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Pamantasan NG Lungsod NG Pasig: Test I - True or False
Pamantasan NG Lungsod NG Pasig: Test I - True or False
Test II – Identification
_________ 1. It refers to any department bureau or office of the national government or any of
its branches as well as GOCCs.
_________ 2. It means the ability to use, exchange, lease, sell or use the asset to settle liabilities
or distribute it to owners.
________ 3. The gross inflow of economic benefits or service potential during the reporting
period which result to an increase of net asset.
_________ 4. It contains the next fiscal year’s budget agency budget ceiling and other guidelines
in the completion and submission of agency budget proposal.
_________ 5. It is prepared in such a way that estimated revenues exceed estimated
expenditures.
_________ 6. A plan of activities to be undertaken with emphasis on meeting targets and desired
results.
_________ 7. The authorization made by a legislative body to allocate funds for purposes
specified by the legislative or similar authority.
_________ 8. Authorization to agencies to incur obligations.
_________ 9. Amount contracted by an authorized officer for which the government is held
liable.
_________ 10. This type of expenditure pertains to all types of employee benefits.
Test IV – Problem
Instruction: Provide the journal entry to record each of the independent transactions or events
below. If no journal entry is needed, state the registry or other document where the transaction or
even is recorded.
5. Recorded in the Obligation Request and Status (ORS) document for entering into a
purchase contract for future delivery amounting to 500,000.
6. Recorded in the Obligation Request and Status (ORS) document for entering into employment
contract amounting to 200,000.