Government Auditing Code of the Philippines

Depository funds are funds that a government officer cannot control for lawful purposes.

Trust funds can be spent for any purpose, as long as they have been officially received by a government agency.

Resources of a government agency include only cash and buildings, excluding estimated revenues and bonds.

A government agency refers to any privately owned department or office.

The 'Government Auditing Code of the Philippines' is also known as the 'Financial Management Law of the Philippines'.

All financial transactions of a government agency must adhere to generally accepted principles of accounting and sound management.

According to the Declaration of Policy, the government's resources should be managed without regard for laws and regulations.

The responsibility to ensure adherence to the policy of managing government resources falls solely on the staff of each government agency.

The term 'Revenue Funds' includes funds derived from the income of any agency of the government and can be used without legal restrictions.

A 'Fund' is defined as a sum of money or other resources set aside for specific activities, governed by specific regulations and limitations.