CE - Chapter 8-9 (B)

Question 1

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.

Answer 1

FALSE

Question 2

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.

Answer 2

TRUE

Question 3

The chief accountant reviews and approves bank reconciliation statement.

Answer 3

TRUE

Question 4

Cancelled checks are the checks the agency has issued and recognized but which have not yet been presented to the bank for payment.

Answer 4

FALSE

Question 5

The Sangguniang Barangay shall be furnished with a copy of the financial statements within 30 days after the close of each month.

Answer 5

TRUE

Question 6

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.

Answer 6

TRUE

Question 7

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.

Answer 7

TRUE ?

Question 8

When property, plant and equipment was stolen, the debit to record the loss was to Loss of Assets.

Answer 8

FALSE

to record the loss debit: Due from officers and employees tapos Accum. dep’n

Question 9

straight-line method and with residual value of 10%.

Answer 9

FALSE

5%

Question 10

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

Answer 10

TRUE

Question 11

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

Answer 11

FALSE

Question 12

The City/Municipal Accountant shall use indirect method in the preparation of the Statement of Cash Flows in the barangay level

Answer 12

FALSE

Question 13

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.

Answer 13

FALSE

Question 14

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.

Answer 14

FALSE

(shall be recorded as a liability)

Question 15

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

Answer 15

TRUE

Question 16

These are transactions that are unique and not recurring in the ordinary course of operations of the government.

Answer 16

Miscellaneous Transactions

Question 17

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.

Answer 17

Appropriations

Question 18

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.

Answer 18

Advances to officers and employees

Question 19

These are amounts earmarked by the barangay which binds the barangay to the immediate or eventual payment of a sum of money.

Answer 19

Obligation

Question 20

An account used to record all public infrastructures and reforestation projects under construction.

Answer 20

Construction in Progress - Infrastructure Assets

Question 21

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.

Answer 21

Internal Revenue Allotment

Question 22

Acts as the Property Custodian of the barangay.

Answer 22

Barangay Treasurer

Question 23

A report that contains unserviceable property, plant, and equipment.

Answer 23

Inventory and Inspection Report of Unserviceable Property (IIRUP) ??

Question 24

The period by which the Status of Appropriations, Obligations and Balances (SAOB) is submitted to the City/Municipal Budget Officer.

Answer 24

On or before the 10th day of January of the ensuing year

Question 25

This is prepared at year-end after all the closing journal entries have been recorded in the general journal and the accounts are posted in the general ledger.

Answer 25

Post-closing Trial Balance