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BSA 38P > CH8-CH9 > Flashcards

CH8-CH9 Flashcards

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 the 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

PROPERTY, PLANT, AND EQUIPMENT

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5
Q

Prescribes 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 expenditures items of which shall be in accordance with the Philippines Government Chart of Accounts under NGAs.

A

APPROPRIATION ORDINANCE

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7
Q

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

A

BARANGAY KAGAWAD

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8
Q

Prepares the required monthly and year-end trial balances, financial statements, 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 for 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 SPECIAL DISBURSEMENT OFFICERS

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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

OBLIGATIONS

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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 of 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 FOR UNSERVICEABLE PROPERTY (IIRUP)

19
Q

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

A

ON OR BEFORE 10TH DAY OF JANUARY OF THE ENSUING YEAR

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 BALANCE

21
Q

Outstanding checks are checks issued and chargeable to the agency bank account but was later voided due to expiration of validity.

A

FALSE

Cancelled checks

22
Q

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

23
Q

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

debit to Advances for Payroll

24
Q

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

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

Not recorded in the books

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

The GAs 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

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

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

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

Credit

31
Q

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 City/Municipal Budget Officer on the 5th day of January of the ensuing year.

A

FALSE

10th day of January of the ensuing year

32
Q

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

A

TRUE

33
Q

The statement of cash flows of the barangay follows the income statement approach.

A

FALSE

direct method

34
Q

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

A

TRUE

35
Q

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

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 memo

37
Q

The chief accountant reviews and approves bank reconciliation statement.

A

TRUE

38
Q

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

39
Q

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

A

TRUE

40
Q

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

41
Q

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

TRUE

42
Q

When property, plant, and equipment was stolen, the debit to record the loss was to Loss of Assets

A

FALSE

43
Q

Straight-line method and with residual value of 10.

A

FALSE

44
Q

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

A

FALSE

direct method

BSA 38P (2 decks)

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