5 Questions
Which of the following is not considered government income?
Government buildings
To which entity do the generally accepted accounting principles also apply?
The Philippine Institute of CPAs
What is the feature of government accounting that provides for the ceiling or maximum amount an agency can spend?
Budgetary accounting
According to the Philippine Constitution, what power does the President have in the case of a budget deficit?
The President shall have the power to levy and impose taxes to meet the deficit.
Which of the following entities is not subject to the generally accepted accounting principles?
The Bureau of Internal Revenue
Study Notes
Government Income and Accounting
- Interest on loans made by government is considered government income.
Entities and Accounting Principles
- Generally accepted accounting principles (GAAP) also apply to non-profit organizations.
- Government corporations are subject to generally accepted accounting principles.
Government Accounting Features
- Appropriation is the feature of government accounting that provides for the ceiling or maximum amount an agency can spend.
Presidential Powers
- According to the Philippine Constitution, the President has the power to augment appropriations in case of a budget deficit.
Exemptions from GAAP
- Government agencies are not subject to generally accepted accounting principles.
Test your knowledge of government accounting with this quiz! From government income sources to accounting principles, this quiz covers key concepts relevant to government financial management.
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