Government Accounting

Quiz no.1

Name: Date:
Year & Sec: Score:

I. Multiple Choice

1. Requires the correct representation of the effects of transactions, other events, and conditions in accordance
with the definitions and recognition criteria.
a. Going Concern c. Faithful Representation
b. Comparability d. Materiality
2. The presentation and classification of items in the FSs shall be retained from one period to the next.
a. Consistency of Preparation c. Comparability
b. Offsetting d. Compliance
3. States that an accounting standard can be ignored if the net impact of doing so has such a small impact on the
financial statements that a reader would not be misled.
a. Going Concern c. Faithful Representation
b. Comparability d. Materiality
4. A fundamental principle of accounting that assumes that during and beyond the next fiscal period a company
will complete its current plans, use its existing assets and continue to meet its financial obligations.
a. Going Concern c. Compliance
b. Comparability d. Materiality
5. Generally refers to the creation of contra accounts, or net account from another on the balance sheet.
a. Budgeting c. Offsetting
b. Pledging d. Aggregating
6. Gross inflow of economic benefits or service potential during the reporting period when those inflows
result in an increase in net assets/equity, other than increases relating to contributions from owners.
a. Asset c. Expense
b. Liability d. Revenue
7. Authorizations to support obligations for a specific project, such as multi-year construction projects which
require the incurrence of obligations even beyond the budget year.
a. Automatic Appropriation c. Supplemental Appropriation
b. New General Appropriation d. Continuing Appropriation
8. Additional appropriations authorized by law to augment the original appropriations which proved to be
insufficient for their intended purpose.
a. Automatic Appropriation c. Supplemental Appropriation
b. New General Appropriation d. Continuing Appropriation
9. Annual authorizations for incurring obligations during a specified budget year, as listed in the GAA.
a. Automatic Appropriation c. Supplemental Appropriation
b. New General Appropriation d. Continuing Appropriation
10. Authorizations programmed annually or for some other period prescribed by law which does not require
periodic action by Congress.
a. Automatic Appropriation c. Supplemental Appropriation
b. New General Appropriation d. Continuing Appropriation
II. Acronyms

11. NORSA –
12. DBM –
13. PPSAS –
III. Enumeration

14-16 Elements of Statements of Financial Position

14.
15.
16.
17-21 Qualitative Characteristics of Financial Reporting
17.
18.
19.
20.
21.
22-27 Components of General Purpose Financial Statements
22.
23.
24.
25.
26.
27.
28-30 Components of Budget and Financial Accountability Reports
28.
29.
30.