Chapter 5 - Accounting For Disbursements And Related Transactions Flashcards
This constitutes all cash paid out during a given period either in currency cash or by check
Disbursements
This involves the preparation and processing of disbursement Vouchers, preparation and issuance of checks; payment by cash; granting utilization and liquidation replenishment of cash advances
Disbursement system
Disbursement shall be covered by
Disbursement vouchers or petty cash vouchers or payroll
The basic requirement applicable to all types of disbursements made by national government agencies are as follows
- Existence of lawful and sufficient allotment certified as available by the budget officer
- Existence of a valid obligation certified by the chief accountant
- Legality of transactions and conformity with laws, rules and regulation
- Approval of the expense by that chief of office or by duly authorize representative
- Submission of proper evidence to establish the claim
The daily cash position report shall be prepared by the ___________
Head to be accounting unit
Two types of disbursement
Disbursements by check
disbursements by cash
The two types of checks being issued by government agencies
Modified disbursement system checks
commercial checks
You should buy the government agencies chargeable against the account of the treasure of the Philippines
Modified disbursement system checks
Authorization issued by the department of management to government agencies to withdraw cash from the national treasury,through the issuance of MDS checks or other authorize mode of disbursement
Notice of cash allocation
Issued by the government agencies chargeable against the agency checking account with government servicing bank
commercial check
Commercial checks are covered by _________ authorized to be deposited with authorize government depository bank and funding checks received
Income/receipt
This account is debited for the amount granted to regular disbursing officer for payment of the salaries wages honoraries allowances and other personnel benefit
Advances for payroll
Is used to record amount advanced to officers and employees for official travel and credited the same for liquidation of advances
Advances to officers and employees
Shall be used to record claims from these officers and employees for overpayment, cash shortage, loss of assets and other bills issued by the agency and credited the same for collection of this receivable
Due from officers and employees
The report prepared for cash advances for travel
Liquidation report
The petty cash fund shall be maintained under what system
Imprest system
Disbursement from the petty cash fund shall be through
Petty cash voucher (PCV)
What method will be followed in recording disbursements when expenditures applied to more than just the accounting period
Asset method
Asset used for general public such as roads, bridges, waterways, railways, etc. shall be classified as
Infrastructure assets
An expenditure classified as an asset and is therefore capitalize
Capital expenditure
Is an expenditure classified as an expense
Revenue expenditure
For construction or general repair a fixed asset, such as; building, motorcycle, other structures, etc., undertaken by administration, The materials purchased shall be entered into the ___________ account
Construction materials inventory
Is an account use to record the amount granted to agency’s accountable officers and employees for special purpose/time-bound undertaking to be liquidated within a specific period
Advances to special disbursing officer
It is used to allocate the cost to the land and building on the basis of the relative fair value or appraised value
basket price
The disbursement Activities of the national government agencies shall start from the receipt of _________________
Notice of cash allocation
