24 Questions
What does Government Accounting involve?
Analyzing, recording, and communicating transactions involving government funds
Which of the following is NOT a Basic Government Accounting Principle for National Government Agencies (NGAs)?
Maintaining single entry bookkeeping system
What type of Financial Statements are General-Purpose Financial Statements (GPFSs)?
Intended for users not specifically demanding tailored reports
Which principle requires National Government Agencies to use the Revised Chart of Accounts (RCA)?
Budget basis for presentation of budget information
In Government Accounting, what method is used for presenting budget information in financial statements?
Budget basis
What type of accounting standards are National Government Agencies required to follow?
Philippine Public Sector Accounting Standards (PPSAS)
What is the primary purpose of general-purpose financial reporting in the public sector?
To provide information for decision making and demonstrate accountability
Who is responsible for the preparation of financial statements for an individual entity or department?
The head of the entity/department central office and the head of the finance/accounting unit
Which of the following is NOT a component of the complete set of General-Purpose Financial Statements (GPFSs)?
Statement of Profit and Loss
Who is responsible for the preparation of financial statements for the National Government (NG) as a single entity?
The Chairman of the Commission on Audit (COA)
Which of the following is a component of the complete set of General-Purpose Financial Statements (GPFSs) according to the text?
Statement of Comparison of Budget and Actual Amounts
Who is responsible for the preparation of financial statements for a department or entity as a single entity?
The head of the entity/department central office and the head of the CO finance unit
What are the qualitative characteristics of financial reporting?
Understandability, relevance, reliability, comparability
Which statement best describes liabilities?
Liabilities are firm obligations of the entity
What is net assets/equity?
The residual interest in the assets after deducting liabilities
What do revenues refer to as defined in Section 3 of PD 1445?
All funds derived from the income of government agencies
What are expenses in the context of accounting?
Outflows or consumption of assets during the reporting period
What do expenses relate to?
Decreases in net assets/equity
Where should transactions not recorded in the Special Journals be recorded?
General Journal (GJ)
In financial reporting, which element is defined as resources controlled by an entity as a result of past events?
Assets
Which ledger summarizes all transactions recorded in the General Journal and special journals?
General Ledger (GL)
Who maintains the Cash Receipts Journal in an organization?
Accounting Division/Unit by fund cluster
Which journal is used to record disbursements made through checks?
Check Disbursements Journal (CkDJ)
In which journal should the Report of Collection and Deposit be recorded?
Cash Receipts Journal (CRJ)
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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