CE No. 2 Flashcards
In charge of availability of allotment/budget for obligation/utilization
Budget Officer / Head of Budget Unit
In charge of obligations/Utilizations properly charged against available allotment/budget
Chief Accountant / Head of Accounting Unit
In charge of availability of funds and cash and completeness of supporting documents
Chief Accountant
In charge of legality of the transactions and conformity with rules and regulations
Head of requesting unit
In charge of approval of the disbursement
Head of Agency or by his duly authorized representative
authority issued by the DBM to central, regional and provincial offices and operating units to cover their cash requirements
Notice of Cash Allocation (NCA)
authority issued by an agency’s Central Office to its regional and operating units to cover the latter’s cash requirements
Notice of Transfer of Allocation (NTA)
authority issued by DBM to agencies to cover the liquidation of their actual obligations incurred against available allotments for availment of proceeds from loans/grants through supplier’s credit/constructive cash
Non-Cash Availment Authority (NCAA)
authority issued by DBM to to the Department of Foreign Affairs (DFA) and Department of Labor and Employment (DOLE) to utilize their income collected / retained by their Foreign Service Post (FSP) to cover their operating requirements
Cash Disbursement Ceiling (CDC)
2 types of Checks issued by the Government
- MDS checks
- Commercial checks
payments out of cash advances granted to the regular and special disbursing officers
Disbursements through Cash
maintains the Cash Disbursement Record. prepares the Report of Cash Disbursements
Disbursing Officer
disbursements made directly from the accounts of the BTr maintained with LBP
Disbursements through electronic Modified Disbursement System (eMDS)
consists of machinery, equipment, furniture and fixtures and similar items that are not capitalized as PPE because their costs are below the ₱50,000 capitalization threshold for PPE
Semi-Expendable Property
Subsequent measurement of goods held for sale
lower of cost and net realizable value
Subsequent measurement of goods held for distribution
Lower of cost and current replacement cost
If acquired through a non-exchange transaction, their cost shall be measured as their _____________ as at the date of acquisition.
fair value
refers to the amount an entity expects to realize from the sale of inventory in the ordinary course of business; estimated selling price less the estimated cost to complete and to sell.
Net Realizable Value
the amount for which the same inventory could be exchanged between knowledgeable and willing parties in an arm’s length transaction.
Fair value
the cost the entity would incur to acquire the inventory on the reporting date.
Current Replacement Cost
used in assigning cost to
inventories for interchangeable items.
Weighted average
used in assigning cost to inventories that are not ordinarily interchangeable.
Specific identification method
Reversals arising from an increase in net realizable value are recognized as ____________________ in the period in which they occur
reduction of the inventory expense
consists of the system of monitoring, controlling and recording of acquisition and disposal of inventory.
Accounting System of Inventory