Chapter 1

Question 1

Provision of law that gave the Commission on Audit the authority to promulgate accounting and auditing rules and regulations.

Answer 1

Article IX-D, Sec. 2, Par. 2 of the 1987 Philippine Constitution

Question 2

Philippine Public Sector Accounting Standards were adopted through ____________ dated January 18, 2002.

Answer 2

COA Resolution No. 2002-002

Question 3

The Revised Chart of Accounts was prescribed under _____________ dated _________.

Answer 3

COA Circular No. 2013-002
January 30, 2013

Question 4

________________ states that government accounting “encompasses the process of analyzing, recording, classifying, summarizing and communicating all transactions involving the receipt and disposition of government fund and property and interpreting the results thereof.”

Answer 4

Sec. 109 of PD 1445

Question 5

________________ sets down four objectives of government accounting.

Answer 5

Sec. 110 of PD 1445

Question 6

Public Sector Accounting Standards Board was created in ________________ under ________________ dated ________________.

Answer 6

2008
COA Resolution No. 2008-12
October 10, 2008

Question 7

________________ dated January 24, 2014 provides that: “after a study and review of the provisions of the International Public Sector Accounting Standards Board recommended the adoption of IPSAS…”

Answer 7

COA Resolution No. 2014-003

Question 8

According to ________________, the COA should submit an annual report to the President and Congress ________________ (time fixed by law).

Answer 8

Sec. 41, PD 1445
Not later than the last day of September each year

Question 9

________________ states that the COA shall have exclusive authority to:
- define the scope of its audit and examination
- establish the techniques and methods required
- promulgate accounting and auditing rules and regulations

Answer 9

Article IX-D, Sec. 2, Par. 2 of the 1987 Philippine Constitution

Question 10

COA created the Public Sector Accounting Standards Board under _____________________ dated Octoboer 10, 2008.

Answer 10

COA Resolution No. 2008-12
October 10, 2008

Question 11

According to _____________________, the Department of Budget and Management is responsible for the formulation and implementation of the National Budget with the goal of attaining our national socio-economic plans and objectives.

Answer 11

Sec. 2, Chapter 1, Title XVII, Book IV of the Administrative Code of the Philippines (EO 292)

Question 12

_____________________ dated _____________________ states that the responsibility of the Department of Budget and Management includes:
- United Accounts Code Structure
- validation and assignment of new codes for funding source organization
- sub-object codes for expenditure items
- validation and assignment of new program, activity and project codes

Answer 12

Joint Circular No. 2013-1
August 6, 2013

Question 13

_____________________ dated _____________________ states that the responsibility of the Department of Finance-Bureau of Treasury includes:
* United Accounts Code Structure
* consistency of accounts classification and coding standards with Government Finance Statistics

Answer 13

Joint Circular No. 2013-1
August 6, 2013

Question 14

RRORS

Answer 14

Registry of Revenue and Other Receipts-Summary

Question 15

RROR-RA&FAP

Answer 15

Registry of Revenue and Other Receipts-Regular Agency and Foreign Assisted Projects Fund

Question 16

RROR-SADFGF

Answer 16

Registry of Revenue and Other Receipts-Special Account Locally Funded/Domestic Grants Fund and Special Account Foreign Assisted/Foreign Grants Fund

Question 17

RROR-IGF/BRF

Answer 17

Registry of Revenue and Other Receipts - Internally Generated Funds (Off- Budgetary Funds - Retained Income Funds)/Business Related Funds

Question 18

RROR-TR/IATF

Answer 18

Registry of Revenue and Other Receipts - Trust Receipts/Inter-agency Transferred Funds

Question 19

RAPAL

Answer 19

Registry of Appropriation and Allotments

Question 20

RAOD-PS

Answer 20

Registry of Allotments, Obligations and Disbursements - Personnel Services

Question 21

RAOD-MOOE

Answer 21

Registry of Allotments, Obligations and Disbursements - Maintenance and Other Operating Expenses

Question 22

RAOD-FE

Answer 22

Registry of Allotments, Obligations and Disbursements - Financial Expenses

Question 23

RAOD-CO

Answer 23

Registry of Allotments, Obligations and Disbursements - Capital Outlays

Question 24

RBUD-PS

Answer 24

Registry of Budget, Utilization and Disbursements - Personnel Services

Question 25

RBUD-MOOE

Answer 25

Registry of Budget, Utilization and Disbursements - Maintenance and Other Operating Expenses

Question 26

RBUD-FE

Answer 26

Registry of Budget, Utilization and Disbursements - Financial Expenses

Question 27

RBUD-CO

Answer 27

Registry of Budget, Utilization and Disbursements - Capital Outlays

Question 28

RANCA

Answer 28

Registry of Allotments and Notice of Cash Allocation

Question 29

RANTA

Answer 29

Registry of Allotments and Notice of Transfer of Allocation

Question 30

____________________ dated January 24, 2014 prescribed the adoption of 25 Philippine Public Sector Accounting Standards effective January 1, 2014.

Answer 30

COA Resolution No. 2014-003

Question 31

PPSAs were based on IPSASs published in the ____________________ of the IPSASB.

Answer 31

2012 Handbook of International Public Sector Accounting Pronouncements

Question 32

COA recognized the need to revise the New Government Accounting System Chart of Accounts prescribed in ____________________ dated ____________________ due to the demand for uniform accounts.

Answer 32

COA Cir. No. 2004-008
September 20, 2004

Question 33

In recognition of the need for uniform accounts, the COA revokes ____________________ and adopts ____________________ dated ____________________.

Answer 33

COA Cir. No. 2004-008
COA Cir. No. 2013-002
January 30, 2013

Question 34

COA Cir. No. 2013-002

Answer 34

Adoption of the Revised Chart of Accounts for NGAs

Question 35

Aside from the Adoption of the Revised Chart of Accounts for NGAs, also considered by the COA are the following:
___________________ and ____________________.

Answer 35

COA Cir. No. 2014-003 dated April 15, 2014
COA Cir. No. 2015-007 dated October 22, 2015

Question 36

COA Cir. No. 2014-003 dated April 15, 2014

Answer 36

Implementing Rules and Guidelines on the Conversion from the Philippine Government Chart of Accounts under NGAs to the Revised Chart of Accounts for NGAs

Question 37

COA Cir. No. 2015-007

dated October 22, 2015

Answer 37

Prescribing the Government Accounting Manual for Use of all NGAs

Question 38

________________ dated March 9, 2015 provides that for the purpose of preparing the Annual Financial Report and Annual Audit Reports, all NGAs shall submit to the COA Auditors and Government Accounting Sector and COA.

Answer 38

COA Circular No. 2015-002

Question 39

COA Circular No. 2015-002

Answer 39

Supplementary guidelines on the preparation of financial statements and other reports, the transitional provisions on the implementation of the PPSAS, and other coding structures

Question 40

The detailed financial statements and trial balances consolidated by the fund cluster as follows ___________________ (7)

Answer 40

1. Regular Agency Fund
2. Foreign Assisted Projects Fund
3. Special Accounts-Locally Funded/Domestic Grants Fund
4. Special Accounts-Foreign Assisted/Foreign Grants Fund
5. Internally Generated Funds
6. Business Related Funds
7. Trust Receipt/Inter-agency Transferred Funds