Last CE Flashcards
A process of comparing the bank balances of cash accounts with the entity balance and explains any differences.
Bank Reconciliation
A document issued by the bank informing a decrease in the account, such as previous bank credit errors or service charges and fees.
Debit memorandum
Consolidates the status of appropriations, commitments and balances of each barangay under the city/municipality and submits the same to Commission on Audit
City/Municipal Budget Officer
Account used to record tangible assets purchased with serviceable life of more than one year but not classified as small items.
Supplies and Materials
Prescribed the New Government Accounting System for barangays
Commission on Audit
Responsible in monitoring the approved appropriations and the charges against these funds.
Kagawad, designated as Chairman of Committee on Appropriations
Prepares the required monthly and year-end trial balances, financial statements, and reports/schedules for each of the barangays.
City/Municipal Accountant
The period wherein the year-end consolidated financial statements and schedules is submitted by the City/Municipal Accountant to COA.
Within 60 days after year-end
Responsible in handling collections of income and other receipts of the barangay and the deposit of the same.
Barangay Treasurer
What are the certified registers that should be kept by barangays in accordance with the New Barangay Accounting System?
(5)
● Cash Receipts Registers
● Cash on Hand and Bank Registers
● Cash Disbursement Registers
● Check Disbursement Registers
● Petty Cash Fund Registers
What are the funds maintained by the barangay?
(5)
● 10% share of Sangguniang Kabataan
● 5% Local Disasters Risk Reduction Management Fund
● 20% Development Fund
● General Fund
● Continuing Appropriations
What are the books of accounts of a barangay? (4)
● Journal of Cash Transactions (JCT)
● General Journal (GJ)
● General Ledger (GL)
● Subsidiary Ledger (SL)
Give three miscellaneous transactions of a barangay
● Loss/shortage in cash
● Cash overage
● Dishonored check
● Lost check
● Spoiled check
● Staled check
● Disallowances/charges
What are the four major categories of financial transactions of the barangay as prescribed by the New Government Accounting System?
● Appropriations and Obligations
● Collections and Deposits
● Disbursements
● Miscellaneous Transactions
What are the specific financial statements that should be prepared under the New Barangay Accounting System? (6)
● Statement of Financial Position
● Statement of Financial Performance
● Statement of Changes in Net Assets/Equity
● Statement of Cash Flows
● Statement of Comparison of Budgeted and Actual Amounts
● Notes to the Financial Statements
The supporting schedules to the financial statements (4)
● Schedule of Public Infrastructures
● Schedule of Reforestation Projects
● Schedule of Accounts Receivable
● Schedule of Accounts Payable
T/F: Outstanding checks are checks issued and chargeable to the agency bank account but was later voided due to expiration of validity.
False
T/F: The barangay shall recognize a liability at the time goods and services are accepted or rendered, not necessarily that the supplier/creditor bills are received.
False
T/F: The Chief Accountant or Designated Staff shall prepare a JEV to recognize all reconciling items that require adjustments and correction in the books of accounts.
True
T/F: In the PPSAS as applied to the barangay level, surety bonds should be recorded in the books being maintained by the City/Municipal Accountant.
False
T/F: As stipulated, barangay accounts shall be kept within the framework of the chart of accounts of the New Government Accounting System.
True
T/F: The NGAS provides that processing and recording of transactions of the barangay shall be done by the City/Municipal Accountant and documents shall be filed by the Barangay Secretary.
False
T/F: In the recognition of liability in the barangay level, cash received to guaranty faithful performance of an activity shall be recorded as income for the period cash is received.
False
T/F: The entry to record the receipt of financial assistance from NGOs by the barangay includes a debit to income from grants and donations.
False
T/F: The City/Municipal Accountant shall prepare the barangay’s yearly status of appropriations, commitments, and balances based on the Registries of Appropriations to be submitted to the Citv/Municipal Budget Officer on the 5th day of January of the ensuing year.
False
T/F: Mode of disbursements in the barangay level includes checks and cash through the Barangay Treasurer or any accountable officer.
True
T/F: The statement of cash flows of the barangay follows the income statement approach.
False
T/F: In the monitoring of appropriated funds, construction of public infrastructures and reforestations projects shall be charged against appropriation for capital outlay.
False
T/F: For assets under construction under the barangay accounting, the cost of the project shall include bonus paid to the contractor for early completion of work, license fees, permit fees, etc.
True
T/F: A credit memorandum is issued by the bank informing a decrease in the account, such as previous bank credit errors or service charges and fees.
False
T/F: For assets under construction under the barangay accounting, the cost of the project shall include bonus paid to the contractor for early completion of work, license fees, permit fees, etc.
True
T/F: The chief accountant reviews and approves bank reconciliation statement.
True
T/F: Cancelled checks are the checks the agency has issued and recognized but which have not yet been presented to the bank for payment.
False
T/F: The Sangguniang Barangay shall be furnished with a copy of the financial statements within 30 days after the close of each month.
True
T/F: The balances of appropriations for 20% Development fund, Sangguniang Kabataan Fund, and Calamity Fund shall be valid until fully spent or until the planned activity is completed.
False
T/F: When property, plant and equipment was stolen, the debit to record the loss was to Loss of Assets.
False
T/F: Straight-line method and with residual value of 10%.
False
T/F: In the monitoring of appropriated funds, construction of public infrastructures and reforestations projects shall be charged against appropriation for capital outlay.
False
T/F: The statement of cash flows of the barangay follows the income statement approach.
False
T/F: The City/Municipal Accountant shall use indirect method in the preparation of the Statement of Cash Flows in the barangay level
False
T/F: The NGAS provides that processing and recording of transactions of the barangay shall be done by the City/Municipal Accountant and documents shall be filed by the Barangay Secretary.
False
T/F: In the recognition of liability in the barangay level, cash received to guaranty faithful performance of an activity shall be recorded as income for the period cash is received.
False
T/F: Mode of disbursements in the barangay level includes checks ad cash through the Barangay Treasurer or any accountable officer.
True
These are transactions that are unique and not recurring in the ordinary course of operations of the government.
Miscellaneous Transactions
These are amounts in the annual or supplemental budget that are authorized by the Sangguniang or legislative body to be obligated or spent for the undertaking of a particular function, program, activity or project.
Appropriations
This account shall be debited when cash advances will be granted for travels and other special time-bound undertaking such as Alay Lakad, Lakbay-Aral, and the like.
Advances to Officers and Employees
These are amounts earmarked by the barangay which binds the barangay to the immediate or eventual payment of a sum of money.
Obligation
An account used to record all public infrastructures and reforestation projects under construction.
Construction in Progress - Infrastructure Assets
The share received by the barangay directly remitted to the authorized depository bank by either the Local Government Unit or the Department of Budget and Management.
Internal Revenue Allotment
Acts as the Property Custodian of the barangay.
Barangay Treasurer
A report that contains unserviceable property, plant, and equipment.
Inventory and Inspection Report of Unserviceable Property (IIRUP)
The period by which the Status of Appropriations, Obligations and Balances (SAOB) is submitted to the City/Municipal Budget Officer.
On or before the 10th day of January of the ensuing year.
This is prepared at year-end after all the closing journal entries have been recorded in the general journal and the accounts are posted in the general ledger.
Post-closing Trial Balance
