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119 > Chapter 1 (OVERVIEW OF GA) > Flashcards

Chapter 1 (OVERVIEW OF GA) Flashcards

1
Q

process of
· Analysing
· Recording
· Classifying
· Summarizing
· Communicating
· Interpretating

A

Government Accounting

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2
Q
  1. produce info
  2. provide basis
  3. provide Control
  4. report financial position
A

Objectives of Government Accounting

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3
Q
  1. sources and utilization of government funds
  2. responsibility, accountability and liability over government funds and property
A

Emphasis of GA

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4
Q

· receipts from taxes and other fees
· borrowing
· grants

A

Sources of funds

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5
Q

· expenditures on programs
· unanticipated loss

A

utilization of funds

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6
Q

· promulgate acctg rules and regulations
· keeps general accounts (supporting vouchers)
· submits financial report (Pres. and congress)

A

a. Commission on Audit (COA)

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7
Q

· formulation and implementation of national budget

A

a. Department of Budget and Management (DBM)

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8
Q

· Under the department of finance, cash custodian
· Receive and keep national funds
· maintain accounts (transactions) all national gov. Offices

A

Bureau of treasury

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9
Q

· any department, bureau or office of national gov
· GOCC

A

a. Government Agencies

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10
Q

government agency, department or operating field

A

Entity

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11
Q

process of preparation, presentation, and submission of FS. Provide info that is useful for users.

A

Financial reporting

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12
Q

· Used for 5 decades
· Replaced by New Government Accounting System in 2002

A

Government Accounting Manual

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13
Q

· Government Accounting Manual for National Government Agencies (GAM for NGAS) on January 1, 2016

A

New Government Accounting System

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14
Q

· Harmonize government accounting on International Public Sector Accounting Standard (IPSAS) (based on International financial reporting standards)
· Adopted IPSAS through Philippine Public Sector Accounting Standards (PPSAS)
· Promulgated by the COA
· Provides concept:
1. Prepare general purpose FS in accor with PPSAS
2. Report budget, revenue, and expenditure based on laws

A

Government Accounting Manual for National Government Agencies (GAM for NGAS)

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15
Q

Update the ff
1. standards, policies, and guidelines
2. coding structure and accounts
3. accounting books, registries, records, fs

A

Objective of GAM for NGAs

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16
Q

Update the ff
1. standards, policies, and guidelines
2. coding structure and accounts
3. accounting books, registries, records, fs

A

Objective of GAM for NGAs

17
Q
  1. PPSAS and relevant laws, rules and regulations
  2. Accrual basis of acctng
    - Transactions are recognized when they occur
  3. Budget Basis
  4. Revised Charts of accounts by COA
  5. Double entry bookkeeping
  6. FS based on accounting budgetary records
  7. Fund cluster accounting
    - Book of accounts are maintained by fund cluster(types of funds)
A

Basic Accounting and Budget Reporting Principle

18
Q

a. Users can comprehend its meaning

A

Understandability

19
Q

can assists users in evaluating past, present or future events. Info must be timely

A

Relevance

20
Q

omission and overstatement could influence decisions of users

A

Materiality

21
Q

there is no undue delay on reporting

A

Timeliness

22
Q

free from material error and bias

A

Reliability

23
Q

a. presented in accordance with substance

A

Faithful representation

24
Q

a. accounted and presented with substance and economic reality

A

substance over form

25
Q

free from bias. Info is not selected or presented

A

Neutrality

26
Q

exercise degree of caution (estimates, uncertainty)

A

Prudence

27
Q

should be complete (materiality and cost)

A

Completeness

28
Q

users identify similarities and differences

A

Comparability

29
Q

a. Statement of Financial Position
b. Statement of Financial Performance
c. Statement of Changes in Net Assets/Equity
d. Statement of Cash Flows;
e. Statement of Comparison of Budget and Actual Amounts; and
f. Notes to the Financial Statements, comprising a summary of significant accounting policies and other explanatory notes.

A

Components of General Purpose FS

30
Q
  1. Assets
  2. Liabilities
  3. Equity
  4. Revenue
  5. Expenses
A

Elements of FS

30
Q
  1. Assets
  2. Liabilities
  3. Equity
  4. Revenue
  5. Expenses
A

Elements of FS

31
Q
  1. government resources - utilized efficiently and effectively
    * head of a government agency - directly responsible in implementing this policy
  2. exercising authority - Share fiscal responsibility
A

Responsibility

32
Q
  1. government officer - responsible safe keeping. every officer properly bonded
  2. transfer of government funds to another officer - allowed. authorization of COA. Documented (invoice and receipt)
A

Accountability

33
Q
  1. lawful use - personal liab of the employee
  2. every accountable officer – liab of loss or negligence
  3. no Ao – shall be relieved from liability. Except notified superior officer (writing) utilization is illegal
  4. Ao - notify COA loss of gov. funds within 30 days
A

Liability

34
Q
  • responsible safe keeping. every officer properly bonded
A
  1. government officer

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