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NGAS > Chapter 1 - Nature And Scope Of NGAS > Flashcards

Chapter 1 - Nature And Scope Of NGAS Flashcards

1
Q

The NGAS was made in order to respond to the need for the ff:

A
  1. The adoption of the system that is in conformity with international accounting standards.
  2. Pursuit of eventual computerization, which will include responsibility accounting, thereby ensuring the generations of various reports that are useful to management, lawmakers and general public
  3. Generation of relevant and periodic financial statements
  4. Effective tool for managers and executives in effective and efficient monitoring of agency performance.
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2
Q

It encompasses the process of analyzing, recording, classifying, summarizing, and communicating all transactions involving the receipt and disposition. Government funds and property and interpreting the results thereof.

A

Government accounting

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3
Q

The presidential decree 1445 sets down the following objects accounting

A
  1. produce information concerning past operations and present conditions
  2. to provide a basis for guidance for future operations
  3. To provide for control of the act of public bodies and offices in the receipt,disposition and utilization of funds and property
  4. The report on the financial position and the results of operation of government agencies for the information and guidance of all persons concerned
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4
Q

The following are the processes and considerations in developing a standard of PPSAS

A
  1. applicability of IPSAS
  2. exposure draft of PPSAS
  3. fundamental issues
  4. Statutory authority
  5. Disclosure requirements
  6. PPSAS numbering
  7. Financial reporting issues not dealt with by IPSAS
  8. Submission of draft to PSASB for consideration of the COA
  9. Group discussions
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5
Q

Accounting responsibility emanates from:

A

Constitution
Laws
Policies
Rules and regulation

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6
Q

The offices of the government charge with the accounting responsibilities

A

COA
DBM
BTr
GOV agencies

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7
Q

Keeps the General Accounts of the government, promulgates accounting rules and regulations, and submit to the president and Congress, within the time fixed by law, an annual report to the government subdivision, agencies and instrumentalities including government owned and controlled corporations

A

Commission on Audit

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8
Q

Responsible for the formulation and implementation of the national budget with the goal of attaining our socioeconomic plans and objectives

A

Department of budget and management

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9
Q

The department of budget and management shall maintain the following registries

A

Registry of appropriations and allotments
Registry of special purpose fund appropriation
Registry of allotment and notice of cash allocation

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10
Q

Play a pivotal to roll in the cash operation of the national government

A

bureau of Treasury

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11
Q

The Bureau of treasury as one of the operating bureau of the Department of finance is authorized to:

A
  1. receive and keep national funds manage and control the disbursements thereof
  2. Maintain accounts of financial transactions about national government offices, agencies and instrumentalities
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12
Q

The government agencies shall maintain the following for registries for allotment it receives and the following obligations it incurs

A
  1. Registry of allotments and obligations -Personnel service
  2. Registry of allotments and obligations - maintenance and other operating expenses
  3. registry of allotments an obligations - capital outlay
  4. Registry of allotments an obligations - financial expenses
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13
Q

Is it appropriate for the purposes other than those provided in the regular funds of government agencies

A
  1. miscellaneous personnel fund
  2. Calamity fund
  3. Organizational adjustment fund
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14
Q

Is used to cover personnel benefits which are not provided for in the regular budget to be agency

A

Miscellaneous personnel fund

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15
Q

Is used to cover relief, rehabilitation, reconstruction and other services in connection with the calamities that may occur in the budget year

A

Calamity fund

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16
Q

It is used to cover budgetary requirements of the newly created organization, program/project/activity within the agency

A

Organizational adjustment fund

17
Q

This shall be the coding framework for the national government’s financials transactions and In all faces of the budget cycle

A

Unified Account Code Structure

18
Q

Is the system that relates the financial results to a responsibility center, which provides access to costs and revenue under the supervision of a manager having direct responsibility for its performance.

A

Responsibility accounting

19
Q

responsibility accounting is a system that measures the plans (__________) and actions (___________) of each responsibility center

A

By budget; by actual result

20
Q

It is a part segment, segment or function of a government agency, headed by a manager, who is accountable for specified set of activities

A

Responsibility center

21
Q

Is the authorization issued by the department of budget and management to an agency thereby enabling the agency to incur obligations up to a specified amount that legislative appropriation

A

Allotment

22
Q

It refers to the commitment by government agency arising from an act of a duly authorized official which binds the government to the immediate or eventual payments of a sum
of money

A

Obligation

23
Q

It is an authorization issued by the department of budget and management to government agencies to withdraw cash from the national treasury through the issuance of modified disbursement checks or other authorize mode of disbursements

A

Notice of cash allocation

24
Q

Factors considered in determining the useful life of an asset

A
  1. Expected usage of the asset
  2. expected physical wear and tear
  3. Technical or commercial obsolescence
  4. Legal or similar units on the use of assets
25
Q

The COA prescribe the New Government Accounting System granted under what section of the Philippine Constitution?

A

Sec 2(2), Articles IX-D of the 1987 Philippine Constitution

26
Q

A simplified set of accounting concepts, guidelines and procedures designed to ensure correct, complete and timely recording of government financial transactions, and production of accurate and relevant financial report

A

New government accounting system

27
Q

This is the concept that apply to general-purpose financial reporting under the accrual basis of accounting

A

Conceptual framework

28
Q

It is both money set aside in for a specific purpose, and an independent fiscal and accounting entity.

A

Fund

29
Q

The three special journals to be used by government accounting aside from the general journal

A

Cash receipt journals
check disbursement journals
cash disbursement journals

NGAS (11 decks)

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