REGUNAYAN, MARCO PAUL C.

CBET – 01 – 602P PROF. MACRINA VIOLETA V. MUTUC

Answer in concise paragraphs the following questions:

1. What needs to be remembered and Why?

In chapter 2, we need to remember the responsibility, accountability and liability over the
government funds and property and the basic government accounting and budget reporting
principles because these topics will guide us on the whole government accounting subject. In
chapter 3, we need to know the components and preparation of the budget reports because
these reports are important in government accounting. In chapter 4, we need to remember the
responsibility accounting and its objective, also the responsibility center code structure.

2. What is your take away from these chapters? Why?

My take away from these chapters is that we need to know the basic principles and
standards of this subject, Government Accounting, because it is our guide to better
understand the whole subject. These principles and standards are the foundation of our
knowledge in this subject. If we know these principles and standards, we can apply it in
solving problems and other transactions. In business world, these fundamental accounting
principles and standards are important because it make the financial statements credible and
allow for more economic decisions based on accurate and consistent information. These
standards and principles, or the GAM itself, ensures uniformity, accuracy, reliability and
timeliness in preparation of financial statements and other reports in conformity of the
PPSAS and relevant accounting policies.
REFERENCES:

Commission on Audit. (2015). Government Accounting Manual for National Government

Agencies: Accounting Policies, Guidelines and Procedures and Illustrative Accounting
Entries (Vol. 1). Retrieved from https://www.coa.gov.ph/phocadownload/ userupload/
Issuances/Circulars/Circ2015/GAM_for_NGAs_Volume_I.pdf