PAZ, JOHN ACE N.

CHAPTER 1 AND 2 ACTIVITY

CHAPTER 1 – QUESTIONS

5. Commission on Audit, Department of Budget and Management, and

Bureau of the Treasury are the government offices that were primarily
charged with the accounting responsibility. COA are the ones who
keeps the general accounts of the government, promulgates
accounting rules and regulations, and submits to the president and
congress an annual report of the govt, its subdivisions, agencies and
instrumentalities, including govt-owned or controlled corporations,
while DBM are the ones that are responsible for formulation and
implementation of the National Budget with the goal of attaining our
national socio-economic plans and objectives, and lastly, BTr shall
control and monitor the Notice of Cash Allocation released by DBM.
7. Government Accounting and Budget Reporting Principles. Each entity
shall recognize and present its financial transactions and operations
conformably to the following:
a. generally accepted government accounting principles in
accordance with the PPSAS and pertinent laws, rules and
regulations;
b. accrual basis of accounting in accordance with the PPSAS;
c. budget basis for presentation of budget information in the financial
statements (FSs)in accordance with PPSAS 24;
RCA prescribed by COA;
d. double entry bookkeeping;
e. FSs based on accounting and budgetary records; and
f. fund cluster accounting.
9. Responsibility accounting refers to a system that undertakes the
identification of responsibility centres, subsequently determine its
objectives. It also helps in the development of processes related to
performance measurement as well as the preparation and analysis of
performance reports of the identified responsibility centres.

CHAPTER 2 – QUESTIONS

1. Funding source 8, Organization code 12, Location code 9, MFO/PAP

15, and Object code 10.
2. The key purpose of UACS is to enable the timely and accurate
reporting of actual revenue collections and expenditures against
budgeted programmed revenues and expenditures.
7. Municipality identifier is a four-digit number that defines the identity of
the municipality. it is the core of the national standard geographic
system, and is composed of the province code, followed by the
municipality code.
8. According to the National Budget Circular No. 554, “Conversion of
Codes to Conform to the UACS,” as a transition measure to allow
Government Agencies/Operating Units sufficient time in the
familiarization of the UACS codes, the DBM shall still reflect the
previous codes alongside the UACS codes in the release documents.
CHAPTER 1 - MULTIPLE CHOICE
1. C
2. D
3. A
4. B
5. D
6. A
7. C
8. A
9. D
10. B
11. B
12. C
13. B
14. A
15. A
16. C
17. A
18. C

CHAPTER 2 - MULTIPLE CHOICE

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