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Questions and Answers
Which of the following is not considered government income?
Which of the following is not considered government income?
- Taxes
- Government buildings (correct)
- Grants and aids received from foreign governments
- Proceeds from loans and borrowings
To which entity do the generally accepted accounting principles also apply?
To which entity do the generally accepted accounting principles also apply?
- The Professional Regulation Commission
- The Board of Accountancy
- The Philippine Institute of CPAs (correct)
- The Bureau of Internal Revenue
What is the feature of government accounting that provides for the ceiling or maximum amount an agency can spend?
What is the feature of government accounting that provides for the ceiling or maximum amount an agency can spend?
- Budgetary accounting (correct)
- Obligation accounting
- Fund accounting
- Responsibility accounting
According to the Philippine Constitution, what power does the President have in the case of a budget deficit?
According to the Philippine Constitution, what power does the President have in the case of a budget deficit?
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Which of the following entities is not subject to the generally accepted accounting principles?
Which of the following entities is not subject to the generally accepted accounting principles?
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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.
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