Chapter 3 - The Revised Chart of Accounts

Question 1

It represents the account classification as to assets, liabilities, equity, income and expenses.
a. Code
b. Account group
c. Major account group
d. Sub-major account group

Answer 1

b. Account group

Question 2

It represents classification within account group, e.g. for asset major account: cash and cash equivalents, etc.
a. Major account group
b. Sub-major account group
c. General ledger accounts
d. General ledger contra accounts

Answer 2

a. Major account group

Question 3

Which of the following is a sub-major account group in a Revised Chart of Accounts?
a. Cash on hand
b. Cash and cash equivalent
c. Asset
d. Petty cash

Answer 3

a. Cash on hand

Question 4

Which of the following is INTER-AGENCY receivable in the Revised Chart of Accounts?
a. Due from joint venture
b. Due from Non-government Organization/People’s Organization
c. Due from Bureaus
d. Due from Central Office

Answer 4

a. Due from joint venture

Question 5

Which of the following is INTRA-AGENCY receivable in the Revised Chart of Accounts?
a. Due from Operating Units
b. Other Receivables
c. Due from Government-Owned and Controlled Corporations
d. Due from Local Government Units

Answer 5

a. Due from Operating Units

Question 6

Which of the following is NOT Personnel Services?
a. Labor and wages
b. Salaries and wages-Regular
c. Pension benefits
d. Clothing/Uniform allowance

Answer 6

a. Labor and wages

Question 7

According to the Revised Chart of Accounts per COA Circular 2013-002, which of the following is an Account Group?
a. Assets account
b. Investments account
c. Cash in Bank-Local Currency
d. Treasury Bills

Answer 7

a. Assets account

Question 8

According to the Revised Chart of Accounts per COA Circular 2013-002, which of the following is a Major Account Group?
a. Liabilities account
b. Cash and cash equivalent
c. Loans and receivables account
d. Sinking fund

Answer 8

b. Cash and cash equivalent

Question 9

According to the Revised Chart of Accounts per COA Circular 2013-002, which of the following is a Sub-Major Account Group?
a. Financial assets held for trading
b. Allowance for impairment-Investment in treasury bonds
c. Financial assets at fair value through surplus or deficit
d. Investment

Answer 9

c. Financial assets at fair value through surplus or deficit

Question 10

What is the basis for coding the object classification in the COA Revised Chart of Accounts?
a. Accrual basis
b. Modified accrual basis
c. Cash basis
d. Modified cash basis

Answer 10

a. Accrual basis