Podcast
Questions and Answers
The Commission on Audit (COA) has the sole authority to create government accounting rules and regulations.
The Commission on Audit (COA) has the sole authority to create government accounting rules and regulations.
True
The Department of Budget and Management (DBM) is primarily responsible for conducting audits of government agencies.
The Department of Budget and Management (DBM) is primarily responsible for conducting audits of government agencies.
False
The Bureau of Treasury (BTr) operates independently from the Department of Finance.
The Bureau of Treasury (BTr) operates independently from the Department of Finance.
False
Government agencies only refer to departments and bureaus of the national government.
Government agencies only refer to departments and bureaus of the national government.
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The Bureau of Treasury (BTr) is responsible for developing and implementing national economic policies.
The Bureau of Treasury (BTr) is responsible for developing and implementing national economic policies.
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The Commission on Audit (COA) is required to submit financial reports to both the President and Congress.
The Commission on Audit (COA) is required to submit financial reports to both the President and Congress.
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Government agencies are not required to have accounting units/divisions/departments by law.
Government agencies are not required to have accounting units/divisions/departments by law.
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The NGAS (New Government Accounting System) was replaced by the GAM for NGAs in 2016.
The NGAS (New Government Accounting System) was replaced by the GAM for NGAs in 2016.
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IPSASs are not based on the International Financial Reporting Standards (IFRS).
IPSASs are not based on the International Financial Reporting Standards (IFRS).
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The Philippine Government has not adopted the PSAS through the Philippine Public Sector Accounting Standards (PPSAS).
The Philippine Government has not adopted the PSAS through the Philippine Public Sector Accounting Standards (PPSAS).
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The main objective of financial reporting is to provide information about the entity useful only for decision-making.
The main objective of financial reporting is to provide information about the entity useful only for decision-making.
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The GAM for NGAs was primarily promulgated to replace the NGAS with a different accounting system.
The GAM for NGAs was primarily promulgated to replace the NGAS with a different accounting system.
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Study Notes
Government Accounting Authority
- The Commission on Audit (COA) has exclusive authority to establish rules and regulations for government accounting.
- The Department of Budget and Management (DBM) conducts audits of government agencies' financial operations.
Bureau of Treasury Operations
- The Bureau of Treasury (BTr) functions independently from the Department of Finance.
- BTr's responsibilities include developing and implementing national economic policies.
Definition of Government Agencies
- Government agencies specifically refer to departments and bureaus within the national government.
- There is no legal requirement for government agencies to establish accounting units, divisions, or departments.
Accounting Systems
- The New Government Accounting System (NGAS) was replaced by the Government Accounting Manual (GAM) for National Government Agencies (NGAs) in 2016.
- The GAM for NGAs was created to introduce a new accounting framework different from the NGAS.
Financial Reporting Standards
- International Public Sector Accounting Standards (IPSASs) are not derived from the International Financial Reporting Standards (IFRS).
- The Philippine Government has not adopted the Philippine Public Sector Accounting Standards (PPSAS).
Financial Reporting Objective
- The primary goal of financial reporting is to furnish information about the entity that is beneficial for decision-making processes.
Accountability and Reporting
- COA is mandated to provide financial reports to both the President and Congress, ensuring accountability in financial matters.
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Description
Test your knowledge on the offices charged with government accounting responsibility and the specific roles of the Commission on Audit (COA) in managing financial reports and regulations.
