Accounting for Government & Non-profit Organization

Play an AI-generated podcast conversation about this lesson

What is the primary purpose of government budgeting?

To support the implementation of various programs and projects (correct)

To maximize government revenue

To manage government expenditures effectively

To promote the development of the country

What is the primary role of the government budget in relation to the country's socio-economic objectives?

To generate maximum revenue for the government

To support the implementation of various programs and projects

To serve as the government's key instrument for promoting its socio-economic objectives (correct)

To manage government expenditures efficiently

What is the primary function of government budgeting in terms of managing government expenditures?

To maximize government revenue

To create the most economic impact from the production and delivery of goods and services while supporting a healthy fiscal position (correct)

To promote the development of the country

To serve as the government's key instrument for promoting its socio-economic objectives

What is the primary source of funding for the government budget?

Government revenue Signup and view all the answers

Which of the following is NOT a key aspect of government budgeting?

Maximizing government revenue Signup and view all the answers

Which of the following is NOT a key purpose of the government budget?

To maximize government revenue Signup and view all the answers

What is the consequence when government expenditures exceed revenues?

Government borrows money, either from foreign sources or the domestic capital market Signup and view all the answers

How does surplus budget policy impact economic growth?

It reduces interest rates and inflation rates Signup and view all the answers

What is a key benefit of surplus budgeting for the private sector?

It makes financing more accessible for families Signup and view all the answers

Why does the government need to generate a budget surplus?

To repay accumulated debt over the years Signup and view all the answers

How does reducing national budget debt impact government requirements?

It lessens government's requirements for interest and principal payments Signup and view all the answers

During periods of rising interest rates and unstable exchange rates, why is reducing government debt important?

To lessen government's requirements for interest and principal payments Signup and view all the answers

What is the origin of the term 'budget'?

It originated from the Latin word 'bulga' meaning 'bag' or 'purse' Signup and view all the answers

How did Commonwealth Act No. 246 define the term 'budget'?

As the financial program of the National Government for a designated fiscal year Signup and view all the answers

How did Republic Act No. 992 define the term 'budget'?

As the delineation of services and products, or benefits that would accrue to the public together with the estimated unit cost Signup and view all the answers

What is the most straightforward definition of the term 'budget'?

The financial plan of the Government, or the 'master plan of government' Signup and view all the answers

When did the concept of budgeting originate?

It originated from the creation of the State Signup and view all the answers

Why did the government need to perform vital functions that required public expenditures?

To protect the people, the territory, and sovereignty of the State Signup and view all the answers

What is the primary purpose of the 'one-fund' concept?

To ensure all government revenues are allocated to the General Fund Signup and view all the answers

What is the significance of the 'one-fund' concept?

It facilitates proper allocation of scarce resources Signup and view all the answers

How does the 'one-fund' concept contribute to fiscal management?

It provides a mechanism for controlling drawdowns on pooled resources Signup and view all the answers

What is meant by a 'balanced budget' in the context of government budgeting?

When revenues match expenditures or disbursements Signup and view all the answers

How does the 'one-fund' concept help in monitoring government finances?

It allows for the comparison of disbursements against revenues generated Signup and view all the answers

What is the primary advantage of the 'one-fund' concept over separate fund management?

It allows for better control and allocation of resources Signup and view all the answers

What is the main purpose of the Registry of Revenue and Other Receipts?

To monitor the estimated/budgeted, collected and remitted/deposited revenue and other receipts. Signup and view all the answers

What is the purpose of the Registry of Appropriations and Allotments (RAPAL)?

To monitor appropriations and allotments charged against them, including original, supplemental and final budgets. Signup and view all the answers

What is the main purpose of the Registry of Allotments, Obligations and Disbursements (RAOD)?

To record allotments received, obligations incurred and disbursements made. Signup and view all the answers

What is the purpose of the Registry of Allotments, Obligations and Disbursements – Personnel Services (RAOD-PS)?

To record allotments received, obligations incurred and disbursements classified under Personnel Services. Signup and view all the answers

What is extracted every time an entry is made in the Registry of Appropriations and Allotments (RAPAL)?

The balance to prevent incurrence of overdraft in appropriations. Signup and view all the answers

What is extracted every time an entry is made in the Registry of Allotments, Obligations and Disbursements (RAOD)?

The balance to prevent incurrence of obligations in excess of allotment and overdraft in disbursements against obligations incurred. Signup and view all the answers

Accounting for Government & Non-profit Organization - Budget System Origins

Podcast

Questions and Answers