AC16: Government and NPO Accounting

Midterm Assessment
All texts typed should be in ALLCAPs (Upper Case). Choose the best answer.
Only the first submission will be considered so be careful. This will be uploaded
at 7am and is expected to be submitted or done by 12nn today. There is a total of
16 questions. Theory questions is worth 2 points, while problem solving is worth
4 points. Total score: 40. No Transmutation.

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Section-Name (sample:601A-SURNAME, FIRST NAME M.I.) *

602P-PEREDA, VINCE ALDRI P.

Email *

2018-102440@rtu.edu.ph

Assessment Questions
The questions are mixed within the document. The points per question is provided in each
item. Read the statements carefully. Choose the BEST answer.

Read the statements carefully... * 2 points

StatementI:ReforestationprojectsarerecognizedasInvestmentProperty,ReforestationProjects
inthebooksofaccountsofagovernmentagency.

StatementI1:HeritagesAssetsarethoseassetswhichhavehistorical,cultural,environmental
significance,andareintendedbepreservedintrustforfuturegenerationsandshallbemeasuredat
fairvalue
Only the first statement is true

Only the second statement is true

Both statements are true

Both statements are false

Besides the five criteria for recognizing Infrastructure Assets, the 2 points
following are the additional characteristics peculiar to the said asset,
except for one. What is it? *

Part of a system or network

Immovable

May be subject to constraints on disposal

Specialized in nature and have alternative uses

Read the statements carefully... * 2 points

StatementI:BudgetAccountabilityPhaseisasignificantphaseofthebudgetcyclebecauseit
ensuresthatthegovernmentfundshavebeeneffectivelyandefficientlyutilizedtoachievetheState's
socioeconomicgoals.

StatementI1:AgenciessubmitFinancialAccountabilityReports(FAR)onamonthlyorquarterly
basis,asrequiredbytheDBMandtheCOA.TheFARareannualdocumentsrequiredattheonset
ofthebudgetexecutionphase,whichcontaintheagencies'targetsandplansforthecurrentyear.
Only the first statement is true

Only the second statement is true

Both statements are true

Both statements are false

The Department of Budget and Management (DBM) started releasing 4 points

Notice of Cash Allocation (NCAs) covering the expenses of government
agencies for the first quarter of the Calendar Year 20X1. On January 15,
20X1, a Government Agency received a Notice of Cash for Regular
Agency Fund. What is the prescribed accounting entry according to the
Government Accounting Manual? *

Dr. Cash-Modified Disbursement System, Trust; Cr. Subsidy from National

Government

Dr. Cash in Bank-Local Currency, Current Account; Cr. Subsidy from Other
National Government Agencies

Dr. Cash-Collecting Officers; Cr. Subsidy from Regional Office/Staff Bureau

Dr. Cash-Modified Disbursement System (MDS), Regular; Cr. Subsidy from

National Government

A Government Entity purchased a printing equipment from a VAT- 4 points

registered seller for P112,000. The seller offered a trade discount of 10%.
It also cost P10,000 for training the employee to use the printing
equipment. What is the initial measurement of the equipment? *

P100,000

P100,800

P110,800

P90,000

The following are the accounting entries to record the cash purchase of 4 points
inventory are correct, except one. Which is it? *

To recognize purchase of inventories for sale. Dr. Merchandise Inventory;

Cr. Cash-Modified Disbursement Systems (MDS), Regular

To recognize purchase of raw materials. Dr. Raw Materials Inventory; Cr.

Cash-Modified Disbursement Systems (MDS), Regular

To recognize purchase of sofa. Dr. Semi-Expendable Furniture and Fixtures;

Cr. Cash-Modified Disbursement Systems (MDS), Regular

To recognize the purchase of welfare goods for distribution. Dr. Other

Supplies and Materials for Distribution; Cr. Cr. Cash-Modified Disbursement
Systems (MDS), Regular

Read the statements carefully... * 2 points

Only the first statement is true

Only the second statement is true

Both statements are true

Both statements are false

Read the statements carefully... * 2 points

StatementI:TheGovernmentBudgetCycleisinitiatedbytheDepartmentofBudgetthruthe
issuanceofBudgetCallwhichcontainsbudgetparametersearliersetbytheDevelopmentBudget
CoordinationCommittee(DBCC)aswellaspolicyguidelinesandprocedurestoaidgovernment
agenciesinthepreparationandsubmissionoftheirbudgetproposals.TheIssuanceofBudgetCall
isundertheBudgetLegislationPhase.

StatementI1:Citizenengagement,consultationwithRegionalDevelopmentCouncils(RDCs),and
ProgramConvergenceBudgetingareconductedafteragenciessubmittheirproposalstothe
DepartmentofBudgetandManagement.
Only the first statement is true

Both statements are true

Only the second is true

Both statements are false

Read the statements carefully... * 2 points

Only the first statement is true

Only the second statement is true

Both statements are true

Both statements are false

Read the statements carefully... * 2 points

StatementI:Inordertosettletheobligationsincurredbytheagencies,theDepartmentofBudget
andManagementprepareAllotmentReleaseProgram(ARP)sothatcashmaybeallocatedin
paymentoftheobligations.

StatementI:TheAllotmentspecifiesthemaximumamountofcashthatcanbewithdrawnfroma
governmentservicingbankfortheperiodindicated
Only the first statement is true

Only the second statement is true

Both statements are true

Both statements are false

Read the statements carefully... * 2 points

Only the first statement is true

Only the second statement is true

Both statements are true

Both statements are false

Choose the best answer: * 4 points

Php314,000

Php300,000

Php250,000

Php150,000

Read the statements carefully * 2 points

Only the first statement is true

Only the second statement is true

Both statements are true

Both statements are false

Read the statements carefully * 2 points

Both statements are true

Both statements are false

Only the first statement is true

Only the second statement is true

The following are the characteristics of Heritage Assets, except for one. 2 points
Which is it? *

Their value in cultural, environmental, educational, and historical terms is

unlikely to be fully reflected in a financial value based purely on a market
price.

Legal and/or statutory obligations may impose prohibitions or severe

restrictions on disposal by sale

They are often irreplaceable and their value may increase over time, even if
their physical condition deteriorates

Specialized in nature and do not have alternative uses.

Choose the best answer... * 4 points

Php314,000

Php300,000

Php250,000

Php150,000

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