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BSA 38P > CE No. 2 > Flashcards

CE No. 2 Flashcards

1
Q

In charge of availability of allotment/budget for obligation/utilization

A

Budget Officer / Head of Budget Unit

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2
Q

In charge of obligations/Utilizations properly charged against available allotment/budget

A

Chief Accountant / Head of Accounting Unit

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3
Q

In charge of availability of funds and cash and completeness of supporting documents

A

Chief Accountant

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4
Q

In charge of legality of the transactions and conformity with rules and regulations

A

Head of requesting unit

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5
Q

In charge of approval of the disbursement

A

Head of Agency or by his duly authorized representative

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6
Q

authority issued by the DBM to central, regional and provincial offices and operating units to cover their cash requirements

A

Notice of Cash Allocation (NCA)

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7
Q

authority issued by an agency’s Central Office to its regional and operating units to cover the latter’s cash requirements

A

Notice of Transfer of Allocation (NTA)

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8
Q

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

A

Non-Cash Availment Authority (NCAA)

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9
Q

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

A

Cash Disbursement Ceiling (CDC)

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10
Q

2 types of Checks issued by the Government

A
  1. MDS checks
  2. Commercial checks
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11
Q

payments out of cash advances granted to the regular and special disbursing officers

A

Disbursements through Cash

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12
Q

maintains the Cash Disbursement Record. prepares the Report of Cash Disbursements

A

Disbursing Officer

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13
Q

disbursements made directly from the accounts of the BTr maintained with LBP

A

Disbursements through electronic Modified Disbursement System (eMDS)

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14
Q

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

A

Semi-Expendable Property

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15
Q

Subsequent measurement of goods held for sale

A

lower of cost and net realizable value

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16
Q

Subsequent measurement of goods held for distribution

A

Lower of cost and current replacement cost

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17
Q

If acquired through a non-exchange transaction, their cost shall be measured as their _____________ as at the date of acquisition.

A

fair value

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18
Q

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.

A

Net Realizable Value

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19
Q

the amount for which the same inventory could be exchanged between knowledgeable and willing parties in an arm’s length transaction.

A

Fair value

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20
Q

the cost the entity would incur to acquire the inventory on the reporting date.

A

Current Replacement Cost

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21
Q

used in assigning cost to
inventories for interchangeable items.

A

Weighted average

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22
Q

used in assigning cost to inventories that are not ordinarily interchangeable.

A

Specific identification method

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23
Q

Reversals arising from an increase in net realizable value are recognized as ____________________ in the period in which they occur

A

reduction of the inventory expense

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24
Q

consists of the system of monitoring, controlling and recording of acquisition and disposal of inventory.

A

Accounting System of Inventory

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25
Q

Sub-systems for inventory accounting

A
  1. Receipt, inspection, acceptance and recording deliveries of inventory items.
  2. Requisition and issue of inventory items.
  3. Transfer and/or disposal of inventory items.
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26
Q

End users prepare the _____________.

A

Purchase Request (PR) form

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27
Q

Purchasing Unit prepares the ______________

A

Purchase order

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28
Q

How many suppliers are required to be canvassed for purchases amounting PHP 1,000 and above?

A

A canvass from at least 3 suppliers is required for purchases amounting to ₱1,000 and above.

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29
Q

Property/Supply Division prepares the ____________________ and forwards it to the Property Inspector.

A

Inspection and Acceptance Report (IAR)

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30
Q

The Property/Supply Division records accepted deliveries in the ___________________

A

Stock Card (SC)

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31
Q

The Accounting Division records accepted deliveries in the books of accounts and in the ________________________

A

Supplies Ledger Card (SLC).

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32
Q

The Property/Supply Division prepares the ______________________ then forwards it, together with the supporting documents, to the Accounting Division for processing of payment.

A

Disbursement Voucher (DV)

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33
Q

End users prepare the ________________________ to request for the issuance of inventory.

A

Requisition and Issue Slip (RIS)

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34
Q

The Property/Supply Division prepares the _____________________.

A

Report of Supplies and Materials Issued (RSMI)

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35
Q

The Accounting Division uses the ________ for recording in the books of accounts and updating of the Stock Ledger Card.

A

RSMI

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36
Q

used to report wasted materials, such as destroyed spare parts and other spoilages.

A

Waste Materials Report

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37
Q

used in reporting the results of physical counts of inventories.

A

Report on the Physical Count of Inventories

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38
Q

used to report the movement and status of accountable forms.

A

Report of Accountability for Accountable Forms

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39
Q

prepared when issuing semi- expendable property.

A

Inventory Custodian Slip

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40
Q

promise by a surety or guarantor to pay one party a certain amount if a second party fails to meet some obligation, such as fulfilling the terms of a contract. It protects the agency against losses resulting from the contractor’s failure to meet the obligation.

A

Surety bond

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41
Q

include all activities and associated costs for transportation of contractor’s personnel, equipment, and operating supplies to the site; establishment of offices, buildings, and other necessary general facilities for the contractor’s operations at the site.

A

Mobilization Fee

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42
Q

Have historical, cultural and environmental significance, and are intended to be preserved for future generations

A

Heritage Assets

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43
Q

Measurement of Heritage assets

A

Cost

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44
Q

renewal of a forest cover by planting seeds or young trees

A

Reforestation projects

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45
Q

PPE purchased under installment basis is initially measured at the ____________.

A

cash price equivalent

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46
Q

In case of ______________, the total cost paid shall be allocated to the asset acquired based on the relative fair value of the asset acquired.

A

lump sum price acquisition

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47
Q

What is the cost of assets acquired by contractor?

A

Contract price

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48
Q

What is the cost of assets acquired by administration?

A

cost includes direct materials, labor and other construction overheads

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49
Q

How to recognize donations without condition?

A

At fair value

(Income from Grant and Donations in Kind)

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50
Q

How to recognize donations with condition?

A

(Other Deferred Credits) and subsequently recognized as income when the condition is met

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51
Q

How is intra-agency transfer recognized?

A

measured at the original historical cost of the asset received less accumulated depreciation and accumulated impairment loss

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52
Q

How is inter-agency transfer recognized?

A

measured at the carrying amount of the asset received

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53
Q

How are grants measured?

A

Measured at its fair value as at the date of acquisition

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54
Q

Transfers substantially all the risks and rewards incident to ownership of an asset

A

Acquisitions through finance lease

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55
Q

When is a PPE impaired?

A

carrying amount exceeds its recoverable service amount or recoverable amount.

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56
Q

assets that are temporarily taken out of active use or temporarily abandoned; not derecognized but continued to be depreciated.

A

Idle PPE

57
Q

when an asset’s carrying amount is equal to zero or its residual value and is not derecognized.

A

Fully depreciated PPE

58
Q

those which do not have future economic benefits; it is derecognized.

A

Unserviceable property

59
Q

used by the Supply/Property Division to record all movements in items of PPE. This is the equivalent of the Stock Card used for inventories.

A

Property Card

60
Q

used by the Accounting Division to record all movements in items of PPE, both in quantity and monetary amount. This is the equivalent of the Stock Ledger Card used for inventories.

A

Property, Plant and Equipment Ledger Card

61
Q

used by the Supply/Property Division to record the issuance of PPE to the end user. This is based on the approved Requisition and Issue Slip (RIS) submitted by the requesting individual. This is the equivalent of the Report of Supplies and Materials Issued used for inventories.

A

Property Acknowledgement Receipt

62
Q

At the end of each year, the entity shall perform a physical count of PPE and prepare this report. This report shall be submitted to the COA not later than January 31 of the following year.

A

Report on the Physical Count of Property, Plant and Equipment

63
Q

used to account for all unserviceable property subject to disposal.

A

Inventory and Inspection Report for Unserviceable Property

64
Q

used by the accountable officer to notify the concerned officials of the lost, stolen, damaged or destroyed property.

A

Report of Lost, Stolen, Damaged or Destroyed Property

65
Q

used to record transfers of property from one accountable officer to another.

A

Property Transfer Report

66
Q

Borrowing costs expensed in the period incurred.

A

Benchmark Treatment

67
Q

Method of capitalizing the borrowing costs if they are directly attributable to the acquisition of a qualifying asset.

A

Allowable alternative treatment

68
Q

asset that necessarily takes a substantial period of time to get ready for its intended use or sale. (PPSAS 5.5)

A

Qualifying asset

69
Q

The borrowing costs on loans borrowed by National Government

A

Expensed

70
Q

The borrowing costs on loans borrowed by Government agencies

A

Capitalized

71
Q

constitute all cash paid out during a given period either in currency (cash) or by check.

A

Disbursements

72
Q

involves the preparation and processing of disbursement voucher, preparation and issuance of check; payment by cash; granting, utilization, and liquidation/replenishment of cash advances.

A

The Disbursement System

73
Q

government’s estimate of the sources and uses of government funds within a fiscal year. This forms the basis for expenditures and is the government’s key instrument for promoting its socio-economic objectives.

A

National Budget (government budget)

74
Q

Executive prepares the proposed National Budget

A

Budget Preparation

75
Q

Congress authorizes the GAA

A

Budget Legislation

76
Q

Agencies utilize their approved budgets

A

Budget execution

77
Q

Executive monitor and evaluate the use of the budget

A

Budget accountability

78
Q

Departments and agencies tasked to partner with civil society organizations (CSOs) and other citizen-stakeholders in preparing their agency budget proposals

A

Stakeholder Engagement

79
Q

a reform that restructures the current Budget by grouping activities and projects under major programs or key strategies. Through this innovation, the government will be able to assign performance targets—both outputs and outcomes—at the level of programs.

A

Program Expenditure Classification (PREXC)

80
Q

conducted after departments and agencies submit their Agency Budget Proposal to the DBM

A

Technical Budget Hearing

81
Q

The recommendations are presented before an Executive Review Board which is composed of the DBM Secretary and senior officials

A

Executive Review

82
Q

DBM then consolidate the recommended agency budgets and recommendations into a National Expenditure Program and a Budget of Expenditures and Sources of Financing (BESF).

A

Consolidation, Validation and Confirmation (CVC)

83
Q

The proposed budget is presented by DBM, together with the DBCC, to the President and Cabinet for further refinements of prioritization.

A

Presentation to President and Cabinet

84
Q

The House of Representative, in plenary, assigns the President’s Budget to the House Appropriations Committee.

A

House Deliberations

85
Q

Senate conducts its own committee hearing and plenary deliberations on the GAB.

A

Senate Deliberations

86
Q

Once both House of Congress have finished their deliberations, they will each constitute a panel to the Bicameral Conference Committee.

A

Bicameral Deliberations

87
Q

The Harmonized or “Bicam” Version is then submitted to both Houses, which will the vote to ratify the final GAB for submission to the President.

A

Ratification and Enrollment

88
Q

where budget items subjected to direct veto or conditional implementation are identified, and where general observations are made.

A

Veto message

89
Q

When the GAA is not enacted before fiscal year starts, the previous year’s GAA is automatically reenacted.

A

Reenactment

90
Q

authorization made by a legislative body to allocate funds for purposes specified by the legislative or similar authority.

A

Appropriation

91
Q

annual authorizations for incurring obligations, as listed in the GAA.

A

New General Appropriations

92
Q

authorizations to support the incurrence of obligations beyond the budget year

A

Continuing Appropriations

93
Q

additional appropriations to augment the original appropriations which proved to be insufficient.

A

Supplemental Appropriations

94
Q

authorizations programmed annually which do not require periodic action by Congress.

A

Automatic Appropriations

95
Q

standby appropriations which may be availed only upon the occurrence of certain instances

A

Unprogrammed Funds

96
Q

collections which the agencies can use directly in their operations.

A

Retained Income/Funds

97
Q

receipts from business-type activities of agencies which are authorized to be constituted as such. These are *self-liquidating *and all obligations and expenditures incurred by virtue of said business-type activity shall be charged against the fund.

A

Revolving Funds

98
Q

receipts by a government agency acting as agent.

A

Trust Receipts

99
Q

These documents outline agency plans and performance targets.

A

Budget Execution Documents

100
Q

DBM prepares _________________, which corresponds to the total amount of the agency- specific budget under the GAA

A

Allotment Release Program (ARP)

101
Q

Released by DBM to all agencies comprehensively through the ABM and individually via SAROs

A

Allotment Release

102
Q

Comprehensive allotment release document for appropriations which do not need clearance, or those which have already been itemized and fleshed out in the GAA

A

Agency Budget Matrix

103
Q

Issued for items identified as “needing clearance” after approval of the agency’s Special Budget Request

A

Special Allotment Release Orders (SAROs)

104
Q

Agencies incur liabilities on behalf of the government in implementing programs, activities and projects.

A

Incurring Obligations

105
Q

Adopted to ensure the immediate implementation of programs, projects and activities.

A

The GAA as Allotment Order [Release] (GAAAO)

106
Q

DBM issues a disbursement authority to an agency to pay the obligation it incurs.

A

Cash Allocation

107
Q

A cash authority issued periodically by the DBM. Specifies the maximum amount of cash. Based on agency’s submission of Monthly Cash Program

A

Notice of Cash Allocation (NCA)

108
Q

Issued for non-cash disbursements

A

Non-Cash Availment Authority (NCAA)

109
Q

Issued to departments with overseas operations, allowing them to use income collected by their foreign posts for their operating requirements.

A

Cash Disbursement Ceiling (CDC)

110
Q

Government monies are actually spent mostly through the __________________________________

A

Modified Disbursement Scheme

111
Q

DBM monitors the efficiency of fund utilization, assesses agency performance and provides a vital basis for reforms and new policies

A

Budget Accountability

112
Q

Agencies are held accountable not only for how these use public funds ethically, but also on how these attain performance targets and outcomes using available resources

A

PERFORMANCE & TARGET OUTCOMES

113
Q

Required reports that show how agencies used their funds and identify their corresponding physical accomplishments

A

Budget and Financial Accountability Reports (BFARs)

114
Q

conducted to determine each agency’s accomplishments and performance by the year-end

A

Annual Budget Performance Review (BPAR)

115
Q

Recognizes and rewards good performance among government employees

A

Performance-Based Incentive System

116
Q

an authorization made by a legislative body to allocate funds for purposes specified by the legislative or similar authority

A

Appropriation

117
Q

an authorization issued by the DBM to government agencies to incur obligations for specified amounts

A

Allotment

118
Q

a commitment by an agency arising from an act of duly authorized official binding the government to the immediate or eventual payment

A

Obligations

119
Q

the budget of the preceding year which, by operation of
laws, becomes re-enacted and shall remain in force in effect until the general appropriation bill for the current
year is passed by Congress.

A

re-enacted budget

120
Q

Shall be released directly to the RO or OU upon submission of Special Budget Request (SBR) with complete details of the activities or projects

A

Funds for Centrally-Managed Items (CMI) or Lump sum appropriations

121
Q

Any change within an activity or project

A

Modification

122
Q

An act of constitutional officers authorized to use savings in their respective appropriations to cover actual deficiencies incurred

A

Augmentation

123
Q

portions or balances of any released appropriations which have not been obligated

A

Savings

124
Q

What are the two documents / reports, which are required by the DBM to be submitted on a regular basis?

A

1.Budget Execution Documents (BEDs)
2.Budget and Financial Accountability Reports (BFARs)

125
Q

When to submit BEDs

A

not later than November 30.

Revisions: on or before January 7 of the year.

126
Q

shall include the comparative obligation levels for the budget year and current year

A

Financial Plan (FP)
BED No. 1

127
Q

shall consist the performance indicators
department/agency

A

BED No. 2: Physical Plan (PP)

128
Q

Reflect the total cash and non-cash program for the budget year by type of fund category, by allotment class and by type of disbursement authority

A

BED No. 3: Monthly Disbursement Program (MDP)

129
Q

shall reflect the monthly quantity and cash requirements by items categorized:
* Available at Procurement Service Stores, and
* Other items not available at Procurement Service but regularly
purchased from other sources.

A

Annual Procurement Plan for Common-Use Supplies and Equipment (APP-CSE)
BED No. 4

130
Q

reflect the Department’s/Agency’s actual physical accomplishments as at a given quarter, in terms of the performance measures indicated in its Physical Plan in BED No. 2.

A

Quarterly Physical Report of Operation (QPRO)
Budget Accountability Report - BAR No.1.

131
Q

reflect the authorized appropriations and adjustments, total allotments received including transfers/adjustments, total obligations, total disbursements and the balances of unreleased appropriations, unobligated allotments, and unpaid obligations of a department/office/entity by fund cluster and by allotment class.

A

Statement of Appropriations, Allotments, Obligations, Disbursements and Balances - Financial Accountability Report (SAAODB) FAR No. 1 .

132
Q

shall be prepared by Funding Source Code (FSC) as clustered. shall reflect the summary of appropriations, allotments, obligations, disbursements and balances detailed by object of expenditures consistent with the COA Revised Chart of Accounts per COA Circular No. 2013-002 dated January 30, 2013 and the Conversion from the Philippine government chart of accounts to the Revised Chart of Accounts

A

Summary of Appropriations, Allotments, Obligations, Disbursements and Balances by Object of Expenditures -
(SAAODBOE) - FAR No. 1.A.

133
Q

shall reflect the allotments released by the DBM and the sub-allotments issued by the Agency Central Office/RO, their corresponding numbers, date of issuance, and amounts by allotment class and by Fund Cluster

A

List of Allotments and Sub-Allotments (LASA)
FAR No. 1-B

134
Q

shall reflect the approved budget, the utilizations, disbursements and balance of the entity’s income authorized by law to use, such as OWWA/SUCs, duly approved by their Board of Trustee/Regents

A

Statement of Approved Budget, Utilizations, Disbursements and Balances (SABUDB)
FAR No. 2 (For Off-Budget Fund).

135
Q

shall reflect the details of the approved budget, utilizations, disbursements and balance of the entity’s income authorized by law to use presented by object of expenditures consistent with the COA Revised Chart of Accounts

A

Summary of Approved Budget, Utilizations, Disbursements and Balances by Object of Expenditures (SABUDBOE)
FAR No. 2.A (For Off-Budget Fund)

136
Q

shall be prepared by FSC as clustered and shall reflect the balance of unpaid obligations as indicated in the Obligation Request and the aging of due and demandable obligations as of year-end

A

Aging of Due and Demandable Obligations (ADDO)
FAR No. 3.

137
Q

shall reflect the total disbursements made by department, office or entity and operating unit by Fund cluster

A

Monthly Report of Disbursements - (MRD) FAR No. 4.

138
Q

shall reflect the actual revenue and other receipts/collections from all sources of the agency/OU for the current year presented by quarter, and by specific sources consistent with the COA Revised Chart of Accounts.

A

Quarterly Report of Revenue and Other Receipts (QRROR)
FAR No . 5

BSA 38P (6 decks)

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