Public Funds
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Questions and Answers

According to the text, what is one of the fundamental principles regarding the disbursement or disposition of government funds or property?

  • Fiscal responsibility shall, to the greatest extent, be shared by all those exercising authority over the financial affairs, transactions, and operations of the government agency.
  • No money shall be paid out of any public treasury or depository except in pursuance of an appropriation law or other specific statutory authority. (correct)
  • Government funds or property shall be spent or used solely for public purposes.
  • Trust funds shall be available and may be spent only for the specific purpose for which the trust was created or the funds received.

    • According to the text, what is one of the fundamental principles regarding the spending or use of trust funds?

  • No money shall be paid out of any public treasury or depository except in pursuance of an appropriation law or other specific statutory authority.
  • Government funds or property shall be spent or used solely for public purposes.
  • Fiscal responsibility shall, to the greatest extent, be shared by all those exercising authority over the financial affairs, transactions, and operations of the government agency.
  • Trust funds shall be available and may be spent only for the specific purpose for which the trust was created or the funds received. (correct)

    • According to the text, what is one of the fundamental principles regarding the payment of money out of any public treasury or depository?

  • Government funds or property shall be spent or used solely for public purposes.
  • Fiscal responsibility shall, to the greatest extent, be shared by all those exercising authority over the financial affairs, transactions, and operations of the government agency.
  • No money shall be paid out of any public treasury or depository except in pursuance of an appropriation law or other specific statutory authority. (correct)
  • Trust funds shall be available and may be spent only for the specific purpose for which the trust was created or the funds received.

    • According to the text, what is one of the fundamental principles regarding the fiscal responsibility of those exercising authority over the financial affairs of the government agency?

    <p>Fiscal responsibility shall, to the greatest extent, be shared by all those exercising authority over the financial affairs, transactions, and operations of the government agency.</p> Signup and view all the answers

    According to the text, what is one of the fundamental principles regarding the spending or use of government funds or property?

    <p>Government funds or property shall be spent or used solely for public purposes.</p> Signup and view all the answers

    Which one of these is a key difference between the Old Government Accounting System and the New Government Accounting System (NGAS)?

    <p>The NGAS is similar to commercial accounting, while the Old Government Accounting System is different from commercial accounting.</p> Signup and view all the answers

    What does government accounting encompass?

    <p>All of the above.</p> Signup and view all the answers

    What is one of the objectives of government accounting?

    <p>All of the above.</p> Signup and view all the answers

    What is the purpose of producing relevant financial information in government accounting?

    <p>To monitor the performance of government agencies effectively.</p> Signup and view all the answers

    Which one of these is a fundamental principle regarding the control of the acts of public officials in government accounting?

    <p>The spending or use of trust funds should be authorized by law.</p> Signup and view all the answers

    Study Notes

    Fundamental Principles of Government Finance

    • Government funds and property must be disbursed and disposed of in accordance with laws and regulations to ensure legality and accountability.
    • Trust funds must be utilized strictly for their designated purposes, preventing diversion or improper use of these resources.
    • Payments from public treasuries or depositories require appropriate authorizations and must comply with established fiscal procedures to ensure lawful expenditures.
    • Fiscal responsibility is essential for those managing government finances, emphasizing the need for transparency and ethical conduct in financial management.
    • Government funds and property are to be used efficiently and effectively, aiming to maximize public benefit and minimize waste.

    Differences in Accounting Systems

    • A key difference between the Old Government Accounting System and the New Government Accounting System (NGAS) is the transition from cash-based to accrual-based accounting, improving the accuracy of financial reporting.

    Government Accounting Overview

    • Government accounting encompasses the recording, analyzing, and reporting of financial transactions related to public sector activities, ensuring compliance and transparency.
    • One of the primary objectives of government accounting is to provide stakeholders with reliable financial information that supports decision-making and accountability.

    Purpose of Financial Information

    • Producing relevant financial information in government accounting aims to inform citizens, policymakers, and oversight bodies about resource allocation and financial health.

    Control of Public Officials

    • A fundamental principle regarding the control of public officials in government accounting is the requirement for proper authorization and documentation of all financial transactions to prevent misuse of authority.

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    Description

    Test your knowledge of the fundamental principles governing public funds with this quiz. Explore the rules and regulations surrounding the use of government funds and property, including the requirement for specific statutory authority. Put your understanding to the test and see how well you grasp these important principles.

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