Session 1 - CMCS for OCD

Accountability refers to the answerability of every public officer, whose duties permit or require the possession or custody, and safekeeping of government funds or property.

• True

• False

Accountability over cash advances and collections shall be extinguished upon liquidation.

• True

• False

Accountability over Property, Plant and Equipment (including semi-expendable properties) shall be extinguished upon return of the item to the Property Officer.

• True

• False

The new capitalization threshold for a tangible asset to be recognized as Property, Plant and Equipment is P50,000 and above.

• True

• False

The primary purpose of the one-time cleansing of PPE accounts is to establish verifiable PPE balances in terms of existence, condition, and accountability.

• True

• False

Disposal proceedings shall be immediately initiated to avoid further deterioration of the properties and consequent depreciation of their value. A systematic and timely disposal will yield benefits in terms of the possibility of alternative use, a higher appraised value, and the availability of storage areas for other purposes.

• True

• False

Unserviceable properties that can no longer be repaired or reconditioned, and waste materials shall be appraised at scrap or junk value.

• True

• False

Government Funds are sums of money or other resources that include cash, investments, inventories, property, plant and equipment, and other assets belonging to any government agency.

• True

• False

The Petty Cash Custodian may request replenishment of the petty cash fund when the disbursements reach at least 75%, or as the need requires, by submitting a replenishment voucher (Report on Paid Petty Cash Vouchers) with all supporting documents duly summarized in a report of disbursements.

• True

• False

The cash advance and petty cash fund shall be used to pay regular expenses, such as rentals, newspaper subscriptions, utility expenses, etc.

• True

• False