaling a P100, 000. The authority to use such receipt is subjected to
limitations that any excess over those expended for seminar/conference costs shall be
remitted to the National Treasury. P20, 000 and P5, 000 from the amount collected
were used for rent of the seminar/ conference venue and office supplies used,
respectively. The excess amount was remitted to the BIR. The entry/ies to record the
remittance of the excess would be:

a. Seminar Fees ………………………… 75,000

Cash in Bank – LCCA …………. 75,000
b. Due to BIR ……………………..…… 75,000
Cash in Bank – LCCA …………. 75,000
c. Rent Expense ……………………….. 20,000
Office Supplies expense ……………. 5,000
Due to BIR ………………………… 75,000
Cash in Bank – LCCA ………… 100,000
d. Subsidy from National Government 75,000
Cash in Bank – LCCA ………… 75,000

67. Agency ABC sold a 50% depreciated motor vehicle which had an original cost of
P300, 000 for P200, 000. The proceeds shall be deemed automatically appropriated
for the purchase of replacement higher capacity vehicle worth P500, 000, net of
applicable tax. The agency subsequently received a NCA of P500, 000 for the
purchase of the said vehicle. What is the entry to record the receipt from the disposal
of the motor vehicle?

a. Cash-Collecting Officer …………….. 200,000

Due to BIR ……………………… 200,000
b. Cash-Collecting Officer …………….. 200,000
Gain on Sale of Disposed Assets .. 200,000
c. Cash-Collecting Officer …………….. 200,000
Accumulated Depreciation-Vehicles .. 150,000
Motor Vehicles …………………. 300,000
Gain on Sale of Disposed Assets .. 50,000
d. Cash-Collecting Officer …………….. 200,000
Accumulated Depreciation-Vehicles .. 150,000
Motor Vehicles …………………. 300,000
Due to BIR ……………………... 50,000
68. Using the information in number 2, what is the entry to record remittance of the
collection to the BIR, if any.

a. No necessary entry, since there is no need to remit the collection to the

BIR.
b. Gain on Sale of Disposed Assets ……… 50,000
Government Equity …………………… 150,000
Cash – Collection Officer ………... 200,000
c. Due to BIR …………………………… 200,000
Cash – Collecting Officer ……….. 200,000
d. Subsidy from National Government 200,000
Cash – Collecting Officer ……….. 200,000

69. Using the information in number 2, what is the entry to record the receipt of the NCA
for the purchase of new motor vehicle?

a. Memo entry
b. Cash – National Treasury, MDS ……… 300,000
Subsidy from National Government 300,000
c. Cash – National Treasury, MDS ……… 450,000
Subsidy from National Government 450,000
d. Cash – National Treasury, MDS ……… 500,000
Subsidy from National Government 500,000

70. Agency QQQ had the following account balances for the year 2019:

Dr(Cr)
Cash ……………………………………… P 5, 000,000
Receivables ………………………………. 10, 000,000
Marketable securities …………………….. 18, 000,000
Fixed assets ……………………………… 95, 000,000
Long-term investments ………………….. 5, 000,000
Other assets …………………………….... 8, 000,000
Inventories ………………………………. 7, 000,000
Prepaid Expenses ……………………….. 2, 000,000
Accumulated depreciation ………………. (5, 000,000)

Determine the current assets for the year 2019:

a. P55,000,000 c. P145,000,000
b. 95,000.000 d. 42,000,000
71. Agency RRR had the following account balances for the year 2011:

Current Assets ……………………………. P10, 000,000

Investments and Fixed Assets ……………. 90, 000,000
Other Assets ……………………………… 5, 000,000
Liabilities ………………………………… 18, 000,000
Contingent Liabilities ……………………. 5, 000,000
Contingent Assets ………………………… 3, 000,000

Determine the Government Equity for the year 2011:

a. P105,000,000
b. 85,000,000
c. P87,000,000
d. 82,000,000

72. Agency KKK have an obligation for equipment per purchase order amounting to
P200, 000. The entry for this transaction would be:

a. Office Equipment …………………………….... 200,000

Accounts Payable …………………………... 200,000
b. Office Equipment …………………………….... 200,000
Cash-National Treasury, MDS ……………… 200,000
c. Office Equipment …………………………….... 200,000
Subsidy from National Government … 200,000
d. Memorandum entry in RAOCO.

73. Using the same information in No. 7, Agency KKK received the office equipment
based on invoice /delivery receipt. The entry for this transaction would be: (ignore tax
implication)

a. Office Equipment …………………………….... 200,000

Accounts Payable …………………………... 200,000
b. Office Equipment …………………………….... 200,000
Cash-National Treasury, MDS ……………… 200,000
c. Office Equipment …………………………….... 200,000
Subsidy from National Government … 200,000
d. Memorandum entry in RAOCO.

74. Using the same information in Nos. 7 and 8, Agency KKK liquidates the office
equipment acquired in full. The entry to record this transaction would be (ignore tax
implication):

a. Obligation Liquidated ………………………….. 200,000

Cash-National Account-Check Disb. ...……… 200,000
 b. Subsidy Income from National Government …..... 200,000
Cash-National Treasury, MDS …………….... 200,000
c. Accounts Payable …………………………….... 200,000
Cash-National Treasury, MDS ………………. 200,000
d. Memorandum entry in RAOCO.

75. Agency LLL have obligation for Information Technology (IT) Software from
Microsoft Great Plains Solutions amounting to P120, 000. The entry for this
transaction would be:

a. Obligation Liquidated ………………………….. 120,000

Appropriations Allotted ...………..………… 120,000
b. IT Equipment and Software ………………….... 120,000
Accounts Payable …………………………... 120,000
c. IT Equipment and Software ………………….... 120,000
Cash-National Treasury, MDS …………..…. 120,000
d. Memorandum entry in RAOCO.

“An investment in knowledge pays the best interest”

Benjamin Franklin
CHRISTIAN COLLEGES OF SOUTHEAST ASIA
Government Accounting