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Accounting for Government & Non-Profit Organizations Overview

Accounting for Government & Non-Profit Organizations Overview

Learn about the processes involved in analyzing, recording, and summarizing transactions related to government funds and property. Explore the basic principles of government accounting and budget reporting.

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Quiz24 Questions
Flashcards18 Cards
Study Notes1 Note
Podcast1 Episode

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Accounting for Government & Non-Profit Organizations Overview

Quiz • 24 Questions

Accounting for Government & Non-Profit Organizations Overview - Flashcards

Flashcards • 18 Cards

Study Notes

2 min • Summary

Accounting for Government & Non-Profit Organizations Overview - Podcast

Podcast

Materials

List of Questions24 questions
  1. Question 1
    • Only recording financial transactions
    • Exclusively summarizing transactions
    • Analyzing, recording, and communicating transactions involving government funds
    • Only interpreting the results of financial transactions
  2. Question 2
    • Reporting financial transactions based on budgetary records
    • Maintaining single entry bookkeeping system
    • Using accrual basis of accounting
    • Following generally accepted government accounting principles
  3. Question 3
    • Reports meeting the needs of users with specific demands
    • Reports exclusively designed for government agencies
    • Tailored reports for specific user needs
    • Intended for users not specifically demanding tailored reports
  4. Question 4
    • Financial statements based on accounting records
    • Budget basis for presentation of budget information
    • Double entry bookkeeping
    • Generally accepted government accounting principles
  5. Question 5
    • Accrual basis of accounting
    • Single entry bookkeeping
    • Cash basis
    • Budget basis
  6. Question 6
    • Local government regulations
    • Philippine Public Sector Accounting Standards (PPSAS)
    • Generally accepted accounting principles (GAAP)
    • International Financial Reporting Standards (IFRS)
  7. Question 7
    • To provide information for decision making and demonstrate accountability
    • To prepare financial statements for individual entities and departments
    • To ensure compliance with accounting standards and regulations
    • To generate profits for the government
  8. Question 8
    • The Chairman of the Commission on Audit (COA)
    • The Minister of Finance
    • The President of the Republic
    • The head of the entity/department central office and the head of the finance/accounting unit
  9. Question 9
    • Statement of Financial Position
    • Statement of Profit and Loss
    • Statement of Financial Performance
    • Statement of Changes in Net Assets/Equity
  10. Question 10
    • The head of the entity/department central office and the head of the finance/accounting unit
    • The President of the Republic
    • The Minister of Finance
    • The Chairman of the Commission on Audit (COA)
  11. Question 11
    • Statement of Profit and Loss
    • Statement of Comparison of Budget and Actual Amounts
    • Income Statement
    • Balance Sheet
  12. Question 12
    • The head of the entity/department central office and the head of the CO finance unit
    • The head of the entity/department central office and the head of the finance/accounting unit
    • The Chairman of the Commission on Audit (COA)
    • The Minister of Finance
  13. Question 13
    • Materiality, reliability, expenses, understandability
    • Understandability, relevance, reliability, comparability
    • Relevance, assets, liabilities, comparability
    • Assets, liabilities, net assets, expenses
  14. Question 14
    • Liabilities are the gross inflow of economic benefits
    • Liabilities are the resources controlled by an entity
    • Liabilities are firm obligations of the entity
    • Liabilities are the revenues derived from income
  15. Question 15
    • The revenues derived from income
    • The resources controlled by an entity
    • The gross inflow of economic benefits
    • The residual interest in the assets after deducting liabilities
  16. Question 16
    • All funds derived from the income of government agencies
    • Decreases in net assets/equity
    • Expenses for public use
    • Resources embodying economic benefits or service potential
  17. Question 17
    • Distributions to owners
    • Outflows or consumption of assets during the reporting period
    • Liabilities incurred during the reporting period
    • Increases in economic benefits during the reporting period
  18. Question 18
    • Revenues
    • Liabilities
    • Net assets/equity
    • Decreases in net assets/equity
  19. Question 19
    • Cash Disbursements Journal (CDJ)
    • Cash Receipts Journal (CRJ)
    • Check Disbursements Journal (CkDJ)
    • General Journal (GJ)
  20. Question 20
    • Revenue
    • Net Assets/Equity
    • Expenses
    • Assets
  21. Question 21
    • General Ledger (GL)
    • Fund Ledger (FL)
    • Special Ledger (SL)
    • Accounts Ledger (AL)
  22. Question 22
    • Accounting Division/Unit by fund cluster
    • General Ledger Manager
    • Collecting Officer
    • Disbursing Officer
  23. Question 23
    • General Journal (GJ)
    • Cash Disbursements Journal (CDJ)
    • Cash Receipts Journal (CRJ)
    • Check Disbursements Journal (CkDJ)
  24. Question 24
    • General Journal (GJ)
    • Cash Disbursements Journal (CDJ)
    • Cash Receipts Journal (CRJ)
    • Check Disbursements Journal (CkDJ)
List of Flashcards18 flashcards
  1. Card 1
    HintAccounting in the public sector.Memory TipThink 'public purse' and how it's managed.
  2. Card 2
    HintStatements for everyone.Memory TipGPFS: General Purpose, Financial Statements
  3. Card 3
    HintReflects the governments financial health.Memory TipThink: like a business report card, but for the government
  4. Card 4
    HintSet by a central authority.Memory TipCOA sets the rules.
  5. Card 5
    HintHow is budget information presented?Memory TipBOFS: Budget and Other Financing Sources
  6. Card 6
    HintThe person in charge.Memory TipHead honcho handles financials.
  7. Card 7
    HintCentral audit authority.Memory TipCOA compiles the big picture.
  8. Card 8
    HintThink of the core financial reports.Memory TipBalance, Performance, Changes, Cash, Notes
  9. Card 9
    HintQualities of good financial reporting.Memory TipReliable reports are relevant and comparable
  10. Card 10
    HintWhat the entity owes.Memory TipLiabilities = Owings.
  11. Card 11
    HintAssets minus liabilities.Memory TipEquity = Assets - Liabilities.
  12. Card 12
    HintMoney coming in.Memory TipRevenue = Income.
  13. Card 13
    HintMoney flowing out.Memory TipExpenses = Costs.
  14. Card 14
    HintJournal of last resort.Memory TipGeneral Journal is versatile.
  15. Card 15
    HintThe master summary.Memory TipLedger holds all accounts.
  16. Card 16
    HintWho manages cash inflows?Memory TipCashier logs receipts.
  17. Card 17
    HintTracking check payments.Memory TipChecks go in disbursements.
  18. Card 18
    HintWhere do you record money collected?Memory TipDeposits are cash receipts.

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