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Government Accounting > CE - Chapter 8-9 (A) > Flashcards

CE - Chapter 8-9 (A) Flashcards

1
Q

A process of comparing the bank balances of cash accounts with the entity balance and explains any differences.

A

Bank Reconciliation

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2
Q

A document issued by the bank informing a decrease in the account, such as previous bank credit errors or service charges and fees.

A

Debit Memorandum

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3
Q

Consolidates the status of appropriations, commitments and balances of each barangay under the city/municipality and submits the same to Commission on Audit.

A

City/Municipal Budget Officer

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4
Q

Account used to record tangible assets purchased with serviceable life of more than one year but not classified as small items.

A

Supplies and Materials

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5
Q

Prescribed the New Government Accounting System for barangays.

A

Commission on Audit

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6
Q

A document furnished to barangays authorizing the appropriation of the annual budget, the expenditures items of which shall be in accordance with the Philippine Government Chart of Accounts under NGAS.

A

General Appropriation Ordinance

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7
Q

Responsible in monitoring the approved appropriations and the charges against these funds.

A

Kagawad, designated as Chairman of Committee on Appropriations

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8
Q

Prepares the required monthly and year-end trial balances, financial statements, and reports/schedules for each of the barangays.

A

City/Municipal Accountant

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9
Q

The period wherein the year-end consolidated financial statements and schedules is submitted by the City/Municipal Accountant to COA.

A

Within 60 days after year-end

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10
Q

Responsible in handling collections of income and other receipts of the barangay and the deposit of the same.

A

Barangay Treasurer

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11
Q

1-4: What are the certified registers that should be kept by barangays in accordance with the New Barangay Accounting System?

A
  • Cash Receipts Registers
  • Cash on Hand and Bank Registers
  • Cash Disbursement Registers
  • Check Disbursement Registers
  • Petty Cash Fund Registers
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12
Q

5-9: What are the funds maintained by the barangay?

A
  • 10% share of Sangguniang Kabataan
  • 5% Local Disasters Risk Reduction Management Fund
  • 20% Development Fund
  • General Fund
  • Continuing Appropriations
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13
Q

10-13: What are the books of accounts of a barangay?

A
  • Journal of Cash Transactions (JCT)
  • General Journal (GJ)
  • General Ledger (GL)
  • Subsidiary Ledger (SL)
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14
Q

14-16: Give three miscellaneous transactions of a barangay

A

Loss/shortage in cash
Cash overage
Dishonored check
Lost check
Spoiled check
Staled check
Disallowances/charges

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15
Q

17-20: What are the four major categories of financial transactions of the barangay as prescribed by the New Government Accounting System?

A
  • Appropriations and Obligations
  • Collections and Deposits
  • Disbursements
  • Miscellaneous Transactions
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16
Q

21-26: What are the specific financial statements that should be prepared under the New Barangay Accounting System?

A
  • 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
17
Q

27-30: The supporting schedules to the financial statements

A
  • Schedule of Public Infrastructures
  • Schedule of Reforestation Projects
  • Schedule of Accounts Receivable
  • Schedule of Accounts Payable
18
Q

Outstanding checks are checks issued and chargeable to the agency bank account but was later voided due to expiration of validity.

A

FALSE

19
Q

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.

A

FALSE

20
Q

Cash advances for salaries and wages, by regular and special disbursing officers of the Barangay shall be recorded through a debit to Payroll Fund and a credit to Cash in Bank-Local Currency Current Account.

A

FALSE

Advances for Payroll (debit)

21
Q

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.

A

TRUE

22
Q

In the PPSAS as applied to the barangay level, surety bonds should be recorded in the books being maintained by the City /Municipal Accountant.

A

FALSE

23
Q

As stipulated, barangay accounts shall be kept within the framework of the chart of accounts of the New Government Accounting System.

A

TRUE

24
Q

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.

A

FALSE

25
Q

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.

A

FALSE

26
Q

Cash advances for payment of personnel services paid by the barangay shall be accounted for as Payroll Fund in the books of the barangay.

A

TRUE

27
Q

The entry to record the receipt of financial assistance from NGOs by the barangay includes a debit to income from grants and donations.

A

FALSE

28
Q

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.

A

FALSE

29
Q

Mode of disbursements in the barangay level includes checks and cash through the Barangay Treasurer or any accountable officer.

A

TRUE

30
Q

The statement of cash flows of the barangay follows the income statement approach.

A

FALSE

31
Q

In the monitoring of appropriated funds, construction of public infrastructures and reforestations projects shall be charged against appropriation for capital outlay.

A

FALSE

32
Q

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.

A

TRUE

Government Accounting (3 decks)

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