CE - Chapter 8-9 (B) Flashcards
(25 cards)
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
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
The chief accountant reviews and approves bank reconciliation statement.
TRUE
Cancelled checks are the checks the agency has issued and recognized but which have not yet been presented to the bank for payment.
FALSE
The Sangguniang Barangay shall be furnished with a copy of the financial statements within 30 days after the close of each month.
TRUE
Unless covered by subsequent Sangguniang Barangay Resolution, even if no authority comes from the Department of Budget and Management, commitments should not exceed the approved appropriation.
TRUE
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.
TRUE ?
When property, plant and equipment was stolen, the debit to record the loss was to Loss of Assets.
FALSE
to record the loss debit: Due from officers and employees tapos Accum. dep’n
straight-line method and with residual value of 10%.
FALSE
5%
In the monitoring of appropriated funds, construction of public infrastructures and reforestations projects shall be charged against appropriation for capital outlay.
TRUE
The statement of cash flows of the barangay follows the income statement approach.
FALSE
The City/Municipal Accountant shall use indirect method in the preparation of the Statement of Cash Flows in the barangay level
FALSE
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
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
(shall be recorded as a liability)
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
