AC316 Assessment Module 8

De Jesus and Cabral

1.) What organization prescribed the Government Accounting Manual for National
Government Agencies?
a. Securities and Exchange Comission
b. Commision on Audit
c. International Financial Reporting Standard
d. Board of Accountancy

2.) Comission on Audit is a member of..

a. International Organization of Supreme Audit Institutions
b. International Organization of Audit Supreme Institutions
c. International Organization of Insitutions of Supreme Audit
d. International Organization of Audit Institutions

3.) It presents the basic accounting policies and principles in accordance with Philippine
Public Sector Accounting Standards
a. Government Accounting Procedures
b. Government Accounting Standard
c. Government Accounting Manual
d. Government Accounting Charter

4.) It encompasses the process of analyzing, recording, classifying and communicating all
transactions involving the receipt and disposition of government fund and property and
interpreting the results thereof
a. Government Accounting
b. Government Accounting System
c. Government Accounting Manual
d. Governmental Accounting

5.) It sets down the objectives of government accounting

a. Section 111, Presidential Decree 1445
b. Section 011, Presidential Decree 1445
c. Section 010, Presidential Decree 1445
d. Section 110, Presidential Decree 1445

6.) They are accountable for the resources entrusted to them

a. Public Officers
b. Private Officers
 c. Chief Managers
d. Accountant

7.) COA is encouraged to adopt a relevant system that is in comformity with

a) International Accounting Standards

b) International Financial Reporting Standards
c) Philippine Accounting Standards
d) Philippine Financial Reporting Standards
8.) A basis of accounting under which transactions and other events are recognized when
they occur (and not only when cash or its equivalent isreceived or paid).
a. Accrual Basis
b. Cash Basis
c. Both a and b
d. None of these.
9.) It refers to a government agency, department or operating/field unit. It may be
referred to in this GAM as an agency.
a. Company
b. Entity
c. Business
d. Organization

10.) firm obligations of the entity arising from past events, the settlementof which is
expected to result in an outflow from the entity of resources embodyingeconomic benefits
or service potential.
a. Assets
b. Equity
c. Liability
d. Expenses

Answer

1. B
2. A
3. C
4. A
5. D
6. A
7. A
8. A
9. B
10. C