Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BSA 38C > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

(6) Basic Requirements and Certifications for Disbursement of Public Funds

A
  1. Availability of allotment/budget for obligation/utilization
    - Budget Officer/Head of Budget Unit
  2. Obligations/Utilizations properly charged against allotment/budget
    - Chief Accountant/HOAU
  3. Availability of (3) funds and (4) cash and completeness of documents
    - Chief Accountant
  4. Legality of the tranx and conformity with rules & regulations
    - Head of requesting unit
  5. Submission of proper evidence to establish validity of the claim
  6. Approval of the disbursement
    - Head of Agency/by his duly authorized rep
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is needed so that “funds shall be disbursed, expenditure or obligations chargeable against any authorized allotment”

A

Certification of the Chief Accountant

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What happens if any certification for a non-existent or fictitious obligation and or creditor exists?

A

Void
Dismissal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

4 Disbursement Authorities

A
  1. NCA
  2. NCAA
  3. CDC
  4. NTA
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Authority issued by the DBM to central, regional and provincial offices and operating units to cover their cash requirements

A

NCA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Authority that specifies the max amount of cash that can be withdrawn from a GSB in a certain period

A

NCA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

NCA shall be monitored though the maintenance of

A

Registry or Allotments and Notice of Cash Allocations (RANCA) by Accounting Division/unit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

*Total disbursements shall not exceed total NCA received

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Authority issued by an agency’s Central Office to its regional and operating units to cover the latter’s cash requirements

A

NTA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Authority that specifies the max amount of withdrawal that an entity can make from a GSB for the period indicated

A

NTA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

*No MDS check/ADA shall be issued by the RO/OU without the covering NTA

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

*Total MDS checks/ADA issued shall not exceed the total NTA received

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

NTA shall be monitored through

A

Registry of Allotment and Notice of Transfer of Allocation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Authority issued by DBM to agencies to cover the liquidation of their actual obligations incurred against available allotments for availment of proceeds from loans/grants through supplier’s credit/constructive cash

A

NCAA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Authority issued by DBM to DFA and DOLE

A

CDC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Authority issued to utilize the deparments’ income collected /retained by their Foreign Service Post (FSP) to cover their operating requirements

A

CDC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

CDC is an authority issued by DBM to

A

DFA and DOLE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

*Total disbursements not to exceed the released allotment

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

8 Modes of Disbursements

A
  1. Checks - Direct Payment Method
  2. Cash
  3. Advice to Debit Account (ADA)
  4. Tax Remittance Advice (TRA)
  5. Working fund/CDC
  6. eMDS/ Electronic Modified Disbursement System
  7. CPCS/Cashless Purchase Card System
  8. NCAA (Non-cash Availment Authority
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

It shall be drawn only on duly approve DV or Payroll

A

Disbursement through Check

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

(MODE)

Used for payment of regular expenses that cannot be paid using ADA, PCF, or CA

A

Disbursement through Check

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

2 types of checks issued by the Government

A
  1. MDS checks
  2. Commercial checks
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

(Journal entry)

For MDS check

A

A/E/L
Cash - MDS, Regular

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

(Journal Entry)

For Commercial Check

A

A/E/L
Cash in Bank-Local Currency, Current Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

(MODE)

Payments out of cash advances (CA) granted to the regular and special disbursing officers

A

Disbursement through Cash

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

This mode if for personal services, petty expenses and MOOE for field operating requirements

A

Disbursements through Cash

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What are 2 amendments as to the COA rules and regulations governing the granting and liquidation of cash advances?

A

i. Advances for payroll shall not be used for encashment of checks for liquidation

j. Petty cash fund shall be sufficient for the recurring petty cash expenses for the month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

As to what percent of PCF is needed to reach to replenish it?

A

75% or as needed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Cash Advance for Payroll is granted to

A

Regular Disbursing Officers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

This is for payment of salaries, wages, honoraria, allowances and other personal benefits of officials and employees

A

CA for Payroll

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

This is equal to the net amount of the processed payroll corresponding to the pay period

A

CA for Payroll

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Who maintains the Cash Disbursement Record and prepares the Report of Cash Disbursements

A

Disbursing Officer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

(Journal entry)

To record the grant of cash advances

A

Advances for/to
Cash - MDS, Regular

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

(Journal entry)

To record the liquidation of cash advances

A

Expenses
Advances for/to

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Accountable form used as an authorization issued by a govt agency to the MDS-GSB (Govt Servicing Bank) instructing the bank to debit a specified amount from its available NCA to pay the creditors/payees listed in the LDDAP-ADA

A

Disbursement through ADA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Disbursement through ADA is used to pay the creditors/payees listed in

A

LDDAP-ADA

List of Due and Demandable Accounts Payable-Advice to Debit Account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

(Journal Entry)

To recognize payment of payables to suppliers/contractors through ADA

A

Accounts Payable
Cash-MDS, Regular

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Disbursements made directly from the accounts of Bureau of Treasury maintained with Land Bank of the Philippines

A

Disbursement through eMDS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Who are authorized to make online disbursements for selected tranx?

A

Agencies subscribed under LBP’s eMDS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Disbursements made through the use of an electronic card

A

Disbursement through CPCS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

(Journal Entry)

To recognize purchase of office supplies through CPC

A

Office Supplies Inventory
A/P

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

(Journal Entry)

To recognize settlement of CPC billing statement

A

A/P
Cash - MDS, Regular

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

(Journal Entry)

To recognize receipt of PPE procured through the direct payment scheme

A

Communication Equipment
Accounts Payable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

(Journal entry)

Books of Entity:
To recognize receipt of NCAA and payment of payable

A

A/P
Subsidy from National Government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

(Journal entry)

Books of BTr

To recognize the replenishments made to AGSB negotiated MDS-checks and payments on account of the NGA

A

Subsidy to NGAs
Loans Payable - Foreign

46
Q

(Journal entry)

Books of Entity

To recognize the constructive receipt of NCA for TRA

A

Cash - TRA
Subsidy from National Government

47
Q

(Journal Entry)

Books of entity

To recognize constructive remittance of taxes withheld to the BIR through TRA

A

Due to BIR
Cash - TRA

48
Q

(Journal entry)

Books of BIR

To recognize constructive receipt of taxes remitted by NGAs through TRA

A

Cash - TRA
Income Tax

49
Q

(journal Entry)

Books of BTr

To recognize constructive receipt of remittance of taxes by NGAs through TRA

A

Subsidy to NGAs
Cash - TRA

50
Q

4 Types of Inventories

A
  1. Inventories Held for Sale
  2. Inventories Held for Distribution
  3. Inventories Held for Manufacturing
  4. Inventories Held for Consumption
51
Q

Consists of machinery, equipment, furniture, and fixtures and similar items not capitalized as PPE bcs their costs are below 50,000 capitalization threshold

A

Semi-Expendable Propert

52
Q

Capitalization threshold

A

50,000

53
Q

Inventories are initially measured at

A

cost

54
Q

Inventories held for sale are subsequently measured at

A

lower of cost and net realizable value

55
Q

Inventories held for distribution are subsequently measured at

A

lower of cost and current replacement cost

56
Q

If inventories are acquired through a non-exchange tranx, their cost shall be measured as their ______ as at the date of acquisition

A

fair value

57
Q

Cost is determined on ____ in assigning cost to inventories for interchangeable items

A

Weighted average

58
Q

Cost is determined on _______ in assigning cost to inventories that are not ordinarily interchangeable

A

Specific identification method

59
Q

Purchase of supplies and materials for stock, regardless of whether or not they are consumed within the accounting period are recorded as Inventory Account under the _______________

A

Perpetual Inventory Method

60
Q

Semi-expendable property are accounted as _____ upon issue to the end-users

A

Expenses

61
Q

Write-downs to NRV are recognized as an

A

expense

62
Q

Reversals arising from an increase in NRV are recognized as

A

reduction of the inventory expense

63
Q

It consists of the system of monitoring, controlling and recording of acquisition and disposal of inventory

A

Inventory Accounting System or Accounting System of Inventory

64
Q

3 Sub-systems for inventory accounting:

A
  1. Receipt, inspection acceptance and recording deliveries of inventory items
  2. Requisition and issue of inventory items
  3. Transfer and/or disposal of inventory items
65
Q

(Requisition)
1. End users prepare the _______

A

Purchase Request (PR) form

66
Q

(Requisition)
2. Purchasing Unit prepares the _______

A

Purchase Order (PO)

67
Q

A canvass from at least 3 suppliers is required for purchases amounting to

A

1,000 and above

68
Q

(Receipt)
3. Property/Supply Division prepares the __________ and forwards it to the Property Inspector

A

Inspection and Acceptance Report (IAR)

69
Q

(Receipt)
4. __________ inspects the delivered items and fills up the IAR

A

Property Inspector

70
Q

(Receipt)
5. The Property/Supply Division records accepted deliveries in the ________

A

Stock Card (SC)

71
Q

(Receipt)
6. The Accounting Division records accepted deliveries in the books of accounts and in the __________–

A

Supplies/Stocks Ledger Card (SLC)

72
Q

(Receipt)
7. The Property/Supply Division prepares the __________ then forwards it, together w/ the supporting docus, to the Accounting Division for processing of payment

A

Disbursement Voucher

73
Q

(Disposition)
8. End users prepare the __________ to request for the issuance of inventory

A

Requisition and Issue Slip (RIS)

74
Q

(Disposition)
9. The Property/Supply Division prepares the __________

A

Report of Supplies and Materials Issued (RSMI)

75
Q

(Disposition)
10. The Accounting Division uses the ____ for recording in the books of accounts and updating of the SLC

A

RSMI

76
Q

Documents used to report wasted materials, such as destroyed spare parts and other spoilages

A

Waste Materials Report

77
Q

Documents used in reporting the results of physical counts of inventories

A

Report on the Physical Count of Inventories

78
Q

Documents used to report the movement and status of accountable forms

A

Report of Accountability for Accountable Forms

79
Q

Document prepared when issuing semi-expendable property

A

Inventory Custodian Slip

80
Q

The threshold is applied on a _______

A

per item basis

81
Q

The threshold is applied on a per item basis, except as follows (2)

A
  1. Individual items with values below the threshold but WORK TOGETHER AS A GROUP if total cost of the group is 50k or more
  2. BULK ACQUISITIONS OF SMALL ITEMS OF PPE if their aggregate cost is 50k or more
82
Q

Initial recognition of PPE is at ___

A

cost which is the fair value as at the date of acquisition

83
Q

The carrying amount of an item of PPE shall be DERECOGNIZED:

(2)

A
  1. on disposal
  2. when no future economic benefits or service potential is expected from its use or disposal
84
Q

PPE wherein ownership is not confined for entities in the public sector

A

Infrastructure Assets

85
Q

4 Characteristics of Infrastructure Assets

A
  1. part of the system/network
  2. specialized in nature and do not have alternative uses
  3. immovable
  4. subject to constraints on disposal
86
Q

A promise by a surety or guarantor to pay one party a certain amount if a second party fails to meet some obligations

A

Surety bond

87
Q

It protects the agency against losses resulting from the contractor’s failure to meet the obligation

A

Surety bond

88
Q

It includes all activities and associated costs for transportation of contractor’s personnel, equipment, and operating supplies to the site, etc

A

Mobilization fee

89
Q

Assets that have historical, cultural and environmental significance and are intended to be preserved for future generations

A

Heritage Assets

90
Q

Heritage Assets are measured at

A

cost

91
Q

Heritage assets are not depreciated, but subject to

A

impairment

92
Q

*Those that have future economic benefits other than their heritage value are depreciated similar to the other items of PPE

A
93
Q

It refers to the renewal of a forest cover by planting seeds or young trees

A

Reforestation

94
Q

Reforestation projects are recorded as

A

Land improvements

95
Q

(Reforestation projects)

Subsequent costs are ________ if costs are incurred within the duration of the project

A

capitalized

96
Q

(Reforestation project)

Subsequent costs are _____ if incurred after the turn-over of the project

A

expensed

97
Q

5 Modes of Acquisition

A
  1. Purchase
  2. Construction
  3. Exchange Transaction
  4. Non-exchange transaction
  5. Finance Lease
98
Q

(by Purchase)

cash basis, measured at

A

cost

99
Q

(Purchase)

Cash discounts, whether taken or not, are ______ from the initial measurement

A

excluded

100
Q

(Purchase)
Cash discounts not taken are recognized as _____—

A

Other losses

101
Q

(Purchase)

PPE purchased under installment basis is initially measured at

A

cash price equivalent

102
Q

(Purchase)

*If the promotional item is the same as those purchased, the total acquisition cost is allocated to ALL the items acquired including the promotional item

A
103
Q

(Purchase)

If the promotional item is different from the other items acquired, the initial cost of the promotional items is its ____

A

fair value

104
Q

(Purchase)

*If the promotional item is different from the other items acquired, the initial cost of the promotional items is its fair value. The purchase price, net of the FV of the promotional item, is allocated to the other assets acquired

A
105
Q

(Purchase)

Lump sum price acquisition:

total cost paid shall be allocated to the asset acquired based on the ________ of the asset acquired

A

relative fair value

106
Q

2 ways of acquisition by Construction

A
  1. by Contractor
  2. by Administration
107
Q

(By Contractor)

the cost is the

A

contract price

108
Q

(By Administration)
* the cost includes direct materials, labor and other construction overheads

A
109
Q

Construction costs are initially recorded in the

A

Construction in Progress

110
Q

*Upon completion, the construction costs are reclassified to the appropriate PPE account

A
111
Q
A

BSA 38C (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions