CE - Chapter 8-9 (A) Flashcards
A process of comparing the bank balances of cash accounts with the entity balance and explains any differences.
Bank Reconciliation
A document issued by the bank informing a decrease in the account, such as previous bank credit errors or service charges and fees.
Debit Memorandum
Consolidates the status of appropriations, commitments and balances of each barangay under the city/municipality and submits the same to Commission on Audit.
City/Municipal Budget Officer
Account used to record tangible assets purchased with serviceable life of more than one year but not classified as small items.
Supplies and Materials
Prescribed the New Government Accounting System for barangays.
Commission on Audit
A document furnished to barangays authorizing the appropriation of the annual budget, the expenditures items of which shall be in accordance with the Philippine Government Chart of Accounts under NGAS.
General Appropriation Ordinance
Responsible in monitoring the approved appropriations and the charges against these funds.
Kagawad, designated as Chairman of Committee on Appropriations
Prepares the required monthly and year-end trial balances, financial statements, and reports/schedules for each of the barangays.
City/Municipal Accountant
The period wherein the year-end consolidated financial statements and schedules is submitted by the City/Municipal Accountant to COA.
Within 60 days after year-end
Responsible in handling collections of income and other receipts of the barangay and the deposit of the same.
Barangay Treasurer
1-4: What are the certified registers that should be kept by barangays in accordance with the New Barangay Accounting System?
- Cash Receipts Registers
- Cash on Hand and Bank Registers
- Cash Disbursement Registers
- Check Disbursement Registers
- Petty Cash Fund Registers
5-9: What are the funds maintained by the barangay?
- 10% share of Sangguniang Kabataan
- 5% Local Disasters Risk Reduction Management Fund
- 20% Development Fund
- General Fund
- Continuing Appropriations
10-13: What are the books of accounts of a barangay?
- Journal of Cash Transactions (JCT)
- General Journal (GJ)
- General Ledger (GL)
- Subsidiary Ledger (SL)
14-16: Give three miscellaneous transactions of a barangay
Loss/shortage in cash
Cash overage
Dishonored check
Lost check
Spoiled check
Staled check
Disallowances/charges
17-20: What are the four major categories of financial transactions of the barangay as prescribed by the New Government Accounting System?
- Appropriations and Obligations
- Collections and Deposits
- Disbursements
- Miscellaneous Transactions
21-26: What are the specific financial statements that should be prepared under the New Barangay Accounting System?
- 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
27-30: The supporting schedules to the financial statements
- Schedule of Public Infrastructures
- Schedule of Reforestation Projects
- Schedule of Accounts Receivable
- Schedule of Accounts Payable
Outstanding checks are checks issued and chargeable to the agency bank account but was later voided due to expiration of validity.
FALSE
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.
FALSE
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.
FALSE
Advances for Payroll (debit)
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.
TRUE
In the PPSAS as applied to the barangay level, surety bonds should be recorded in the books being maintained by the City /Municipal Accountant.
FALSE
As stipulated, barangay accounts shall be kept within the framework of the chart of accounts of the New Government Accounting System.
TRUE
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.
FALSE
