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Questions and Answers
The primary purpose of the ledger in government accounting is to track disbursements only.
False
The unadjusted trial balance is the last step in the government accounting cycle.
False
Personal Services, Maintenance and Other Operating Expenses, and Financial Expenses are classified under RAOD based on expenditure.
True
The Disbursement Authority in government accounting is referred to as NCA.
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The budget record known as RBUD tracks assets and liabilities in government accounting.
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For Capital Outlays, the example provided tracks payments related to asset purchases and improvements.
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The fund classification in government accounting is irrelevant during the billing process.
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The 8-digit code used in the revised chart of accounts includes numbers for both income and equity.
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Study Notes
Books of Accounts
- Journals: General, Cash receipts, Cash disbursements, Check disbursements.
- Ledger: General and Subsidiary.
- Note: Fund Cluster Accounting is used.
Registries (Budget Records and Division)
- RROR: Revenue and Other Receipts.
- RAPAL: Appropriations and Allotments.
- RAOD: Allotments, Obligations, and Disbursements (separate for each expenditure).
- RBUD: Budget, Utilization, and Disbursements.
- Note: Fund Cluster Accounting is used.
Classification by Expenditure (RAOD)
- PS: Personnel Services.
- MOOE: Maintenance and Other Operating Expenses.
- FO: Financial Expenses.
- CO: Capital Outlays.
Revised Chart of Accounts
- Uses an 8-digit code.
- Categories: Assets (1), Liabilities (2), Equity (3), Income (4), Expenses (5).
Government Accounting Cycle
- Appropriation (RAPAL).
- Allotment (RAPAL and RAOD).
- Incurrence of Obligation (Obligation Request Status - ORS and RAOD).
- Disbursement Authority (Notice of Cash Allocation - NCA).
- Disbursements.
- Billings, Collection, and Remittances.
- Unadjusted Trial Balance.
- Adjusting Entries.
- Closing Entries.
- Financial Statement Preparation.
Disbursement Authority
- Example: Modified Disbursement System (MDS).
Disbursements – PS (Personnel Services)
- Requires service rendered and payroll approval.
- Examples provided include setup, grant of cash advance, and liquidation.
Disbursements – MOOE (Maintenance and Other Operating Expenses)
- Examples cover delivered and received goods/services, payments with taxes, utility payments with taxes, and travel cash advances (grant, liquidation, receipt and deposit of refund).
Disbursements – CO (Capital Outlays)
- Examples include delivered and received items and payment (with applicable taxes).
Remittances of Amounts Withheld
- Examples provided for amounts due to the Bureau of Internal Revenue (BIR) (via Tax Remittance Advice/TRA) and to GSIS, Pag-IBIG, and PhilHealth.
Billings, Collections, and Remittances
- Includes billings, collection, and remittance to the Bureau of the Treasury (BTr).
- Covers collections of unbilled amounts.
Unadjusted Trial Balance and Adjusting Entries
- The provided text does not elaborate on specific entries.
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Description
This quiz covers the essential principles and components of government accounting, focusing on the books of accounts, registries, and classifications by expenditure. Test your knowledge on various accounting methods including Fund Cluster Accounting and the revised chart of accounts.
