Podcast
Questions and Answers
Depository funds are funds that a government officer cannot control for lawful purposes.
Depository funds are funds that a government officer cannot control for lawful purposes.
False
Trust funds can be spent for any purpose, as long as they have been officially received by a government agency.
Trust funds can be spent for any purpose, as long as they have been officially received by a government agency.
False
Resources of a government agency include only cash and buildings, excluding estimated revenues and bonds.
Resources of a government agency include only cash and buildings, excluding estimated revenues and bonds.
False
A government agency refers to any privately owned department or office.
A government agency refers to any privately owned department or office.
Signup and view all the answers
The 'Government Auditing Code of the Philippines' is also known as the 'Financial Management Law of the Philippines'.
The 'Government Auditing Code of the Philippines' is also known as the 'Financial Management Law of the Philippines'.
Signup and view all the answers
All financial transactions of a government agency must adhere to generally accepted principles of accounting and sound management.
All financial transactions of a government agency must adhere to generally accepted principles of accounting and sound management.
Signup and view all the answers
According to the Declaration of Policy, the government's resources should be managed without regard for laws and regulations.
According to the Declaration of Policy, the government's resources should be managed without regard for laws and regulations.
Signup and view all the answers
The responsibility to ensure adherence to the policy of managing government resources falls solely on the staff of each government agency.
The responsibility to ensure adherence to the policy of managing government resources falls solely on the staff of each government agency.
Signup and view all the answers
The term 'Revenue Funds' includes funds derived from the income of any agency of the government and can be used without legal restrictions.
The term 'Revenue Funds' includes funds derived from the income of any agency of the government and can be used without legal restrictions.
Signup and view all the answers
A 'Fund' is defined as a sum of money or other resources set aside for specific activities, governed by specific regulations and limitations.
A 'Fund' is defined as a sum of money or other resources set aside for specific activities, governed by specific regulations and limitations.
Signup and view all the answers
