GOVERNMENT ACCOUNTING
1. One of the following is not considered government income.
(a) proceeds from loans and borrowings
(b)government buildings
(c) grants and aids received from foreign governments
(d) taxes
2. What are the books of accounts in the government?
(a) books of COA
(b) books o...
GOVERNMENT ACCOUNTING (d)to present fairly the financial position, per
cash flows of government-owned corporations
1. One of the following is not considered government income.
(a) proceeds from loans and borrowings
(b)government buildings 5. This consists of money and resources of the local go
(c) grants and aids received from foreign governments are available for the payment of expenditures, obligat
(d) taxes not specifically declared by law as accruing and ch
payable from, any other fund.
2. What are the books of accounts in the government? (a)general fund (c) sp
(a) books of COA fund
(b) books of COA and books of treasury (b) trust fund (d) depositor
(c) books of COA and books of agency
(d)books of COA, books of treasury and books of agency 6. What is the role of the Bureau of Treasury in relation
accounting responsibility?
(a)to receive and keep national funds and man
3. Which is incorrect concerning government accounting? disbursements thereof
(a) Laws, rules and regulations guide the accounting procedure for (b) to design, prepare, and approve the account
government accounting. government agencies
(b) Depreciation is taken up regularly in government accounting. (c) to keep the general accounts of the national govern
(c) The use of corollary entry is not adopted. (d) to prepare the annual financial report of the natio
(d)In government accounting, emphasis is on fair presentation, its instrumentalities and government-owned
so that reports are stated as “opinion”. corporations
4. The objectives of government accounting include (choose the incorrect 7. It represents all funds received by the government fro
one): aids and borrowings.
(a) to report on the financial position and results of operations of (a)government income (c) cas
government agencies (b) government revenue (d) bo
(b) to provide for control of the acts of public bodies and offices in the
receipt, disposition, and utilization of funds and property 8. In government accounting, the control accounts fo
(c) to provide information concerning past and present operations and expenditures are found in:
to provide a guidance for future operations (a)the budget and operations account
(b) both the balance sheet and budget and operations a
(c) national clearing accounts
, (d) balance sheet accounts (a)Tax (c) Repayme
(b) Grant or aid from foreign country (d) Lo
9. He is principally responsible for the fiscal administration of the local
government. 15.It is an appropriation which does not require periodic l
(a)local chief executive (c) provincial treasurer and referred to as “automatic appropriation”.
(b) municipal accountant (d) commission on audit (a)standing appropriation (c)
appropriation
10.The main concern is availability and use of funds for public services. (b) special appropriation (d)
(a) Commission on Audit (c) National Treasury appropriation
(b) Department of Finance (d) National Budget
System 16.It is an amount committed to be paid by the governm
an act of a duly authorized administrative officer and
11.Which department prepares the national budget which serves as the government to the immediate and eventual payment o
basis of the general appropriation law? (a)obligation (c) allotment
(a)Executive department (c) Judiciary department (b) appropriation (d) com
(b) Legislative department (d) Each government agency
17.Which government body keeps the general account
12.Which is not charged with the government accounting responsibility? promulgates accounting rules and regulation, and
(a) Commission on Audit (c) Bureau of Treasury President and Congress an annual financial report of th
(b) Department of Budget and Management (d) Legislative (a)Commission on Audit
Department (b) Department of Budget and Management
(c) Bureau of Treasury
13.Budget accountability includes (choose the incorrect one): (d) Department of Finance
(a) safeguarding government resources
(b) adherence to legal requirements, administrative policies and 18.This is a sum of money or other government resources
regulations, and efficiency and economy in operations purpose of carrying out specific activities or a
(c) results of government programs and activities are reflected in objectives in accordance with specific regulations,
accomplishments, benefits and effectiveness limitations, and constitute an independent fiscal and ac
(d)payment for misappropriated amount (a) cash disbursement ceiling (c) fu
(b) appropriations (d) budget
19.In government accounting, it is not correct:
14.Which is an ordinary income? (a) to regularly take up depreciation.
, (b)to adopt a combination of the cash basis and accrual basis. 25.It is the government control mechanism which p
(c) to correct a debit error by a debit entry but in the negative. maximum amount which an agency can commit the
(d) to emphasize on correctness, so reports are “certified correct”. government.
20.The functions and activities necessary for the performance of a major (a) fund accounting (c) budgetar
purpose for which a government entity is established. (b) obligation accounting (d) accountin
(a)program (c) resources 26.It is the authorization from the Department of Budget a
(b) project (d) internal control to any agency to incur obligation up to a specified am
be within the legislative appropriation.
21.It is a list of ledger accounts prescribed by COA for use of the national (a) obligation (c) allotmen
government, local government and government-owned or controlled (b) appropriation (d) fun
corporations except financial institutions.
(a)standard government chart of accounts (c) balance sheet 27.Which is false concerning constitutional provisi
(b) chart of accounts (d) statement of operations government budgeting?
(a) No law shall be passed authorizing any transfer of a
22.No money shall be paid out of the National Treasury except in (b)All money collected or any tax levied for a s
pursuance of an appropriation law. This explicitly describes what may be paid out for any public purpose.
salient feature of government accounting? (c) Discretionary funds appropriated for particular o
(a) fund accounting (c) obligation accounting distributed only for public purposes.
(b) budgetary accounting (d) treasury disbursement coding (d) No money shall be appropriated for any s
system denomination.
28. A feature of government accounting that provides un
23.Who may contract or guarantee foreign loans on behalf of the Republic for incurring and liquidating obligations. The books us
of the Philippines with the prior concurrence of the Monetary Board and of accounting are the general journal and analysis of
subject to such limitations as may be provided by law? journal of disbursements by disbursing officers, the jou
(a)President of the Republic of the Philippines issued and the journal of checks issued.
(b) President of the Senate (a)obligation accounting system (c) bu
(c) Speaker of the House of Representatives (b) advice of allotment (d) obligation
(d) Chief Justice of the Supreme Court
24.No money shall be paid out of the National Treasury except in 29.This financial statement is submitted by governmen
pursuance of: Commission on Audit. It shows the excess (deficit)
(a)appropriation (c) obligation expenditures for the fiscal period then ended.
(b) allotment (d) special executive order (a) statement of changes in financial position
(b) preliminary trial balance
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller essayproh. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.76. You're not tied to anything after your purchase.
