Quiz Govt acctng PDF

Preview

Summary

GOVERNMENT ACCOUNTING PROCESSQ1. A check disbursement is normally recorded as a credit to the “Cash - Modified Disbursement System (MDS), Regular” account. True Q2. According to the GAM for NGAs, the Registries are (choose the incorrect statement) Maintained by the accounting unit of a government en...

Description

GOVERNMENT ACCOUNTING PROCESS Q1. A check disbursement is normally recorded as a credit to the “Cash - Modified Disbursement System (MDS), Regular” account. True Q2. According to the GAM for NGAs, the Registries are (choose the incorrect statement) Maintained by the accounting unit of a government entity Q3. The receipt of allotment is recorded in the RAPAL and RAOD Q4. Which of the following accounts is most likely credited when a government entity remits its collections to the National Treasury? Cash - Collecting Officer Q5. A disbursement authority issued by the DBM to DFA and DOLE to utilize their income collected/retained by the foreign service posts to cover their operating requirements, but not to exceed the released allotment to the said post. CDC Q6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payables. True Q7. Entity A, a government entity, made disbursements for the travelling expenses of its personnel. This is classified as Maintenance and other operating expenses Q8. The remittance of amount withheld to the other government agencies, such as the BIR, BOC, GSIS, PhilHealth, and PAG-IBIG is done through the TRA. False Q9. The receipt of an allotment is recorded by a government entity in the RAOD and RAPAL Q10. Which of the following records is technically not considered an accounting book? Registry of Appropriations and Allotments Q11. Which of the following is (are) affected when a government entity makes disbursements to settle recorded obligations? All of these Q12. The entry to record the reversion of unused NCA at the end of the period is the exact opposite of the entry to record the receipt of NCA. True

Q13. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. True Q14. According to the RCA, the “Subsidy from National Government” account is a/an Revenue account Q15. Expenditures to acquire long-term assets are classified as Capital outlays Q16. Which of the following accounts is credited when the government entity remits contributions to the GSIS, PhilHealth, and PAG-IBIG? Cash - Modified Disbursement System (MDS), Regular Q17.

In MNOP’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is shown as “unpaid obligations”? P2B Q18. “Advances for Payroll” is a/an Asset account Q19. Which of the following is recorded in the ORS? Entering into employment contracts with employees Q20. The account “Personal Economic Relief Allowance (PERA)” is a/an Personnel services account Q21. This event is recorded in the books of accounts. Closing entries Q22. The “Subsidy from National Government” account is debited when recording Reversion of unused NCA Q23. The GAM for NGAs requires the Collecting Officer to issue an official receipt to acknowledge the receipt of the NCA. False Q24. The receipt of an appropriation is recorded by a government entity in the RAPAL

Q25. Which of the following is not a form of disbursement authority? Allotment Q26.

The P60B authorization is referred to as Allotment Q27. Which of the following accounts is debited when the government entity remits its collections to the National Treasury? Cash - Treasury/Agency Deposit, Regular Q28. Which of the following is charged with the responsibility of keeping the general accounts and related documents of the government? Commission on Audit Q29. Which of the following is credited when a government entity receives the NCA? Subsidy from National Government Q30.

In MNOP’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is shown as “unobligated allotments”? P5B Q31. Obligation recorded in the registries but not yet in the accounting books are referred to as Not yet due and demandable Q32. The entry to record the receipt of NCA by a government entity includes a debit to Cash-Modified Disbursement System (MDS), Regular

Q33.

In MNOP’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is shown as “unreleased appropriations”? P180B Q34. At the end of each year, an adjustment is made to revert any unused NCA of a government entity. True Q35. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable. True Q36. The 8-digit Revised Chart of Accounts (RCA) Code for the account “Subsidy from National Government” starts with number 4 Q37. The receipt of NCA is recorded in the RANCA Q38. The 8-digit RCA code for expenses starts with number 5 Q39. Technically, only the Journals and ledgers are considered accounting records and the Registries are budget records. True Q40. The various registries maintained by government entities are technically considered as Budget records Q41. A journal entry with a credit to “Cash - Modified Disbursement System (MDS), Regular” account is recorded in the Check disbursements journal Q42. Which of the following accounts is credited when the government entity remits taxes withheld to BIR? Cash – Tax Remittance Advice Q43. Government entities and business entities use the term obligation or the phrase “incurrence of obligation” similarly. False

Q44. The incurrence of an obligation for future delivery or performance by the obligee is recorded by a government in the RAOD and ORS Q45. This is used to recognize the constructive remittance of taxes withheld. TRA Q46. This type of expenditure pertains to all types of employee benefits. Personnel services Q47. Separate accounting records and budget registries are maintained for each fund cluster. True Q48.

The P240B allocation is referred to as Appropriation Q49. Which of the following is (are) affected when a government entity incurs obligations? ORS and RAOD Q50. The RAOD is maintained by the Budget division of agencies Q51. In reference to the government accounting cycle, a government entity can incur obligations after receiving Allotment...