12 Questions
Who is primarily responsible for government resources entrusted to a government agency?
The head of the government agency
What is the role of a government officer entrusted with government resources?
Be accountable for safekeeping resources in accordance with the law
Under what circumstance can an accountable officer be relieved from liability?
When notified a superior officer in writing about illegal utilization
Who is primarily liable for losses resulting from unlawful use or negligence in safekeeping government resources?
Superior officer
What must an accountable officer do in case of any loss of government funds from unforeseen events (force majeure)?
Notify the COA within 30 days
What is the personal liability of an employee found to be directly responsible for the unlawful use of government resources?
Primary liability
What is the main focus of government accounting compared to accounting for business entities?
Sources and utilization of government funds
Which of the following is NOT an objective of government accounting as per the State Audit Code of the Philippines?
Reporting on competitors' financial position
What are the processes involved in government accounting?
Analyzing, recording, classifying, summarizing, and communicating transactions
Which statement best describes the role of government accounting in decision-making?
Provides information on sources of government funds
What is a key difference between government accounting and accounting for business entities according to the text?
Government funds utilization
In government accounting, what is emphasized regarding entities entrusted with government funds and properties?
Responsibility, accountability, and liability
Test your knowledge on the objectives of government accounting as outlined in the State Audit Code of the Philippines. Explore the importance of producing information on past operations, guiding future operations, and maintaining accountability.
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