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Government Accounting > CE 3 - Chapter 6-7 > Flashcards

CE 3 - Chapter 6-7 Flashcards

1
Q

Give examples of miscellaneous transactions of the government (6)

A
  1. Receipt of subsidy/assistance from other NGAs, LGUs, GOCCs, and other Funds
  2. Performance bond/security deposits
  3. Refund of overpayment of expenses
  4. Collections made on behalf of another entity or non-government/private organization
  5. Intra-Agency fund transfer
  6. Inter-Agency fund transfer
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2
Q

What are the two types of deferred adjusting journal entries under the new government accounting system?

A
  1. asset/expense adjustments
  2. liability/revenue adjustments
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3
Q

What are the qualitative characteristics of financial reporting? (11)

A
  1. Understandability
  2. Relevance
  3. Materiality
  4. Timeliness
  5. Reliability
  6. Faithful Representation
  7. Substance over Form
  8. Neutrality
  9. Prudence
  10. Completeness
  11. Comparability
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4
Q

Tax revenues are taxes levied on/to? (3)

A
  1. Individuals & Corporations
  2. Property
  3. Goods and services
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5
Q

What are the sources of revenues from exchange transactions? (3)

A
  1. Sale of Goods
  2. Supply of Services
  3. Use by Others of Entity Assets
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6
Q

The Administrative Code of the National Government required that all income accruing to the departments, officers and agencies, by virtue of the provisions of existing laws, orders and regulations shall be deposited in the National Treasury or in the duly authorized depository bank of the government.

T/F

A

TRUE

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7
Q

If goods in-kind are received without conditions attached to it, the receiving entity shall recognize a liability

T/F

A

FALSE

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8
Q

Donations in cash or in kind shall be recognized as revenue

T/F

A

TRUE

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9
Q

If pledges are received and such are transferred to the recipient entity, the entity shall recognize a gift or donation.

T/F

A

TRUE

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10
Q

The agency, upon the receipt of performance bond in the form of cash or certified check, shall credit Guaranty/Security Deposits Payable

T/F

A

TRUE

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11
Q

When fines were collected by an entity acting as an agent, the fine will be recognized as revenue by the said entity.

T/F

A

FALSE

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12
Q

Loans and borrowings are not income but always classified and accounted for, as revenues

T/F

A

FALSE

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13
Q

Statement of Financial Performance is a statement summarizing all the cash activities of an agency

T/F

A

FALSE

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14
Q

The criteria of usefulness states that the usefulness of financial statements is impaired if they are not made available to users within a reasonable period after the reporting date.

T/F

A

FALSE

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15
Q

Errors include the effects of mathematical mistakes, mistakes in applying accounting policies, oversights or misinterpretations of facts, and fraud.

T/F

A

TRUE

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16
Q

Under the existing rules and regulations, all collections are deposited to the National
Treasury, directly or through the bank.

T/F

A

TRUE

17
Q

An entity shall present, either on the face of the Statement of Financial Performance or in the notes, an analysis of expense using a classification based on either the nature of expense or their function within the entity, whichever provides information that is reliable and more relevant

T/F

A

TRUE

18
Q

Accounting estimates are specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements.

T/F

A

FALSE

19
Q

The journal entry to record receipt of performance bonds in the form of surety bond includes a debit to other current asset.

T/F

A

FALSE

20
Q

Fines include economic benefits or service potential received or receivable as a consequence of the breach of laws or regulations.

T/F

A

TRUE

21
Q

This comprise all funds derived from the income of any agency of the government and available for appropriation or expenditure in accordance with law.

A

REVENUE FUNDS

22
Q

They determine the rules and regulations for recording and disbursing amounts received
in trust and other business-type activities of the government

A

PERMANENT COMMITTEE

23
Q

These are economic benefits or service potentials compulsory paid or payable to public sector agencies, in accordance with laws and/or regulations established to provide revenue to the government

A

TAXES

24
Q

Pertains to transfer of cash from another agency to implement the project of another agency.

A

INTER-AGENCY TRANSFERRED FUND

25
Q

Consist of voluntary transfer of assets including cash or other monetary assets, goods-in-kind, and services-in-kind that one agency makes to another, normally free from stipulations.

A

GIFTS AND DONATIONS

26
Q

Are structured representations of the financial position and financial performance of an entity.

A

FINANCIAL STATEMENTS

27
Q

Shall be prepared after recording the closing and journal entries in the General Journal and posting these entries to the General Ledger.

A

POST-CLOSING TRIAL BALANCE

28
Q

A transfer of cash from another agency to implement the project of another agency.

A

INTER-AGENCY TRANSFER OF FUNDS

29
Q

Are adjusting entries for economic activities already undertaken but not yet recorded as asset and revenue accounts or a liability and expense accounts.

A

ACCRUED ITEMS

30
Q

The account to be used (debit) when the request for relief from accountability for shortages or loss of funds is granted.

A

LOSS OF ASSETS??

31
Q

The cash overage discovered by the Auditor that cannot be satisfactorily explained shall be forfeited in favor of the government. It shall be taken up as ______.

A

MISCELLANEOUS INCOME

32
Q

These are adjustment which involve unearned revenue where the agency receives the asset, usually cash, even before the income is actually earned.

A

DEFERRED ITEMS

33
Q

Used to record the cumulative results of normal and continuous operations of an agency including prior period adjustments, effect of changes in accounting policy and other capital adjustments.

A

ACCUMULATED SURPLUS/(DEFICIT)

34
Q

Are transactions in which one entity receives assets or services, or has liabilities extinguished, and directly gives approximately equal value to another entity in exchange.

A

EXCHANGE TRANSACTIONS

35
Q

Is the gross inflow of economic benefits or service potential during the reporting period when those inflows result in an increase in net assets/equity, other than increases
relating to contributions from owners.

A

REVENUE

Government Accounting (3 decks)

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