CH8-CH9 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 the 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.
PROPERTY, PLANT, AND EQUIPMENT
Prescribes 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 Philippines Government Chart of Accounts under NGAs.
APPROPRIATION ORDINANCE
Responsible for monitoring the approved appropriations and the charges against these funds.
BARANGAY KAGAWAD
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 for handling collections of income and other receipts of the barangay and the deposit of the same.
BARANGAY TREASURER
These are transactions that are unique and not recurring in the ordinary course of operations of the government
MISCELLANEOUS TRANSACTIONS
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.
APPROPRIATIONS
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.
ADVANCES TO SPECIAL DISBURSEMENT OFFICERS
These are amounts earmarked by the barangay which binds the barangay to the immediate or eventual payment of a sum of money.
OBLIGATIONS
An account used to record all public infrastructures and reforestation projects under construction.
CONSTRUCTION IN PROGRESS-INFRASTRUCTURE ASSETS
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.
INTERNAL REVENUE ALLOTMENT
Acts as the Property Custodian of the barangay
BARANGAY TREASURER
A report that contains unserviceable property, plant, and equipment.
INVENTORY AND INSPECTION REPORT FOR UNSERVICEABLE PROPERTY (IIRUP)
The period by which the Status of Appropriations, Obligations and Balances (SAOB) is submitted to the City/Municipal Budget Officer.
ON OR BEFORE 10TH DAY OF JANUARY OF THE ENSUING YEAR
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.
POST-CLOSING TRIAL BALANCE
Outstanding checks are checks issued and chargeable to the agency bank account but was later voided due to expiration of validity.
FALSE
Cancelled checks
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
debit to Advances for Payroll
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
