GovernmentAccounting:Aug.

2
Publicadministrationknowingwhatthegovernment
doesandhowtheydoit
Public fiscal administration formulation,
implementation, evaluation of fiscal policies
(taxation,budgeting,etc)
Threephasesofpublicadministration
1. Planning
2. Execution implementation of plan and
budget
3. Evaluation
3sectors:
1. Governmentowned and controlled
corporationsusuallyattachedtoaparticular
governmentagency;hasitsownaccounting
system; economic accounting (GSIS,
LandBank)
2. Nationalgovernmentagenciesdepartments
(DOH, DepEd), administrations (state
universitiesandcolleges),commissions
3. Localgovernmentunits
Intheabsenceofspecificlaws,GAAPisused.
Agencies responsible for implementing accounting
systems:
1. Department of Budget and Management
developing and approving the accounting
systemsofthedifferentnationalagencies
2. Commission on Audit developing and
implementing accounting rules and
regulations
3. BureauofTreasuryactsasthebankofthe
RepublicofthePhilippines
4.
Accountingdevicescashdowntoequity

Business entity object of accounting

(privateconcern)
Fundssumofmoneysetasideforspecificpurposesmanagedbyentities:
objectofgovernmentaccounting
a.Generalfund
b.Specialfund
c.Trustfund
Coding System assigning letter, numbers, or
symbolstoanaccounttodistinguishsaidaccount
Booksoforiginalentry
Booksoffinalentrysummarize
2KindsofJournals
A.General:chartofaccounts;generalaccounts
B.Special:receiptsanddisbursements;occurinlarge
volumes;repetitiveinnature
2kindsofledger
A.General
B.Subsidiary
ReportingRequirements
Financial StatementsoftheGovernment:Statement
of Financial Position, Statement of Financial
Performance, Cash Flow Statements, Government
Equity
Thetwocirculars(annex):
((ChecksaCOAwebsite))
COACircular2003002
COACircular2004003
"Introductionoftherevisedchartofaccounts"
Basisofaccounting
AccrualBasis
CashBasis
ModifiedAccrual