12 Questions
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.
False
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.
False
The Bureau of Treasury (BTr) is responsible for developing and implementing national economic policies.
False
The Commission on Audit (COA) is required to submit financial reports to both the President and Congress.
True
Government agencies are not required to have accounting units/divisions/departments by law.
False
The NGAS (New Government Accounting System) was replaced by the GAM for NGAs in 2016.
True
IPSASs are not based on the International Financial Reporting Standards (IFRS).
False
The Philippine Government has not adopted the PSAS through the Philippine Public Sector Accounting Standards (PPSAS).
False
The main objective of financial reporting is to provide information about the entity useful only for decision-making.
False
The GAM for NGAs was primarily promulgated to replace the NGAS with a different accounting system.
False
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.
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