Questions Flashcards
Maintain accounting books and budget registries which are reconciled
with the cash records of the BTr and the budget records of the COA and DBM.
Government Agencies
Cash custody and control of disbursements
Bureau of Treasury (BTr
Formulation & Implementation of the national
budget
Department of Budget and Management (DBM
Departments, bureaus, offices, and other instrumentalities of the NGA, including the congress, the judiciary, the constitution jodies, state college, and universities, and other self-contained institutions and hospital arerequired by law
National Government Agencies
Departments, bureaus, offices, and other instrumentalities of the NGA, including the congress, the judiciary, the constitution jodies, state college, and universities, and other self-contained institutions and hospital arerequired by law
National Government Agencies
Promulgate accounting and auditing rules, keep the general
accounts and submit financial reports to Congress/President
Commission on Audit (COA)
Process of preparation, presentation and submission of general purpose financial statements
and other reports The objective is to provide inform . ation about the entity that is useful to users
for accountability purposes and decision-making
Financial Reporting
Refers to an accounting entity for recording expenditures and revenues
Fund cluster accounting
Refers to an accounting entity for recording expenditures and revenues
Fund cluster accounting
The GAM for NGAs was promulgated primarily to harmonize the government accounting standards with?
International Public Sector Accounting Standards (IPSAS
It is an authorization issued by the DBM to NGAs to incur obligations. It is also referred to as
Obligational Authority.
Allotment
All disbursements of government entities must be in conformance with the law and the
National Budget
Detailed financial statements and trial balances consolidated by fund cluster as follows
- Regular Agency Fund
- Foreign Assisted Projects Fund
- Special Accounts - Locally Funded/Domestic Grant Fund
- Special Accounts - Foreign Assisted/ Foreign Grant Fund
- Internally Generated Funds
- Business Related Funds
- Trust Receipt/Inter-agency Transfered Funds (IATF)
Recognized without cash
Accrual Basis
It is the authorization made by a legislative body to allocate funds for purposes specified by
the legislative or similar authority.
Appropriation
Respondisble for the formulation and implementation of the National Budget with the goal of attaining our national socio-economic plans and objectives
Department of Budget and Management
Plays a pivotal role in the cash operation of national government
Bureau of Treasury
Econmpasses the process of analysing, recording, classifying, summarising, and communicating all transaction
Government Accounting Section 109 Presidential Degree 1445
Not considered as Government Business Enterprises (GBE)
National Government Agencies (NGA)
Local Government Units (LGU)
Government Owned and/or Controlled Corporation (GOCCs)
Created in 2008 under COA Resolution No. 2008-12 to assist the commission in formulating and implementing Phil. Public Sector Accounting Standards (PPSAS).
Public Sector Accounting Standards Board (PSASB)
This sector shall apply to all National Gov. Agencies (NGAs), LGU, GOCC.
Philippine Public Sector Accounting Standards (PPSAS)
The registry shall be maintained by the Budget Division/ Unit by Appropiation Act, fund cluster, by major final output (MFO) or program/activity/project (pap) for financial expenses
Registry of allotments, Obligations and disbursement- fiancial expenses
