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Acctng. For Government And Non-governmental Agencies > Prelims > Flashcards

Prelims Flashcards

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1
Q

Encompasses the processes of analyzing, recording, classifying, summarizing, and communicating all transactions involving the receipt and disposition of government funds and properties, and interpreting the results thereof.

A

Government Accounting

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2
Q

What offices are charged with government accounting responsibilities?

A
  1. Commission on Audit
  2. Department of Budget and Management
  3. Bureau of Treasury
  4. Government Agencies
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3
Q

COA responsibilities

A
  1. Promulgate accounting and auditing rules
  2. Keep general accounts
  3. Submit financial reports
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4
Q

Responsibility of DBM

A

Implement the national budget

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5
Q

Responsibility of BTr

A

Cash custody and control of cash disbursements

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6
Q

Responsibility of Government Agencies

A

Maintain accounting books and budget registries

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7
Q

Fund clusters

A

01 - Regular Agency Fund
02 - Foreign Assisted Project Funds
03 - Domestic Grant Funds
04 - Foreign Grants Funds
05 - Internally Generated Funds
06 - Business Related Funds
07 - Trust Receipts

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8
Q

Qualitative Characteristics

A
  1. Understandability
  2. Materiality
  3. Reliability
  4. Comparability
  5. Neutrality
  6. Relevance
  7. Prudence
  8. Completeness
  9. Timeliness
  10. Faithful representation
  11. Substance over form
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9
Q

Components of General Purpose Financial Statements

A
  1. Statement of Financial Position
  2. Statement of Financial Performance
  3. Statement of Change in Net Assets / Equity
  4. Statement of Cash Flows
  5. Statement of Comparison of Budget and Actual Amounts
  6. Notes on financial statements
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10
Q

What does IPSAS stand for?

A

International Public Sector Accounting Standards

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11
Q

What does PPSAS mean?

A

Philippine Public Sector Accounting Standards

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12
Q

When was NGA used?

A

2002-2015

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13
Q

When did GAM took effect?

A

January 01, 2016

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14
Q

Contents of Volume 1 (GAM)

A
  • Accounting Policies
  • Accounting Guidelines
  • Accounting Procedures
  • Illustrative Accounting Entries
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15
Q

Content of Volume 2 (GAM)

A
  • Accounting Books
  • Acctng. Registries
  • Acctng. Records
  • Acctng. Forms
  • Acctng. Reports
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16
Q

Content of Volume 3 (GAM)

A

Revised Chart of Accounts

17
Q

Vision of GAM

A

Ensures uniformity, accuracy, reliability and timeliness in the prep. of financial statements and other reports in conformity with the requirements of the PPSAS and relevant accounting policies

18
Q

A basis of accounting under which transactions and other events are recognized when they occur.

A

Accrual Basis

19
Q

Elements recognized under accrual accounting:

A
  1. Assets
  2. Liabilities
  3. Net Assets / Equity
  4. Revenue
  5. Expenses
20
Q

Resources controlled by an entity as a result of past events, and from which future economic benefits or service potential are expected to flow to the entity.

A

Assets

21
Q

Future economic benefits or service potential that have been contributed to the entity by parties external to the entity.

A

Contributions from owners

22
Q

Future economic benefits or service potential distributed by the entity to all or some of its owners as ROI.

A

Distribution to owners

23
Q

Refers to a government agency, department or operating / field unit

A

Entity

24
Q

Are decreases in economic benefits or service potential during the reporting period in the form of outflows or consumption of assets or incurrence of liabilities that results in decrease in net assets / equity other than those relating to distribution to owners

A

Expenses

25
Q

Financial plan of a government for a given period, usually a fiscal year

A

Government Budget

26
Q

Firm obligations of the entity arising from last events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits or service potential

A

Liabilities

27
Q

Residual interest in the assets of the entity after deducting all its liabilities

A

Net assets / equity

28
Q

Gross inflow of economic benefits or service potential during the reporting period when those inflows result in an increase in net assets / equity, other than increases relating to contributions from owners

A

Revenue

29
Q

Comprises all funds derived from the income of any agency of the government and available for appropriation or expenditure in accordance with law.

A

Revenue funds

Acctng. For Government And Non-governmental Agencies (1 decks)

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