Objectives of Government Accounting Quiz
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Questions and Answers

Who is primarily responsible for government resources entrusted to a government agency?

  • The government officials in charge
  • The head of the government agency (correct)
  • The COA (Commission on Audit)
  • The employees using the resources

    • What is the role of a government officer entrusted with government resources?

  • Properly bond every accountable officer
  • Be accountable for safekeeping resources in accordance with the law (correct)
  • Share fiscal responsibility with others
  • Implement policies efficiently

    • Under what circumstance can an accountable officer be relieved from liability?

  • When acting based on peer advice
  • When losses are due to force majeure
  • When notified a superior officer in writing about illegal utilization (correct)
  • When following the COA's instructions

    • Who is primarily liable for losses resulting from unlawful use or negligence in safekeeping government resources?

    <p>Superior officer</p> Signup and view all the answers

    What must an accountable officer do in case of any loss of government funds from unforeseen events (force majeure)?

    <p>Notify the COA within 30 days</p> Signup and view all the answers

    What is the personal liability of an employee found to be directly responsible for the unlawful use of government resources?

    <p>Primary liability</p> Signup and view all the answers

    What is the main focus of government accounting compared to accounting for business entities?

    <p>Sources and utilization of government funds</p> Signup and view all the answers

    Which of the following is NOT an objective of government accounting as per the State Audit Code of the Philippines?

    <p>Reporting on competitors' financial position</p> Signup and view all the answers

    What are the processes involved in government accounting?

    <p>Analyzing, recording, classifying, summarizing, and communicating transactions</p> Signup and view all the answers

    Which statement best describes the role of government accounting in decision-making?

    <p>Provides information on sources of government funds</p> Signup and view all the answers

    What is a key difference between government accounting and accounting for business entities according to the text?

    <p>Government funds utilization</p> Signup and view all the answers

    In government accounting, what is emphasized regarding entities entrusted with government funds and properties?

    <p>Responsibility, accountability, and liability</p> Signup and view all the answers

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