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
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
Not recorded in the books
As stipulated, barangay accounts shall be kept within the framework of the chart of accounts of the New Government Accounting System.
TRUE
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.
FALSE
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.
FALSE
Cash advances for payment of personnel services paid by the barangay shall be accounted for as Payroll Fund in the books of the barangay.
TRUE
The entry to record the receipt of financial assistance from NGOs by the barangay includes a debit to income from grants and donations.
FALSE
Credit
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.
FALSE
10th day of January of the ensuing year
Mode of disbursements in the barangay level includes checks and cash through the Barangay Treasurer or any accountable officer.
TRUE
The statement of cash flows of the barangay follows the income statement approach.
FALSE
direct method
In the monitoring of appropriated funds, construction of public infrastructures and reforestations projects shall be charged against appropriation for capital outlay.
TRUE
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.
TRUE
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.
FALSE
Debit memo
The chief accountant reviews and approves bank reconciliation statement.
TRUE
Cancelled checks are the checks the agency has issued and recognized but which have not yet been presented to the bank for payment.
FALSE
Outstanding checks
The Sangguniang Barangay shall be furnished with a copy of the financial statements within 30 days after the close of each month.
TRUE
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.
TRUE
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.
TRUE
When property, plant, and equipment was stolen, the debit to record the loss was to Loss of Assets
FALSE
Straight-line method and with residual value of 10.
FALSE
The City/Municipal Accountant shall use indirect method in the preparation of Statement of Cash Flows in the barangay level
FALSE
direct method
