Chapter 1 AccOrg Quiz

Which of the following is a unique requirement of government accounting that is not required in the accounting for business entities?

• The use of double-entry recording system

• The use of single-entry recording system

• The use of accrual basis of accounting

• The presentation of budget information in the financial statements

What is the legal basis of the COA in promulgating the GAM for NGAs?

• PD 1445 State Audit Code of the Philippines

• The Philippine Constitution

• RA 9298 The Philippine Accountancy Act of 2004

• Philippine Public Sector Accounting Standards

Which of the following is tasked in keeping the general accounts of the government, supporting vouchers, and other documents?

• COA

• DBM

• NGAs

• Congress

The Bureau of Treasury (BTR) is responsible for

• promulgating accounting and auditing rules and regulations.

• the formulation and implementation of the national budget with the goal of attaining the nation's socio-economic objectives

• receiving and keeping national funds and managing and controlling the disturbances thereof.

• directly implementing the projects of the government.

According to the GAM for NGAs, the basis of accounting to be applied by government entities is the

• Cash basis

• Accrual basis

• Modified accrual basis

• Any of these as a policy choice

According to P.D. No. 1445, who is directly responsible in implementing this policy?

• All employees who are entrusted with the possession of government resources.

• The head of the government agency.

• The COA.

• All elected officials.

The transfer of government funds from one officer to another requires the prior authorization of the

• Commission on Audit

• Head of Agency

• The President of the Republic of the Philippines

• Bureau of Treasury

Mr. A, a government employee entrusted with the custody of government funds, was instructed by Mr. B, a politician to release funds for the acquisition of a car as a birthday gift for Mr. B's daughter who will be having her 18th birthday next week. To relieve Mr. A from any liability, what should Mr. A do?

• Mr. A shall not release the fund but rather notify Mr. B, in writing, that his instruction is illegal.

• Mr. A shall release the fund, and then notify Mr. B, in writing, that his instruction is illegal.

• Mr. A shall release the fund but retains 20% commission.

• Mr. A shall release the fund but requires Mr. B to promise, in writing, that the car shall be returned to the government after his daughter's birthday.

Mr. C, a government employee entrusted with the custody of government funds, has lost the government funds entrusted to him in a force majeure. What should Mr. C do to relieve him from liability?

• Mr. C should immediately notify the Head of Agency within 30 days

• Mr. C should immediately notify COA within 30 days

• Mr. C should immediately notify Bureau of Treasury within 30 days

• Mr. C should keep the event a secret and wait for next funds to arrive

These refer to the attributes that make information useful to users.

• Usefulness characteristics

• Quantitative characteristics

• Qualitative characteristics

• Fundamental principles