Philippine Government Accounting Manual Overview
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Philippine Government Accounting Manual Overview

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Questions and Answers

What prompted the harmonization of accounting standards in the Philippines?

  • Recent developments in public financial management and changes in accounting. (correct)
  • A rise in fraudulent activities in government accounting.
  • Increased funding for accounting education.
  • The need for stricter audit regulations.

    • What is the main legal basis for the Government Accounting Manual (GAM)?

  • Article IX-D, Section 2 par.(2) of the 1987 Constitution. (correct)
  • PPSAS Resolution No. 2014-003.
  • Article IX-D, Section 3 of the Constitution.
  • COA Circular No. 2002-002.

    • What is included under the coverage of the Government Accounting Manual (GAM)?

  • Guidelines for private sector accounting.
  • Audit techniques and financial forecasting methods.
  • The Revised Chart of Accounts (RCA) and accounting procedures. (correct)
  • Only the basic accounting policies and principles.

    • Which of the following is one of the objectives of the Government Accounting Manual?

    <p>To provide a coding structure for accounting entries.</p> Signup and view all the answers

    Which body has the exclusive authority to define the scope of its audit and examination in the Philippines?

    <p>The Commission on Audit (COA).</p> Signup and view all the answers

    What was adopted through COA Resolution No. 2014-003?

    <p>The Philippine Public Sector Accounting Standards (PPSAS).</p> Signup and view all the answers

    For whom is the Government Accounting Manual (GAM) intended?

    <p>All National Government Agencies (NGAs).</p> Signup and view all the answers

    What does the GAM aim to update regarding government accounting?

    <p>Standards, policies, guidelines, and procedures in accounting.</p> Signup and view all the answers

    Study Notes

    Philippine Public Financial Management Reforms

    • Recent developments have prompted harmonization of Philippine accounting standards with international standards.
    • The New Government Accounting System (NGAS) Manual was revised to adapt to changes and advancements in technology.
    • The GAM is established by the Commission on Audit (COA) as per the 1987 Constitution, Article IX-D, Section 2, ensuring exclusive authority over audit and examination scope.
    • The COA is responsible for setting accounting and auditing rules aimed at preventing irregularities in government expenditures.

    Coverage of the Government Accounting Manual

    • The Manual outlines basic accounting policies aligned with the Philippine Public Sector Accounting Standards (PPSAS), adopted via COA Resolution No. 2014-003.
    • It includes the Revised Chart of Accounts (RCA) as per COA Circular No. 2013-002.
    • Contains detailed accounting procedures, registries, records, forms, reports, and illustrative accounting entries relevant to National Government Agencies (NGAs).

    Objectives of the Government Accounting Manual

    • To update standards, policies, guidelines, and procedures for accounting government funds and property.
    • To revise the coding structure and accounts utilized in financial management.
    • To enhance accounting books, registries, records, forms, reports, and financial statements for effective financial reporting.

    Implementation and Reporting

    • The Manual serves as a framework for NGAs in preparing general-purpose financial statements in adherence to PPSAS.
    • It provides guidelines for the reporting of budget, revenue, and expenditures following legislative requirements.

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    Description

    Explore the key aspects of the Philippine Government Accounting Manual (GAM) and its alignment with international standards. This quiz covers the legal basis for GAM, the recent reforms in public financial management, and the detailed accounting frameworks put in place by the Commission on Audit. Test your understanding of these essential guidelines.

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