Government Accounting Exam Philippines

Ramon Magsaysay Technological University College of Accountancy and Business Administration Name:

Course/Section:

1. The objectives NGAS include all of the following, except a. To simplify government accounting and its eventual computerization b. To adopt a system that is conformity with Philippine Financial Reporting Standards (PFRS) c. To keep close tabs on erring officers that misappropriate government funds d. To generate periodic and relevant financial reports for better monitoring of performance 2. It is the government body that keeps the general accounts of the government and prepares the annual financial statement of the national government, local government agencies and government-owned or controlled operations (GOCCs)? a. Commission on Audit( CoA) c. Department of Budget and Management b. Bureau of Treasury d. Department of Finance 3. What are the components of the financial statements (FS) under NGAS? a. Balance sheet, statement of income and expenses and notes to the FS b. Balance sheet, statement of income and expenses and cash flow statement c. Balance sheet, statement of income and expenses and statement of government equity d. Balance sheet, statement of income and expenses, cash flow statement, statement of government equity and notes to the FS 4. It is a system of prescribing the procedures for recording appropriations, allotments and obligations. a. Fund accounting c. Obligation accounting b. Budgetary accounting d. Treasury disbursement coding system 5. It is an authorization made by law or other legislative enactment, directing payments of goods and services out government funds under specifiedcondition or for specific purposes. a. Allotment c. Appropriation b. Obligation d. Malversation 6. It is the allotment by the Central office to its Regional office. a. Regular allotment c. Ordinary Allotment b. Suballotment d. Secondary Allotment 7. It refers to the commitment by a government agency arising from an act of a duly authorized official that binds the government to the immediate or eventual payments of a sum of money. a. Allotment c. Appropriation b. Obligation d. Malversation 8. It is an authorization issued by the DBM to government agencies to withdraw cash from the National Treasury through the issuance of Modified Disbursement System Checks. a. Allotment c. Appropriation b. Obligation d. Notice of Cash Allocation 9. The following are the system followed in the NGAS, except a. Commercial accounting c. Responsibility accounting b. Double-entry bookkeeping d. Fund accounting 10. Which is not a basic feature of NGAS? a. One-fund concept c. Three-digit account number system b. Two-column trial balance d. Four-digit responsibility account coding structure 11. Which is not a basic feature of NGAS? a. Straight-line depreciation c. Corollary and negative (red) entries b. Allowance for doubtful accounts d. Perpetual inventory system 12. This serves as the basis for recording transactions in the general journal. a. Journal Entry Voucher (JEV) c. Government bidding files b. Source documents d. Government contractor form 13. Which of the following is not a Regular Agency Book? a. General journal c. Cash Journal b. General ledger d. Check disbursements journal 14. Under NGAS, supplies and materials purchased for inventory purposes are recorded using a. First-in, first-out(FIFO) c. Weighted average b. Last-in, first-out (LIFO) d. Moving average 15. Once a government agency receives Notice of Cash Allocation (NCA), it shall debit “ CashNational Treasury, Modified Disbursement System” and credit a. NCA- Local Government c. Subsidy Income- Local Government b. NCA- National Government d. Subsidy Income- National Government 16. Petty cash fund being maintained by government agencies shall be maintained under a. Fluctuating fund system c. Either of these b. Imprest system d. Neither of these 17. Under NGAS, the standard residual value of depreciable assets is equal to

a. 10% of cost c. P 1,000 b. Zero d. P 5,000 18. It represents all funds received by the government from taxes, grants, aids and subsidies. a. Government income c. Cash Fund b. Government surplus d. Borrowing 19. What are the two major classification of government income? a. National and Local income c. External and Internal trade b. General and Specific income d. Any of these 20. Specific income accounts of the government include all of the following, except a. Taxes imposed on income c. Taxes on international trade b. Taxes imposed on properties d. Grants and donations 21. Which is nota major classification of government expenses? a. Personal Services c. Selling and administrative expenses b. Financial expenses d. Maintenance & other operating expenses 22. Personal services in government entities would normally include a. Advertising, rent, insurance and gasoline b. Salaries, bonuses and allowances c. Travels, training, seminar and telephone d. Bank charges, interest and foreign currency exchange losses 23. These accounts are closed to the government equity account at the end of the period. a. Balance sheet accounts c. Guarantee deposit b. Intermediate accounts d. Allowance for doubtful accounts 24. A government agency shall maintain which of the following registries for allotments and obligations? a.Registry of Allotments and Obligation- Personal Services (RAOPS) b. Registry of Allotments and Obligation-Maintenance & Other Operating Expenses (RAOMO) & Registry of Allotments and Obligation- Financial Expense (RAOFE) c. Registry of Allotments and Obligation-Capital Outlay (RAOCO) d. All of the choices 25. In Controlling and monitoring the appropriations and allotment, DBM shall maintain the following registries, except a. Registry of Appropriation & Allotment (RAPAL) b. Registry of Special Purpose Fund Appropriation (RESPFA) c. Registry of Allotments & NCA (RANCA) d. Registry of Notice of Cash Allocation and Replenishments (RENREP) 26. This consists of cash and resources of the government that are available for any purpose. a. General fund c. Trust fund b. Special fund d. Depository fund 27. Fund administered by government under a fiduciary capacity is referred to as a. General fund c. Trust fund b. Special fund d. Depository fund 28. Which is (are) a special purpose fund created as required by law r by a donor agency? a. Miscellaneous Personal Fund c. Organization Adjustment Fund b. Calamity Fund d. All of the choices 29. Which is not a local government fund? a. General fund c. Special education fund b. Infrastructure fund d. Pork barrel fund 30. A local government fund that constitutes the annual contribution from city or municipality in the amounts approved by law for each barrio which is spent solely for community development projects. a.Infrastructure fund c. Trust fund b. Special education fund d. Barrio development fund 31. Disbursement of local funds must be approved by a. Division head c. Accountant b. Local administrator d. Local chief executive Terminologies ____malversation___1. A government official that disburses government funds beyond approved budget may be charged with __________________2.The activities necessary to perform a major purpose for which a government entity is established. _______Project_____3. It is a compound of program covering a homogeneous group of activities that result in the accomplishment of an identifiable output. ___Expected Result__4.The services, products or benefits accruing to the public estimated in terms of performance target. _______Resources___5.The actual asset of the government agency such as cash, receivables, land and buildings. __Balanced Budget___6. A national budget designed wherein total estimated revenue is more than total estimated expenditures. __Line Item Budget__7. This type of budget focuses on the objects of expenditure such as salaries and wage, traveling expenses, freight, supplies, materials equipment. Zero Based Budgeting8. This is a process in budget preparation that required systematic consideration of all programs, projects, and activities with the use of defined ranking procedures, and does not accept the prior’s year budget as a starting point for analysis.

__________________9.A covering letter in transmitting as agency’s accounting report to CoA, DBM and others agencies. __________________10. It is the allotment release by Local Government Units ( LGU) or Department of Budget and Management to barangays.