ACC 11 MIDTERMS.

MALI 5,6,8,11,17,18,25,26,28,42,43,46,50

1. Fair presentation of the financial statements means the faithful representation of the effects of
transactions and other events in accordance in PPSAS. TRUE
2. There are six(6) components comprising the General-Purpose Financial Statements for
government agencies. TRUE
3. The notice of cash allocation (NCA) is an authority issued by the Commission on Audit to the
different government agencies to cover for their respective cash requirements. FLASE
4. The commission on audit releases the allotment to those eligible government agencies having
authorized appropriations. FALSE
5. As per the Revised Chart of Accounts issued by the Commission on Audit, the “Subsidy from
National Government account is a(an) EQUITY ACCOUNT
6. Finance lease payments pertaining to the reduction of the outstanding finance liability are
normally classified in the statement of cash flows as: OPERATING ACTIVITIES
7. The authorization on the Obligation Request and Status to establish the availability of allotment
is under the responsibility of: HEAD OF THE BUDGET DIVISION
8. Which among the following cash flows is presented in the financing activities section of a
statement of cash flows? Amortization of a finance liability
9.