1. What are the 3 aspects of government accounting?

2. Two accounting books used in Government Accounting

3. To facilitate more timely decision making, the President multiplies himself
through the cabinets of various government agencies.
4. This provides a maximum amount an agency can spend in the performance of its
function. An agency can only operate within the budget actually released to it by
the Department of Budgetary and Management which is within the appropriation
approved.
5. This phase involves the submission of the National Budget to the Legislative
Body (the Congress) for review, deliberation and formulation of General
Appropriation Bill. Once the appropriation is passed by the Congress, the
President will sign for its final approval.
6. This phase involves the evaluation of expenditures and performance against the
predetermined budget. Obligations incurred, personnel used and work
accomplished are compared with the plans and goals of various agencies
submitted at the time their respective budget was prepared.
7. This phase covers the estimation, determination and translation of government
revenues, priorities and activities. Under this phase, government agencies
prepare their budgets for the year to be submitted to the Department of Budget
and Management (DBM) for review.
8. This is accomplished by the heads of the various agencies who review the
performance of their respective agency, and the Commission on Audit (COA)
who examines the operations of the agencies.
9. This fund includes the proceeds of specific revenue from taxes that are legally
restricted to expenditures for specified purposes.
10. This fund includes all financial resources except those required to be accounted
for in another fund. This is generally available for all functions of the government.
11. This covers the operational aspects of budgeting. It is simply the implementation
of the national budget for different departments and release of allotments and
notice of cash allocation.
12. This aspect limits the government expenditure:
13. These consist of the appropriations, allotments and obligations.
14. The accounting unit for governmental entity.
15. Set up for fair valuation of receivables prior to write off.
16. Proceeds from specific revenues

17. Only one fund, the General Fund shall be maintained. It is available for all
functions of government. Separate fund accounting shall be done only when
specifically required by law or by a donor agency or when necessitated by
circumstances subject to prior approval of the Commission on Audit.
18. Method of depreciation used in government accounting
19. It states that all government expenditures must conform with the national budget
as approved in an appropriation law.
20. It refers to the yearly analysis, evaluation and justification of each activity project
or program, starting from zero performance and budgeting level. It does not
accept last year’s budget as a starting point for analysis.
21. It refers to the process of recording and the management of all financial
transactions incurred by the government which includes its income and
expenditures.
22. It refers to estimate/proposed expenditures and proposed means of financing
(e.g. revenue, taxes)
23. It refers to an authorization made by law or other legislative enactment for
payments to be made with the funds of the government under specified
conditions.
24. It refers to a commitment by a government agency arising from an act of a duly
authorized official which binds the government to the immediate or eventual
payment of a sum of money.
25. It receives and keeps national funds, manage and control disbursements thereof.
26. It is in view of the recognition of the fund as the accounting entity.
27. It is defined as a sum of money or other resources set aside for the purpose of
carrying out specific activities or attaining certain objectives in accordance with
special regulations, restrictions or limitations.
28. It is concerned with (a) the maintenance of records that show the propriety of
transactions and account for assets and other resources available for use (b) the
classification of items to provide useful information necessary for control and
efficient management operations, and (c) the preparation of periodic financial
reports
29. It is an authorization made by the DBM to an agency to withdraw cash from
Bureau of Treasury to pay expenses incurred through issuance of Modified
Disbursement System checks and other modes of disbursements.
30. It is a simplified set of accounting concepts, guidelines and procedures designed
to ensure correctness, completeness and timeliness in the recording of
government financial transactions and production of financial reports.
31. It is a plan of financial operation composed of estimate or proposed expenditures
for a given period or purpose, and the proposed means of financing them.
32. It encompasses the process of analyzing, recording, classifying, summarizing
and communicating all transactions involving the receipts and dispositions of
government funds and properties, and interpreting the results thereof.
33. Issuance of General Appropriations Act as Release Document and subsequent
issuance of Notice of Cash Allocation based on the Agency’s Annual Cash
Program.
34. In recognizing liability, ___________ basis of accounting is used.
35. In recognizing interest, ________ basis of accounting is used.
36. In government accounting, ________________ is important.
37. Four budgetary procedures

38. Continuous monitoring and review of the government fiscal policies.

39. Contingent Accounts are guided by PAS ____.

40. Cash management and monitoring and generally seeing to it that funds are
available to support the approved agency functions and projects.
41. Any excess/savings from the projects are reverted back to
___________________.
42. An independent constitutional body which promulgates accounting policies of the
government as well as the power, authority and duty to examine, audit and
settles all of its accounts pertaining to revenue and expenditures or uses of
funds.
43. An agency’s expenditures cannot exceed beyond the budget limit and it cannot
borrow from another agency for its expenditures once it reached its budget limit.
44. All financial resources
45. All expenses are recorded when incurred. Income shall be on accrual basis
except when impracticable to apply or when other methods are required by law.
46. Acts in assessing the fidelity of the officials and employees carrying out the intent
of the Congress in response to their handling of receipts and expenditures.
47. Accounting reports
48. A new coding structure and a new chart of accounts with a three -digit numbering
system shall be adopted.
49. A liability shall be recognized as bills are received, based on percentage of
completion and/or contract.
50. A legal case when the expenditures exceed beyond the budget limit.
51. A ______% scrap value of the asset is always assumed and the estimated life is
prescribed by COA.
52. 4 classification of government expenditure