Government Funds and Revenue Quiz

Revenue increases net assets/equity and includes all funds derived from the income of any government agency.

The responsibility to ensure that government resources are managed in accordance with laws and regulations primarily rests with the head of the government agency concerned.

Fiscal responsibility is solely borne by the head of any government agency.

The generally accepted principles and practices of accounting must be followed even if they contradict existing laws and regulations.

Entities are required to use single entry bookkeeping for their financial transactions and operations.

The financial reporting system of the Philippine government consists of accounting system on cash basis and budget reporting system on accrual basis.

The COA is responsible for keeping the general accounts of the Government as well as preserving the vouchers and other supporting papers pertaining thereto.

Every officer accountable for government funds is relieved from liability if acting under the direction of a superior officer.

The officer directing any illegal payment or disposition of the funds or property is secondarily liable for the loss.

An officer failing to immediately notify the Commission or auditor concerning loss of government funds or property caused by force majeure shall be allowed credit for the loss in the settlement of his accounts.