Govenpo

What law governs government accounting in the Philippines?

• Presidential Decree No. 1445

• Republic Act No. 6713

• Executive Order No. 292

• Republic Act No. 10963

Which agency is primarily responsible for setting government accounting policies in the Philippines?

• Department of Budget and Management (DBM)

• Commission on Audit (COA)

• Bureau of Treasury (BTr)

• Government Service Insurance System (GSIS)

The Philippine government follows which basis of accounting?

• Cash Basis

• Accrual Basis

• Modified Accrual Basis

• Modified Cash Basis

Which agency is responsible for the safekeeping and management of government funds?

• Bangko Sentral ng Pilipinas (BSP)

• Department of Finance (DOF)

• Bureau of Treasury (BTr)

• Commission on Audit (COA)

The chart of accounts used by the Philippine government is prescribed by:

• Department of Finance

• Commission on Audit

• Bureau of Internal Revenue

• Department of Budget and Management

Which accounting principle ensures that government resources are used for their intended purpose?

• Prudence

• Transparency

• Accountability

• Reliability

What is the primary financial report submitted by government agencies to COA?

• Statement of Financial Position

• Statement of Financial Performance

• Trial Balance

• Financial Accountability Report

Which fund is used for specific government projects or activities?

• General Fund

• Special Fund

• Trust Fund

• Revolving Fund

What does the acronym NGAS stand for?

• National Government Accounting Standards

• New Government Accounting System

• National Government Auditing System

• New General Appropriations System

What is the purpose of the General Appropriations Act (GAA)?

• To collect government revenues

• To audit government accounts

• To authorize government expenditures

• To regulate government procurement