Chapter 5 - Accounting For Disbursements And Related Transactions

Question 1

This constitutes all cash paid out during a given period either in currency cash or by check

Answer 1

Disbursements

Question 2

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

Answer 2

Disbursement system

Question 3

Disbursement shall be covered by

Answer 3

Disbursement vouchers or petty cash vouchers or payroll

Question 4

The basic requirement applicable to all types of disbursements made by national government agencies are as follows

Answer 4

1. Existence of lawful and sufficient allotment certified as available by the budget officer
2. Existence of a valid obligation certified by the chief accountant
3. Legality of transactions and conformity with laws, rules and regulation
4. Approval of the expense by that chief of office or by duly authorize representative
5. Submission of proper evidence to establish the claim

Question 5

The daily cash position report shall be prepared by the ___________

Answer 5

Head to be accounting unit

Question 6

Two types of disbursement

Answer 6

Disbursements by check

disbursements by cash

Question 7

The two types of checks being issued by government agencies

Answer 7

Modified disbursement system checks

commercial checks

Question 8

You should buy the government agencies chargeable against the account of the treasure of the Philippines

Answer 8

Modified disbursement system checks

Question 9

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

Answer 9

Notice of cash allocation

Question 10

Issued by the government agencies chargeable against the agency checking account with government servicing bank

Answer 10

commercial check

Question 11

Commercial checks are covered by _________ authorized to be deposited with authorize government depository bank and funding checks received

Answer 11

Income/receipt

Question 12

This account is debited for the amount granted to regular disbursing officer for payment of the salaries wages honoraries allowances and other personnel benefit

Answer 12

Advances for payroll

Question 13

Is used to record amount advanced to officers and employees for official travel and credited the same for liquidation of advances

Answer 13

Advances to officers and employees

Question 14

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

Answer 14

Due from officers and employees

Question 15

The report prepared for cash advances for travel

Answer 15

Liquidation report

Question 16

The petty cash fund shall be maintained under what system

Answer 16

Imprest system

Question 17

Disbursement from the petty cash fund shall be through

Answer 17

Petty cash voucher (PCV)

Question 18

What method will be followed in recording disbursements when expenditures applied to more than just the accounting period

Answer 18

Asset method

Question 19

Asset used for general public such as roads, bridges, waterways, railways, etc. shall be classified as

Answer 19

Infrastructure assets

Question 20

An expenditure classified as an asset and is therefore capitalize

Answer 20

Capital expenditure

Question 21

Is an expenditure classified as an expense

Answer 21

Revenue expenditure

Question 22

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

Answer 22

Construction materials inventory

Question 23

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

Answer 23

Advances to special disbursing officer

Question 24

It is used to allocate the cost to the land and building on the basis of the relative fair value or appraised value

Answer 24

basket price

Question 25

The disbursement Activities of the national government agencies shall start from the receipt of _________________

Answer 25

Notice of cash allocation