Pamantasan NG Lungsod NG Pasig: Test I - True or False

Pamantasan ng Lungsod ng Pasig
Government Accounting & Accounting for Non-Profit Organizations

Mid-Term Examinations
Test I – True or False
_________ 1. Government resources shall be utilized efficiently and effectively in accordance

with the law.
_________ 2. The unlawful use of government resources shall be the personal liability of the
employee found to be directly responsible therefore.
_________ 3. Or July 1, 2016 the NGAS was replaced by the Government Accounting Manual
for National Government Agencies (GAM for NGAs.
_________ 4. The national budget is the government’s estimate of the uses and sources of
government funds within a fiscal year.
_________ 5. Budget hearings are conducted after the agencies submit their budget proposal.
_________6. In incremental budgeting, the current year’s budjet is formulated without regard to
the previous year’s budget.
_________ 7. Government entities shall use the account titles and account codes in the Revised
Chart of Account (RCA) issued by the COA.
_________ 8. Other sources of funds of the government includes fees, borrowings and grants
from other governments and international bodies.
_________ 9. The transfer of government funds from one officer to another requires the prior
authorization of the President of the Philippines
_________10. Contract price on government contracts awarded to private companies is a source
of revenue for the government.
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 III – Enumeration
1–5 - Give at least 5 qualitative characteristics of financial reporting.

1. Understandability
2. Relevance
3. Materiality
4. Timeliness
5. Reliability
6 – 10 - What are the 5 elements of financial statements.

6. Assets
7. Liabilities
8. Equity
9. Revenue
10. Expenses
11 – 14 - Give the 4 phases of budget cycle

11. Budget Preparation
12. Budget Legislation
13. Budget Execution
14. Budget Accountability
15 – 18 - What are the 4 budget registries used in government.

15. Registries of Revenue and Other Receipts (RROR)
16. Registry of Appropriation and Allotments (RAPAL)
17. Registries of Allotments, Obligations, and Disbursements (RAOD)
18. Registries of Budget, Utilization and Disbursements (RBUD)
19 – 20 - Give at least 2 reports / documents included in the Budget Execution Documents.

19.
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.
1. Receipt of P1,000,000 NCA.

2. Remittance to the BIR of P100,000 taxes withheld.
3. Receipt of P1,000,000 Allotment
4. Receipt of P1,200,000 Appropriation
5. Entering into a purchase contract for future delivery. The contract price is P500,000.
6. Entering into employment contracts worth P200,000
7. Billing of P250,000 therefrom, and full remittance of the collection to the BTr.
8. Reversion of P50,000 unused NCA.
9. Receipt of office equipment purchased on account for P100,000.
10. Payment of accounts payable from purchase of office supplies worth P60,000. Tax withheld
amount to P3,000
1. Cash - Modified Disbursement System (MDS), Regular 1,000,000
Subsidy from National Government 1,000,000

To recognize receipt of NCA from the DBM.
This is also recorded in the Registry of Allotments and Notice of Cash Allocation (RANCA).
2. Cash - Tax Remittance Advice 100,000
Subsidy from National Government 100,000

To recognize constructive receipt of NCA for TRA.
Due to BIR 100,000
Cash - Tax Remittance Advice 100,000

To recognize the constructive remittance of taxes withheld
to the BIR through TRA.
This is also recorded in the Obligation Request and Status (ORS) document and Registries of Allotments,
Obligations and Disbursements (RAODs).
3. Recorded in the Registry of Appropriations and Allotments (RAPAL) and Registries of

Allotment, Obligations and Disbursements (RAODs) amounting to 1,000,000.
4. Recorded in the Registry of Appropriations and Allotments (RAPAL) amounting to 1,200,000.
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.
7. Accounts Receivable 250,000

Affiliation Fees 250,000
To recognize billing income.
Cash - Collecting Officers 200,000
Accounts Receivable 200,000

To recognize collection of billed income
Cash - Treasury/Agency Deposit, Regular 200,000
Cash - Collecting Officers 200,000

To recognize remittance of income to the BTr.
8. Subsidy from National Government 50,000
Cash - Modified Disbursement System (MDS), Regular 50,000

To recognize reversion of unused NCA.
9. Office Equipment 100,000
Accounts Payable 100,000

To recognize delivery of office equipment.
This is also recorded in the Obligation Request and Status (ORS) document.
10. Accounts Payable 60,000

Due to BIR 3,000
Cash - Modified Disbursement System (MDS), Regular 57,000
To recognize payment of accounts payable.
This is also recorded in the Obligation Request and Status (ORS) document and Registries of Allotments,
Obligations and Disbursements (RAODs).

Pamantasan NG Lungsod NG Pasig: Test I - True or False

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Pamantasan ng Lungsod ng Pasig

Government Accounting & Accounting for Non-Profit Organizations

Test I – True or False

_________ 1. Government resources shall be utilized efficiently and effectively in accordance

Test III – Enumeration

1–5 - Give at least 5 qualitative characteristics of financial reporting.

6 – 10 - What are the 5 elements of financial statements.

11 – 14 - Give the 4 phases of budget cycle

15 – 18 - What are the 4 budget registries used in government.

19 – 20 - Give at least 2 reports / documents included in the Budget Execution Documents.

1. Receipt of P1,000,000 NCA.

1. Cash - Modified Disbursement System (MDS), Regular 1,000,000

Subsidy from National Government 1,000,000

2. Cash - Tax Remittance Advice 100,000

Subsidy from National Government 100,000

Due to BIR 100,000

Cash - Tax Remittance Advice 100,000

3. Recorded in the Registry of Appropriations and Allotments (RAPAL) and Registries of

4. Recorded in the Registry of Appropriations and Allotments (RAPAL) amounting to 1,200,000.

7. Accounts Receivable 250,000

Cash - Collecting Officers 200,000

Accounts Receivable 200,000

Cash - Treasury/Agency Deposit, Regular 200,000

Cash - Collecting Officers 200,000

8. Subsidy from National Government 50,000

Cash - Modified Disbursement System (MDS), Regular 50,000

9. Office Equipment 100,000

Accounts Payable 100,000

10. Accounts Payable 60,000

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