Trial Balance, Financial Reports and Statements • NU LAGUNA

Marina V. Justiniani, CPA, MBA

Trial Balance, Financial

Reports and Statements
LEARNING OUTCOMES
6
LEARNING OUTCOMES
LESSON OUTLINE
Here’s what I will teach you in this course material:

 Objectives of General Purpose 1. State the general principles in the presentation of financial statements.
Financial Statements
2. Prepare a complete set of general purpose financial statements of a government
entiy incl Balance
 Trial including a partial notes to the financial statements

 Adjusting Journal Entries 3. Describe the accounting and disclosure requirements for events after the reporting
Date, changes in accounting policies and estimates and correction of errors.
 Pre-Closing Trial Balance/Closing
Entries and Post-Closing Trial
Balance
RESOURCES NEEDED
types of
 Purpose of Financial Statements For this lesson, you would need the following resources:
 Government Accounting by Angelito R. Punzalan
 Financial Reporting System for the
National Government
 Wiley Not-for-Profit GAAP 2016: Interpretation and Application of

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 TABLE OF CONTENTS
Trial Balance, Financial Reports and Statements • NU LAGUNA

Questions for Review and

Discussion

Accountant’s Word Hunt

Trial Balance, Financial

Reports and Statements

Before you start, try answering the following questions. 24 Test Yourself

1. Discuss the purpose of Financial Statements

________________________________________________________
________________________________________________________
________________________________________________________
26 References

2. Who is/are responsible for the preparation of Financial Statements?

________________________________________________________
________________________________________________________
________________________________________________________

3. Enumerate the components of General Purpose Financial Statements.

________________________________________________________
________________________________________________________
________________________________________________________

4. What are information that needs to be disclosed in the Notes to

Financial Statements?
________________________________________________________
________________________________________________________
________________________________________________________

5. What are Events After the Reporting Date?

________________________________________________________
________________________________________________________
________________________________________________________

Sting

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

Trial Balance,
Financial Reports
and Statements

The lesson prescribes the manner in

Which the General Purpose

Financial Statements (GPFS) should

Be prepared and presented to

Ensure comparability both with

The entity’s financial statement

Of previous periods and with the

Financial statements of other

Entities. It presents the overall

Considerations for the preparation

And presentation of financial

Statements; guidance for their

Structures; minimum requirements

For the content of financial

Statements prepared under the

Accrual basis of accounting as

Required by the PPSAS; and other

Guidelines and requirements in

In the preparation of financial

statements

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

Trial Balance, Financial Reports and Statements

Hello Class! Let us talk about General Purpose Financial Statements

Provisions of Philippine Public Sector Accounting Standards (PPSAS) 1, Presentation of Financial Statements

and the applicable Philippine Application Guidance (PAG) shall be applied in the presentation and preparation

of the General Purpose Financial Statements (GPFS). The application for the following PPSAS topics shall be

discussed:

1. Presentation of Financial Statements

2. Statement of Cash Flows

3. Events After the Reporting Date

4. Related Party Disclosure

5. Accounting Policies, Changes in Accounting Estimates and Errors

6. Accounting Process

What are the objectives of General Purpose Financial Statements?

The objective of General Purpose Financial Statements are to provide information about the financial position,

financial performance, and cash flows of an entity that is useful to a wide range of users in making and

evaluating decisions about the allocation of resources. Specifically, the objectives of general purpose financial

reporting in the public sector are to provide information useful for decision-making, and to demonstrate the

accountability of the entity for the resources entrusted to it. Financial reporting includes the preparation and

submission of trial balances, financial statements and other reports needed by fiscal and regulatory agencies.

The sub-system are as follows:

1. Preparation and submission of trial balances and other reports

2. Preparation and submission of financial statements

Now, let us talk about the Trial Balance

A trial balance (TB) is a listing of general ledger accounts with their corresponding debit and credit balances.

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

The accounts are listed in the order in which they appear in the Revised Chart of Accounts (RCA), with the

debit balances in the left column and the credit balances in the right column.

The TB shows the equality of debit and credit balances of all GL accounts as at a given period. It is prepared

and submitted monthly, quarterly and annually. At the end of the fiscal year, the pre-closing and the post-

closing trial balances shall be prepared.

The preparation of a TB shall serve the following purposes:

1. To prove the mathematical equality of the debits and credits after posting

2. To check the accuracy of the postings

3. To uncover errors in journalizing and posting

4. To serve as basis for the preparation of the financial statements

Next topic is Adjusting Journal Entries.

Adjusting journal entries (AJE) are made at the end of an accounting period to allocate revenue and expenses

to the period in which they actually occurred. AJEs are required every time a financial statement is prepared to

make the statement truly reflective of the financial condition of the entity at a given period. Adjustment are of

two main types:

a. Accrued items

b. Deferred items

1. Accrued items are adjusting entries for economic activities already undertaken but not yet recorded s asset

and revenue accounts or a liability and expense accounts. These required two types of adjusting entries

such as:

a. Asset/Revenue Adjustments – These involve assets and income, which exist at the end of the accounting

period but are not recorded.

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

Illustration: (Interest Income)

The interest receivable account of Agency ABC for the interest already
earned but not yet collected nor billed as of the end of the year amounts
to P2,000. The journal entry will be as follows:
Account
Account Title Code Debit Credit
Interest Receivable 10301050 2,000
Interest Income 40202210 2,000

b. Liability/Expense Adjusts – these involve liabilities and expenses, which already exist at the end of the

accounting period but are not yet recorded.

Illustration: (Accrued Salaries)

As of year-end, Agency ABC has not yet paid salaries and wages of
P25,000, which covers the period December 16-31 of the current year
Account
Account Title Code Debit Credit
Salaries and Wages - Regular 50101010 25,000
Due to Officers and Employees 20101020 25,000

2. Deferred Items are adjusting entries transferring data previously recorded in asset account to expense

account or data previously recorded in liability account to revenue account. These also requires two types

of adjustments:

a. Asset/Expense Adjustments – these involve prepaid expenses, portion of which shall be recorded as

expense of the agency at the end of the accounting period. These also include bad debts and

depreciation.

Illustration: (Prepaid Expenses)

Agency ABC has prepaid expenses in the amount of P20,000, portion of which were
utilized or consumed in the amount of P5,000. Since the original entry was debited
to prepaid account, the adjustment entry would be
Account
Account Title Code Debit Credit
Rent/Lease Expense 50299050 5,000
Prepaid Rent 19902020 5,000

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

b. Liability/Revenue Adjustments – These involve unearned revenue where the agency receives the

asset, usually cash, even before the income is actually earned.

Illustration: (Unearned Revenue)

The agency collected an amount of P15,000 for the rent of its facility and originally
recorded it as deferred credit to income. At the end of the fiscal year, only P3,000
was earned. The adjusting journal entry to recognize the earned portion would be
Account
Account Title Code Debit Credit
Other Deferred Credit 20501990 3,000
Rent/Lease Income 40202050 3,000

Other Adjustments

The following adjustment shall also be made for fair presentation of the results of operation of the entity in the

financial statements:

a. Unused NCA

b. Petty Cash Fund

c. Unreleased Commercial Checks

d. Allowance of Impairment Losses of Asset Accounts

e. Depreciation expenses

f. Other adjustments

Let’s take for example the Reversion of Unused Notice of Cash Allocation

For NGAs receiving subsidies from the national government in the form of NCA, adjusting journal entry shall

be made for the reversion of the unused or unutilized NCA at the end of the accounting period. The entry for

lapsed regular NCA and those issued for the payment of accounts payable/retirement gratuity/terminal leave,

shall be:

Account
Account Title Code Debit Credit
Subsidy from National Government 40301010 xxx
Cash-Modified Disbursement
System (MDS) Regular 10104040 xxx
Note: Any remaining amount of Subsidy from National Government account
after the above adjusting entry shall be closed to Revenue and Expense
Summary account together with other revenue and expense accounts
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 Trial Balance, Financial Reports and Statements • NU LAGUNA

For unused NCA issued for the release of performance/bidders/bail bonds, which were deposited with the

National Treasury, JEV shall be drawn for the following entry:

Account
Account Title Code Debit Credit
Cash-Treasury/Agency Deposit,
Trust 10104030 xxx
Cash-MDS, Trust 10104060 xxx

Petty Cash Fund Adjustments

At the end of the year, all unreplenished Petty Cash Fund expenses shall be reported and supporting papers

submitted to the Accounting Division/Unit, to recognize the expenses incurred to the period to which they

relate. In case no replenishment could be made for lack of fund, a JEV shall be prepared to recognize all the

expenses paid under the Petty Cash with a credit to the account “Petty Cash”. If replenishment is made, the

credit shall be the appropriate cash account.

Adjustments for Unreleased Commercial Checks

A Schedule of Unreleased Commercial Checks shall be prepared by the Cashier for submission to the

Accounting Division/Unit. All unreleased checks at the end of the year shall be reverted back to the cash

accounts. A JEV shall be prepared to recognize the restoration of the cash equivalent to the unreleased checks

and the recognition of the appropriate liability/payable account. The accounting entry for the restoration of

the unreleased check to the cash account should be

Account
Account Title Code Debit Credit
Cash in Bank, Local Currency,
Current 10102020 xxx
Accounts Payable 20101010 xxx
Note: There shall be no physical cancellation of the checks

Allowance for Impairment Losses of Asset Accounts

According to Government Accounting Manual (GAM), Section 9, Impairment Losses and Allowance for

Impairment Losses, when an uncertainty arises about the collectability of an amount included in revenue, the

uncollectible amount or the amount in respect of which recovery has ceased to be probable is recognized as an

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

Expense (Impairment Losses), rather than as an adjustment of the amount of revenue originally recognized. In

other words, when accounts receivable are considered uncollectible, they are deemed to be impaired. Entities

shall evaluate the collectability of accounts receivable on an on-going basis based on historical bad debts,

customer/recipient credit-worthiness, current economic trends and changes in payment activity. An

allowance is provided for known and estimated bad debts.

Illustration:
Per aging of the accounts, the required allowance is P20,000; while the beginning
balance of the allowance for impairment loss is P15,000. No other transactions
happened. The adjustment entry to take up the bad debts expense is as follows:
Account
Account Title Code Debit Credit
Impairment Loss-Loans &
Receivable 50503020 5,000
Allowance for Impairment -AR 10301011 5,000

Depreciation Expenses

Depreciation is the systematic allocation of depreciable amount of the property, plant, and equipment over its

useful life. The useful life of an asset is defined as the asset’s expected utility to the entity. According to

PPSAS No. 17, depreciation is recognized even if the fair value of the asset exceeds its carrying amount, as

long as its residual value does not exceed its carrying amount. The residual value and the useful life of an asset

shall be reviewed at least at each annual reporting date.

Illustration:
The account records of Agen ABC show the following depreciable assets, with 10%
salvage value using the straight line method

Useful
Asssets Cost Life Depreciation
Buildings 50,000,000 20 2,250,000
Machinery 150,000 5 27,000
Office Equipment 100,000 5 18,000
Furniture & Fixtures 75,000 10 6,750
Motor Vehicles 10,000,000 10 900,000
Book 10,000 5 1,800

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

Adjusting Journal Entries:

Account
Account Title Code Debit Credit
Depreciation Expense - Building &
Other Structures 50501040 2,250,000
Accumulated Depreciation -
Building & Other Structures 10604011 2,250,000

Account
Account Title Code Debit Credit
Depreciation Expense - Machinery
& Equipment 50501050 27,000
Accumulated Depreciation -
Machinery 10605011 27,000

Account
Account Title Code Debit Credit
Depreciation Expense - Machinery
& Equipment 50501050 18,000
Accumulated Depreciation -
Machinery 10605011 18,000

Account
Account Title Code Debit Credit
Depreciation Expense - Furniture &
Fixtures and Books 50501070 6,750
Accumulated Depreciation -
Furnitures & Fixtures and Books 1060701 6,750

Account
Account Title Code Debit Credit
Depreciation Expense -
Transportation Equipment 50501060 900,000
Accumulated Depreciation -
Transportation Equipment 10606011 900,000

Account
Account Title Code Debit Credit
Depreciation Expense - Furniture &
Fixtures and Books 50501070 1,800
Accumulated Depreciation -
Furnitures & Fixtures and Books 1060701 1,800

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

Pre-Closing Trial Balance

The Pre-Closing Trial Balance shall be prepared after posting the Adjusting Journal Entries in

the General Ledger. It shows the adjusted balances of all accounts as at a given period. This

is also termed as the Adjusted Trial Balance. The TB shall be supported with the schedule of

Subsidiary Ledger (SL) balances of the controlling accounts.

Closing Journal Entries

Closing journal entries are entries which close out the balances of all nominal/temporary

accounts at the end of the year. The closure will reduce the balance of those accounts to

zero. The nominal accounts that shall be closed at the end of year are as follows:

a. Balance of all revenue accounts to the “Revenue and Expense Summary” account

b. Balance of all expense accounts to the “Revenue and Expense Summary” account

c. Balance of the “Revenue and Expense Summary” to the “Accumulated Surplus

(Deficit)” account

d. Balance of all “Cash-Treasury/Agency Deposit, Regular” to the “Accumulated

Surplus/(Deficit)” account

Post Closing Trial Balance

The Post-Closing Trial Balance shall be prepared at the end of the year after preparing and

posting the closing journal entries in the General Journal and posting to the General Ledger.

Let us now talk about the Financial Statements.

What is the purpose of Financial Statements?

Financial statements are a structured representation of the financial positon and financial

performance of an entity. The objectives of general purpose financial statements are to

provide information about the financial position, financial performance and cash flows of an

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

entity that is useful to a wide range of users in making and evaluating decisions about the

allocation of resources. Specifically, the objectives of general purpose financial reporting in

the public sector should be to provide information useful for decision making and to

demonstrate the accountability of the entity for the resources entrusted to it by:

1. providing information about the sources, allocation and uses of financial resources

2. providing information about how the entity financed its activities and met its cash

requirements.

3. providing information that is useful in evaluating the entity’s ability to finance its

activities and to meet its liabilities and commitments.

4. providing information about the financial condition of the entity and changes in it

5. providing aggregate information useful in evaluating the entity’s performance in terms

of service costs, efficiency and accomplishments.

General purpose financial statements can also have a predictive role, providing information

useful in predicting the level of resources required for continued operations, the resources

that may be generated by continued operations and the associated risks and uncertainties.

Responsibility for Financial Statements

The responsibility for the preparation of the FSs rests with the following:

a. for individual entity/department FSs – the head of the entity/department central office

(COf) or regional office (RO) or operating unit (OU) or his/her authorized representative

jointly with the head of the finance/accounting division/unit

b. for department/entity FSs a a single entity – the head of the entity/department COf

jointly with the head of the finance unit.

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What is a Statement of Management Responsibility for Financial Statements?

The Statement of Management Responsibility for Financial Statements shall serve as the

covering letter in transmitting the agency’s financial statements to the Commission on

Audit, Department of Budget and Management, other oversight agencies and other parties.

It acknowledges the agency’s responsibility for the preparation and presentation of the

financial statements. This statement shall be signed by the Director of Finance and

Management Office or Comptrollership Office who has direct supervision and control over

the agency’s accounting and financial transactions and the Head of Agency or his/her

authorized representative.

Components of the General Purpose Financial Statements

The financial statements shall be identified clearly and distinguished from other information

in the same published document. The following information shall be displayed prominently:

a. The name of the reporting entity

b. Whether the financial statements cover the individual entity or a group of entity

c. The reporting date or the period covered by the financial statements, whichever is

appropriate to that component of the financial statements

d. Name of fund cluster

e. The reporting currency

f. The level of rounding used in presenting amounts in the financial statements.

The complete set of financial statements (condensed and by fund cluster) to be submitted

by an entity shall include the following:

a. Statement of Financial Position

b. Statement of Financial Performance

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

c. Statement of Changes in Net Assets/Equity

d. Statement of Cash Flows

e. Statement of Comparison of Budget and Actual Amounts

f. Notes to the Financial Statements comprising of a summary of significant accounting

policies and other explanatory notes.\

Statement of Financial Position

The Statement of Financial Position, which is also referred to as Balance Sheet or Statement of

Assets and Liabilities, is a formal statement which shows the financial condition of the entity as at a

certain date.

a. Condensed Statement of Financial Position

It presents only the major sub-classification of Statement of Financial Positon accounts in the

Revised Chart of Accounts. Condensed Statement of Financial Position shall be submitted at

year-end to the concerned Auditor. Its breakdown and other relevant information shall be

disclosed in the Notes to Financial Statements

b. Detailed Statement of Financial Position

It presents all Statement Financial Position accounts in the Revised Chart of Accounts

as a line item in the financial report. Detailed Statement of Financial Position shall be

submitted at year-end to the Government Accountancy Sector, COA, as part of the

year-end financial statements.

Statement of Financial Performance

The Statement of Financial Performance, which may be referred to as Income Statement,

Statement of Revenues and Expenses shows the results of operation/performance of the entity at

the end of particular period. It shall be prepared by the accounting unit.

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

All items of revenue and expense recognized in a period are included in surplus or deficit. This

includes the effects of changes in accounting estimates.

Statement of Changes in Net Assets/Equity

The Statement of Changes in Net Assets/Equity shows the changes in equity between two

accounting period reflecting the increase or decrease in the entity’s net assets during the year. The

overall change in net assets/equity during a period represent the total amount of surplus or deficit

for the period and other revenues and expenses recognized directly as changes in net assets/equity.

Statement of Comparison of Budget and Actual Amount

PPSAS No. 1, Presentation of Financial Statement requires a comparison of budget amounts and the

actual amounts arising from execution of the budget to be included in the financial statements of

entities that are required to or elect to make publicly available their approved budgets.

The statement shall present the following:

a. The original (approved appropriations, prior year’s not yet due and demandable obligations) and

final budget (continuing appropriations, transfers, realignments and withdrawals) amount.

b. The actual amounts on comparable basis

c. By way of note disclosure, an explanation of the material difference between the budget and

actual amounts, which are not included in the financial statements.

Statement of Cash Flows

The Statement of Cash Flows summarizes the cash flows from operating, investing and financing

activities of an entity during a given period. It identifies the sources of cash inflows, the items on

which cash was expended during the reporting period and the cash balance as at the reporting date.

a. Operating Activities

Cash flows from operating activities are primarily derived from the principal cash-generating

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

activities of the entity. Generally, these include the cash effect on transactions that enter in

the Income and Expense Summary account. It is a key indicator to which extent the operations

are funded by way of direct or indirect taxes or from the recipient of goods and services

provided by the entity.

b. Investing Activities

It involves the acquisition and disposal of non-current assets and other investments not

included in cash equivalent. Information about cash flows arising from investing activities give

a view on the extent to which outflows have been made for resources that are intended to

contribute to the entity’s future service delivery.

c. Financing Activities

These are activities concerning build-up of equity capital or borrowings of the entity. The cash

flows from financing activities are indicators of claim on future cash flows by providers of

capital to the entity

Notes to Financial Statements

These are integral parts of the financial statements. Notes provide additional information and help

clarify the items presented in the financial statements. It provides narrative description or

disaggregation of items in the financial statements and information about them that do not qualify

for recognition. The notes shall

a. present information about the basis of preparation of the financial statements and the specific

accounting policies used.

b. disclose the information required by IPSASs that is not presented on the face of the Statement

of Financial Position, Statement of Financial Performance, Statement of Changes in Net

Assets/Equity, and Statement of Cash Flows

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

c. provide additional information that is not presented on the face of the Statement of Financial

Position, Statement of Financial Performance, Statement of Changes in Net Assets/Equity, and

Statement of Cash Flows but that is relevant to an understanding of any of them.

Events After the Reporting Date

Events after the reporting date are those events, both favorable and unfavorable, that occur

between the reporting date and the date when the financial statements are authorized for issue.

Two types of events can be identified:

a. Adjusting events after the reporting date – those that provide evidence of conditions that

existed at the reporting date

b. Non-adjusting events after the reporting date – those that are indicative of conditions that

arose after the reporting date.

According to PPSAS 14, the reporting date is set every end of the calendar year while the date on

which the financial statements are authorized for issue is the date when the Statement of

Management’s Responsibility is approved by the Chief Executive or his authorized representative

and the Head of Finance Department.

Change in Accounting Policies

According to PPSAS 3, change is not allowed unless:

a. Required by PPSAS

b. Results in the financial statements that providing reliable and more relevant

information about the effects of transactions, other events and conditions on the

entity’s financial position, financial performance or cash flows

When an entity changes an accounting policy upon initial application of a PPSAS that

does not include specific transitional provisions applying to that change, it shall apply the

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

change retrospectively. When it is impracticable for an entity to apply a new accounting

policy retrospectively, the entity shall apply a new policy prospectively from the start of

the earliest period practicable

Change in Accounting Estimates

According to PPSAS 3, change in accounting estimates result from new information or

new developments and accordingly are not correction of errors. When is it difficult to

distinguish a change in an accounting policy form a change in an accounting estimate,

the change is treated as a change in an accounting estimate.The effect of a change in an

accounting estimate shall be recognized prospectively by including it in the surplus or

deficit in

a. The period of the change, if the change affects the period only

b. The period of the change and future period, if the change affects both.

Errors

Errors may arise in respect of the recognition, measurement, presentation of disclosure

of elements of financial statements. Errors include the effects of mathematical mistakes,

mistakes in applying accounting policies, oversights or misinterpretation of facts, and

fraud. Errors may be classified as current period errors and prior period errors:

a. Current period errors – errors committed and discovered within the same period. It

shall be corrected by an adjusting entry, within the same year before the financial

statements are authorized for issue

b. Prior period errors – omissions from and misstatements in the entities’ financial

statements for one or more prior periods arising from failure to use or misuse

reliable information

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 Trial Balance, Financial Reports and Statements • NU LAGUNA

An entity shall correct material prior period errors retrospectively in the first set of

financial statements authorized for issue after their discovery by:

a. Restating the comparative amounts for prior period(s) presented in which the error

occurred

b. If the error occurred before the earliest prior period presented, restating the

opening balances of assets, liabilities and net assets/equity for the earliest prior

period presented.

Interim Financial Statements

These are financial statements that are required to be prepared at any given period or at a

financial reporting period without closing the books of accounts. The following interim

financial statements shall be prepared and submitted whenever needed:

a. Statement of Financial Position

b. Statement of Financial Performance

c. Statement of Cash Flows

d. Statement of Changes in Net Assets/Equity

e. Statement of Comparison of Budget and Actual Amount

f. Notes to Financial Statements

Interim financial statements shall be prepared using the same accounting principles used

for the annual report.

Preparation and Submission of Other Reports

In addition to the components of financial statements, the following reports/schedules

shall be submitted to Government Accounting Sector of COA:

a. Pre-closing trial balances

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 Trial Balance, Financial Reports and Statements • NU LAGUNA
b. Post closing

c. Other schedules:

 Regional breakdown of income

 Regional breakdown of expenses

All NGAs shall prepare and submit the following financial statements and schedules with

the prescribed deadline:

Entity/Office Statement/Report Deadline Submitted to

Provincial Offices and Operating Units
Monthly Trial Balance and Supporting 10 days after end of Auditor, Regional
schedules month Accountant

Quarterly Trial Balance, F/S and Supporting 10 days after the end Auditor, Regional
schedules of the quarter Accountant
Year-end Trial Balance, F/S and Supporting On or before Jan. 20 of Auditor, Regional
schedules the following year Accountant

Regional/Branches
Offices
Monthly Trial Balance and Supporting 10 days after end of Regional Auditor, Central
schedules month Office Accountant

Quarterly Trial Balance, F/S and Supporting 10 days after the end Regional Auditor, Central
schedules of the quarter Office Accountant

Year-end Trial Balance, F/S and Supporting On or before Jan. 31 of Regional Auditor, Central
schedules (combined RO and OU) the following year Office Accountant

Central/Head/Main
Offices
Monthly Trial Balance and Supporting 10 days after end of Auditor, DBM,
schedules month Management
Quarterly Trial Balance, F/S and Supporting 10 days after the end Auditor, DBM,
schedules of the quarter Management

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 Trial Balance, Financial Reports and Statements • NU LAGUNA
Year-end Trial Balance, F/S and Supporting Feb. 14 of the following COA Auditor, DBM, COA
schedules (combined CO, RO and year GAS
OU)

Do you understand, class?

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Reference

Punzalan, A.. & Cardona, M. (2018). Government Accounting 2018 ed.

Ittelson, T. (2017). Nonprofit Accounting & Financial Statements: Overview for

Board, Management and Staff

Reck , Jacqueline & Wilson, Earl. (2015). Accounting for Governmental & Nonprofit
Entities (Irwin Accounting)

Copley, Paul. (2017). Essentials of Accounting for Governmental and Not-for-Profit

Organizations (Irwin Accounting)

Larkin, R. & Tommaso, Marie. (2016). Wiley Not-for-Profit GAAP 2016:

Interpretation and Application of Generally Accepted Accounting Principles

Freeman, R. & Shoulders, C. (2017). Governmental and Nonprofit Accounting (11th

Edition)

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