222 Flashcards
(9 cards)
1.What is the legal basis of the COA in promulgating the GAM for NGAs?
a. Revised Penal Code, Art. 217
b. State Audit Code of the Philippines, P.D. No. 1445, Sec. 109
c.Article IX-D, Section 2 par. (2) of the 1987 Constitution of the Republic of the Philippines
d. R.A. 9298
c.Article IX-D, Section 2 par. (2) of the 1987 Constitution of the Republic of the Philippines
2.The GAM for NGAs aims to update all of the following except
a.standards, policies, guidelines and procedures in accounting for government funds and property
b. coding structure and accounts
c. accounting books, registries, records, forms, reports and financial statements
d. rules and regulations regarding the filing and payment of taxes by government employees
d. rules and regulations regarding the filing and payment of taxes by government employees
3.Which of the following is one of the Fundamental Principles for Revenue under the GAM for NGAs?
a. No payment of any nature shall be received by a collecting officer without immediately issuing an official receipt in acknowledgement thereof. The receipt may be in the form of postage, internal revenue or documentary stamps and the like, officially numbered receipts, subject to proper custody, accountability, and audit.
b. Temporary receipts may be issued to acknowledge the receipt of public funds; provided that, an official receipt is issued within a short period of time as may be prescribed by the COA.
c. Money in the hands of the Collecting Officer may be utilized for the purpose of cashing private checks, upon proper endorsement and identification of the payee or endorsee. Checks drawn in favor of the government in payment of any such indebtedness shall likewise be accepted by the officer concerned.
d. All of these
a. No payment of any nature shall be received by a collecting officer without immediately issuing an official receipt in acknowledgement thereof. The receipt may be in the form of postage, internal revenue or documentary stamps and the like, officially numbered receipts, subject to proper custody, accountability, and audit.
4.Which of the following is not one of the Fundamental Principles for Disbursement of Public Funds under the GAM for NGAs?
a. No money shall be paid out of any public treasury or depository except in pursuance of an appropriation law or other specific statutory authority.
b. Government funds or property shall be spent or used solely for public purposes.
c. Trust funds shall be available and may be spent only for the specific purpose for which the trust was created or the funds received.
d.Fiscal responsibility shall, to the greatest extent, be assumed solely by the Head of the government agency.
d.Fiscal responsibility shall, to the greatest extent, be assumed solely by the Head of the government agency.
5.Which of the following statements is incorrect regarding the GAM for NGAs?
a. The COA shall keep the general accounts of the Government and, for such period as may be provided by law, preserve the vouchers and other supporting papers pertaining thereto, pursuant to Section 2, par. (1), Article IX-D of the 1987 Philippine Constitution.
b. The financial reporting system of the Philippine government consists of accounting system on accrual basis and budget reporting system on budget basis under the statutory responsibility of the NGAs, Bureau of the Treasury (BTr), Department of Budget and Management (DBM), and the COA.
c. The objectives of general purpose financial statements (GPFSs) are to provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making and evaluating decisions about the allocation of resources. Specifically, the objectives of general purpose financial reporting in the public sector are to provide information useful for decision-making, and to demonstrate the accountability of the entity for the resources entrusted to it.
d. The DBM accounts for the cash, public debt and related transactions of the NG
d. The DBM accounts for the cash, public debt and related transactions of the NG
6.This accounting concept is necessary so that users can use information in the financial statements in noting differences and similarities between those information presented and information from other sources that the user may have.
a.Financial statement analysis and ratios
b.Understandability
c.Comparability
d.Feedback value or confirmatory value
c.Comparability
7.Which of the following principles is not in accordance with theBasic Government Accounting and Budget Reporting Principles under the GAM for NGAs? a.modified accrual basis of accounting in accordance with the PPSAS
b.budget basis for presentation of budget information in the financial statements (FSs) in accordance with PPSAS 24
c.RCA prescribed by COA
d.financial statements based on both accounting and budgetary records e.fund cluster accounting
a.modified accrual basis of accounting in accordance with the PPSAS
The NGAs are responsible for a.promulgating accounting and auditing rules and regulations.
b.implementing the national budget with the goal of attaining the nation’s socio-economic objectives. c.receiving and keeping national funds and managing and controlling the disbursements thereof.
d.directly implementing the projects of, and performing the functions delegated by, the government
d.directly implementing the projects of, and performing the functions delegated by, the government
9.The basis of accounting required by the GAM for NGAs is
a.Budget basis
b.Modified accrual basis
c.Cash basis
d.Accrual basis
d.Accrual basis
