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Gov Accy > 8-9 exam > Flashcards

8-9 exam Flashcards

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1
Q

A process of comparing the bank balances of cash accounts with the entity balance and explains any differences.

A

Bank REconciliation

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2
Q

A document issued by the bank informing a decrease in the account, such as previous bank credit errors or service charges and fees.

A

Debit memorandum

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3
Q

Consolidates the status of appropriations, commitments and balances of each barangay under the city/municipality and submits the same to Commission on Audit

A

City/Municipal budget officer

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4
Q

Account used to record tangible assets purchased with serviceable life of more than one year but not classified as small items.

A

Supplies and Materials (di sure)

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5
Q

prescribed the New Government Accounting System for Barangays

A

Commission on Audit

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6
Q

A document furnished to barangays authorizing The appropriation of the annual budget, the expenditure items of which shall be in accordance with the Philippine Government Chart of Accounts under NGAS

A

General Appropriations Ordinance

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7
Q

Responsible in monitoring the approved appropriations and the charges against these funds.

A

Kagawad, designated as Chairman of Committee on Appropriations

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8
Q

Prepares the required monthly and year-end trial balances, financial statement, and reports/schedules for each of the barangays

A

City/Municipal Accountant

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9
Q

the period wherein the year-end consolidated financial statements and schedules is submitted by the City/Municipal Accountant to COA

A

Within 60 days after year-end

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10
Q

Responsible in handling collections of income and other receipts of the barangay and the deposit of the same

A

Barangay Treasurer

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11
Q

These are transactions that are unique and not recurring in the ordinary course of operations of the government

A

Miscellaneous Transactions

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12
Q

These are amounts in the annual or supplemental budget that are authorized by the Sangguniang or legislative body to be obligated or spent for the undertaking of a particular function, program, activity or project.

A

Appropriations

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13
Q

This account shall be debited when cash advances will be granted for travels and other special time-bound undertaking such as Alay Lakad, Lakbay-Aral, and the like.

A

Advances to officers and employees

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14
Q

These are amounts earmarked by the barangay which binds the barangay to the immediate or eventual payment of a sum of money.

A

Obligation

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15
Q

An account used to record all public infrastructures and reforestation projects under construction.

A

Construction in Progress - Infrastructure Assets

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16
Q

The share received by the barangay directly remitted to the authorized depository bank by either the Local Government Unit or the Department of Budget and Management.

A

Internal Revenue Allotment

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17
Q

Acts as the Property Custodian of the barangay

A

Barangay Treasurer

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18
Q

A report that contains unserviceable property, plant, and equipment

A

Inventory and Inspection Report of Unserviceable Property

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19
Q

The period by which the Status of Appropriations, Obligations and Balances (SAOB) is submitted on the City/Municipal Budget Officer.

A

on or before the 10th day of January of the ensuing year

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20
Q

This is prepared at year-end after all the closing journal entries have been recorded in the general journal and the accounts are posted in the general ledger.

A

Post-closing Trial Balances

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21
Q

T/F: outstanding checks are checks issued and chargeable to the agency bank account but was later voided due to expiration of validity.

A

FALSE

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22
Q

T/F: The barangay shall recognize a liability at the time goods and services are accepted or rendered, not necessarily that the supplier/creditor bills are received.

A

FALSE

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23
Q

T/F: Cash advances for salaries and wages, by regular and special disbursing officers of the Barangay shall be recorded through a debit to Payroll Fund and a credit to Cash in Bank-Local Currency Current Account

A

False

24
Q

T/F: The Chief Accountant or Designated Staff shall prepare a JEV to recognize all reconciling items that require adjustments and correction in the books of accounts.

A

TRUE

25
Q

T/F: In the PPSAS as applied to the barangay level, surety bonds should be recorded in the books being maintained by the City /Municipal Accountant.

A

FALSE

26
Q

As stipulated, barangay accounts shall be kept within the framework of the chart of accounts of the New Government Accounting System.

A

TRUE

27
Q

T/F: The NGAS provides that processing and recording of transactions of the barangay shall be done by the City/Municipal Accountant and documents shall be filed by the Barangay Secretary.

A

FALSE

28
Q

T/F: In the recognition of liability in the barangay level, cash received to guaranty faithful performance of an activity shall be recorded as income for the period cash is received.

A

FALSE

29
Q

T/F: Cash advances for payment of personnel services paid by the barangay shall be accounted for as Payroll Fund in the books of the barangay.

A

True

30
Q

T/F: The entry to record the receipt of financial assistance from NGOs by the barangay includes a debit to income from grants and donations.

A

FALSE

31
Q

T/F: The City/Municipal Accountant shall prepare the barangay’s yearly status of appropriations, commitments, and balances based on the Registries of Appropriations to be submitted to the Citv/Municipal Budget Officer on the 5th day of January of the ensuing year

A

FALSE

32
Q

T/F: Mode of disbursements in the barangay level includes checks and cash through the Barangay Treasurer or any accountable officer.

A

TRUE

33
Q

T/F: The statement of cash flows of the barangay follows the income statement approach.

A

FALSE

34
Q

T/F: In the monitoring of appropriated funds, construction of public infrastructures and reforestations projects shall be charged against appropriation for capital outlay.

A

False

35
Q

T/F: For assets under construction under the barangay accounting, the cost of the project shall include bonus paid to the contractor for early completion of work, license fees, permit fees, etc.

A

TRUE

36
Q

T/F: A credit memorandum is issued by the bank informing a decrease in the account, such as previous bank credit errors or service charges and fees.

A

FALSE; Debit memorandum

37
Q

T/F: For assets under construction under the barangay accounting, the cost of the project shall include bonus paid to the contractor for early completion of work, license fees, permit fees, etc.

A

TRUE

38
Q

T/F: The chief accountant reviews and approves bank reconciliation statement.

A

TRUE

39
Q

T/F: Cancelled checks are the checks the agency has issued and recognized but which have not yet been presented to the bank for payment.

A

FALSE; outstanding checks

40
Q

T/F: The Sangguniang Barangay shall be furnished with a copy of the financial statements within 30 days after the close of each month

A

TRUE

41
Q

T/F: Unless covered by subsequent Sangguniang Barangay Resolution, even if no authority comes from the Department of Budget and Management, commitments should not exceed the approved appropriation.

A

True

42
Q

T/F: The balances of appropriations for 20% Development fund, Sangguniang Kabataan Fund, and Calamity Fund shall be valid until fully spent or until the planned activity is completed.

A

FALSE

43
Q

T/F: straight-line method and with residual value of 10%.

A

FALSE; 5%

44
Q

T/F: In the monitoring of appropriated funds, construction of public infrastructures and reforestations projects shall be charged against appropriation for capital outlay.

A

TRUE

45
Q

T/F: When property, plant and equipment was stolen, the debit to record the loss was to Loss of Assets.

A

False

46
Q

T/F: The statement of cash flows of the barangay follows the income statement approach.

A

FALSE

47
Q

T/F: The City/Municipal Accountant shall use indirect method in the preparation of the Statement of Cash Flows in the barangay level

A

FALSE

48
Q

T/F: The NGAS provides that processing and recording of transactions of the barangay shall be done by the City/Municipal Accountant and documents shall be filed by the Barangay Secretary.

A

FALSE

49
Q

T/F: In the recognition of liability in the barangay level, cash received to guarantee faithful performance of an activity shall be recorded as income for the period cash is received.

A

FALSE; Recorded as Liability

50
Q

T/F: Mode of disbursements in the barangay level includes checks ad cash through the Barangay Treasurer or any accountable officer.

A

TRUE

51
Q

What are the certified registers that should be kept by barangays in accordance with the New Barangay Accounting System?
(4)

A

Cash Receipts Registers
Cash on Hand and Bank Registers
Cash Disbursement Registers
Check Disbursement Registers
Petty Cash Fund Registers

52
Q

What are the funds maintained by the barangay?
(5)

A

10% share of Sangguniang Kabataan
5% Local Disasters Risk Reduction Management Fund
20% Development Fund
General Fund
Continuing Appropriations

53
Q

What are the books of accounts of a barangay? (4)

A

Journal of Cash Transactions (JCT)
General Journal (GJ)
General Ledger (GL)
Subsidiary Ledger (SL)

54
Q

Give three miscellaneous transactions of a barangay

A

Loss/shortage in cash
Cash overage
Dishonored check
Lost check
Spoiled check
Staled check
Disallowances/charges

55
Q

What are the four major categories of financial transactions of the barangay as prescribed by the New Government Accounting System?

A

Appropriations and Obligations
Collections and Deposits
Disbursements
Miscellaneous Transactions

56
Q

What are the specific financial statements that should be prepared under the New Barangay Accounting System? (6)

A

*Statement of Financial Position
*Statement of Financial Performance
*Statement of Changes in Net Assets/Equity
*Statement of Cash Flows
*Statement of Comparison of Budgeted and Actual Amounts
*Notes to the Financial Statements

57
Q

The supporting schedules to the financial statements(4)

A

Schedule of Public Infrastructures
Schedule of Reforestation Projects
Schedule of Accounts Receivable
Schedule of Accounts Payable

Gov Accy (10 decks)

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