Gov Midterm Merged Reviewer

MP-Exercises-Module 6- Financial Assets
Due No due date Points 20 Questions 10 Available Mar 24 at 9pm - Mar 28 at 11:59pm 4 days Time Limit 30 Minutes Allowed Attempts 2
Instructions
To those who are unable to accomplished the exercises you may take this until end of Monday however I will deduct 5 points from your total score. Thanks.
This quiz was locked Mar 28 at 11:59pm.
Attempt History
Attempt Time Score
LATEST Attempt 1 4 minutes 18 out of 20
Score for this attempt: 18 out of 20

Submitted Mar 24 at 2:20pm
This attempt took 4 minutes.
Question 1 2 / 2 pts
The “Loans Receivable” account is most likely to be used in the books of accounts of which of the following government agencies?
NIA
All of these
Correct! BTr
COA
Which of the following is not one of the characteristics of a derivative?
it requires no initial net investment (or only a very minimal initial net investment)
Correct! it requires no notional amount (or any a very minimal notional amount)
it is settled at a future date
its value changes in response to the change in an underlying
A cash shortage of a government entity is most likely recorded as a:
credit to miscellaneous income account
credit to a cash shortage or overgae account
debit to a cash shortage or overage account
Correct! debit to receivable account
Which of the following is not considered a financial assets?
Investment in debt securities

Accounts receivable
Correct!
Prepaid assets
Petty Cash Fund
Which of the following is not one of the categories of financial assets under the GAM for NGAs?
Correct Answer
held-to-maturity investments
available-for-sale financial assets
loans and receivables
You Answered financial asset through other comprehensive income
According to the GAM for NGAs, the establishement of a petty cash fund:
Correct! requires the approval of the Head of Agency
requires the approval of the chief accountant
does not require any formal approval becuase petty cash funds are likely to be immaterial
requires the approval of the President of the Philippines
Under this method of bank reconciliation statement preparation, the unadjusted book and bank balances are brought to an adjusted balance that is
reported on the statement of financial position:
book to bank method
bank to book method
Correct! adjusted balance method
all of these
According to the GAM for NGAs, the very purpose of derivatives is:
speculation
a or b
risk incurrence
Correct! risk management
According to the GAM for NGAs, changes in fair value of investments classified as available for sale financial assets are:
not recognized
recognized in surplus or deficit
Correct!
recognized in net assets
partially recognized
The entry to record the replenishment of a petty cash fund of a government entity includes:
credit to Expenses
credit to Petty Cash Fund
Correct!
credit to Cash-Modified Disbursement System, Regular
credit to Cash-Treasury/ Agency Deposit, Regular
Quiz Score: 18 out of 20

MP-Exercises-Module 5-Disbursements
Due No due date Points 40 Questions 20 Available Mar 17 at 1pm - Mar 17 at 6pm about 5 hours Time Limit 60 Minutes Allowed Attempts 3
Instructions
Dear all,
As part of our activity for today, kindly answer the exercises in the book and provide your answers by accomplishing this test (to be recorded as part of your class standing). Thank you and Good
luck!!!
This quiz was locked Mar 17 at 6pm.
Attempt History
Attempt Time Score
LATEST Attempt 1 11 minutes 40 out of 40
Score for this attempt: 40 out of 40

All of the following are considered valid cashless disbursements, except:
payment of payables using a Non-Cash Availment Authority
purchase of goods using an electronic card issued by CitiBank
remittance of taxes withled to the BIR through Tax Remittance Advice
Correct! online payment to supplier through LBC padala
Which of the following modes of disbursements is most similar to a check disbursement?
NCAA
eMDS
Correct! ADA
NBA
Entity A disburses a check chargeable agains the Treasury Accunt. The journal entry to record the disbursement involves a credit to which of the
following accounts?
Correct! Cash- Modified Disbursement System (MDS), Regular
Cash in Bank- Local Currency, Current Account
Cash-Treasury/ Agency Deposit, Regular
Cash- Collecting Officers
A certification on the availability of funds and completeness of supporting documents is required before a disbursement of government funds is
made. According to the GAM for NGAs, who shall issue this certification?
Head of Agency
Correct! Chief Accountant
Requisitioning Individual
Budget Officer
Which of the following is not used in processing disbursements?
Correct! ORs
PCVs
DVs
Payroll
It is an authority issued by the DBM to central, regional and provincial offices and operating units to cover their cash requirements. It specifies the
maximum amount of cash that can be withdrawn from a government servicing bank in a certain period.
Tax Remittance Advice (TRA)
Correct! Notice of Cash Allocation (NCA)
Cash Disbursement Ceiling (CDC)
Non-Cash Availment Authority (NCAA)
Entity A purchases office supplies from an authorized merchant using an electronic card. The entry to record the settlement of the transaction is:
Correct! Accounts Payable (dr)--------------------------------xx

Cash-MDS, regular (cr)---------------------------------xx
Office Supplies Inventory (dr)--------------------------xx

Cash-MDS, regular (cr)----------------------------------xx
Office Supplies Inventory (dr)-------------------------xx

Accounts Payable (cr)---------------------------------xx
no entry
Which of the following is not a form of disbursements authority?
Correct!
Allotment
NTA
TRA
NCA
Which of the following results the recognition of expense?
granting of cash advance for travel
remittance of the refund for excess cash advance to the BTr
Correct!
liquidation of cash advance for travel
refund of excess cash advance
A certification on the availability of allotment is required before a disbursement of government fund is made. Accoding to the GAM for NGAs, who
shall issue this certification?
Head of Agency
Correct!
Budget Officer
Requisitioning Individual
Chief Accountant
Entity A sends an employee to an official travel and gives him cash to cover his travelling expenses. Which of the following is most likely the entry to
record the cash disbursement?
Traveling Expenses (dr)---------------------------xx

Cash- MDS, regular (cr)-------------------------------------xx
Advances to Officers and Employees (dr)----------------------------xx

Cash on hand (cr)-----------------------------------------------------------------xx
Traveling Expenses (dr)---------------------xx

Advances to Officers and Employees (cr)-----------------xx
Correct! Advances to Officers and Employees (dr)-------------------------xx

Cash-MDS, regular (cr)-------------------------------------------------xx
Entity A acquires an equipment on account and settles the account by debiting Accounts Payable and crediting Subsidy from National Government.
The mode of disbursement used by Entity A is most likely a(an):
Cash Disbursement Ceiling
Credit Card transaction
Advice to Debit Account
Correct!
Non-Cash Availement Authority
Entity A wants to make disbursement online. Which of the following should Entity A do so that it can make valid disbursements online?
obtain a debut card or credit card that is either Visa or MasterCard from any bank
Correct!
enroll with the eMDS of the Land Bank of the Philippines
make a facebook account
apply for a PayPal account
This is used to recognize: (1) in the books of national government agencies, the constructive remittance to BIR and BOC of taxes and custom’s
duties withheld, and the constructive receipt of NCA for those taxes and custom duties; (2) in the books of the BIR and BOC, the constructive receipt
of tax revenue and customs duties; and (3) in the books of the BTr, the constructive receipt of the taxes and customs duties remitted.
Correct!
Notice of Cash Allocation (NCA)
Non-Cash Availament Authority (NCAA)
The entry in the books of a government agency with foreign service post to record the receipt of disbursement authority called the Cash
Disbursement Ceiling (CDC) includes a:
credit to Cash-Constructive Income Remittance
debit to Cash-Modified Disbursement System (MDS)
Correct!
credit to Subsidy from National Government
debit to Subsidy from National Government
Which of the following modes of disbursements would result to the recognition of a loan payable in books of the BTr?
Correct!
NCAA
ADA
CDC
UFC
The Chief Accontant shall charge obligations incurred against available allotment to ensure that:
there are no unreleased appropriations
Correct!
no overdraft is incurred
no excess allotment exists
the NCA is sufficient to meet the disbursement needs

Which of the following government agencies will most likely be able to obtain a disbursement authority in the form of cash disbursement ceiling
(CDC)?
DPWH
NFA
BIR
Correct! DFA
Which of the following results to the recognition, in the books of accounts, of expenses classified as Personal Services?
issuance of office supplies to end users
granting of cash advance for payroll
liquidation of payroll fund
Correct! set up of payable for payroll
According to the GAM for NGAs, disbursements for salaries and wages shall be supported by:
Correct! payroll
disbursement vouchers
petty cash voucher
official receipts

 This quiz has been regraded; your new score reflects 4 questions that were affected.
MP-Quiz 2-Module 6- Financial Assets

Due No due date Points 40 Questions 20 Available Mar 31 at 1pm - Mar 31 at 6pm about 5 hours Time Limit 60 Minutes
Attempt History
Attempt Time Score Regraded
LATEST Attempt 1 51 minutes 36 out of 40 38 out of 40
Score for this quiz: 38 out of 40

It is a report that is prepared for the purpose of bringing the balances of cash per records and
per bank statement into agreement.
all of these
bank statement
bank balance report
Correct!
bank reconciliation statement
Question 2 Original Score: 2 / 2 pts Regraded Score: 2 / 2 pts
 This question has been regraded.
An unrealized holding gain or loss on financia asset at fair value through surplus or deposit is the difference between the investment’s
fair value and original cost.
face value and amortized cost.
You Answered
fair value and amortized cost.
Correct Answer face value and original cost.
Entity A estimates a risk of loss on a recognized asset at 20%. However, Entity A can only
accept a risk of 5%. Entity A then enters into a forward contract to offset the excess risk of 15%. This process is best described as
Forward hedging
Hedge accounting
Process risk hedge
Correct!
Risk management

Which of the following is considered cash of a government entity?
Certificates of deposit (CDs)
Correct!
Cash Treasury Accounts
Money market savings certificates
Postdated checks
It is a hedge of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, or an identified portion of
such an asset, liability or firm commitment, that is attributable to a particular risk and could affect surplus or deficit.
Hedge of a recognized asset or liability
Cash flow hedge
Hedge of a net investment in a foreign operation
Correct!
Fair value hedge
Which of the following statements is incorrect regarding the accounting for unreleased checks by a government entity?
Correct!
Unreleased checks are physically cancelled.
The accounting procedures for unreleased checks prescribed under the GAM for NGAs apply only to commercial checks.
Unreleased checks are reverted back to cash.
At the start of the year, a reversing entry is made for the unreleased checks in the previous year.
On August 1, 2019, Entity A (a Government Corporation). purchased investment classified as held-to-maturity of, 1,000, PHP1,000, 9% bonds for
PHP940,000 (a 10% effective interest rate). The bonds, which mature on August 1, 2029, pay interest semiannually on February 1 and August 1.
Entity uses the effective interest method of amortization. The bonds should be reported in the December 31, 2019 statement of financial position at
a carrying value of
Correct!
PHP941,667
PHP940,000
PHP942,000
PHP943,333

All of the following may cause the cancellation of a check drawn by a government entity except
The check is prepared using a pen with red ink
Correct!
The check is dishonored.
The check becomes stale.
Wrong spelling or unnecessary markings on the check.
Which of the following is not a financial asset?
Correct!
Inventory
Equity investment
Receivables
Cash
A cash equivalent is a short-term, highly liquid investment that is readily convertible into known amounts of cash and
bears an interest rate that is at least equal to the prime rate of interest at the date of liquidation.
is acceptable as a means to pay current liabilities.
has a current market value that is greater than its original cost.
Correct!
is so near its maturity that it presents insignificant risk of changes in interest rates.
Consider the following: Cash in Bank Local Currency – Current of PHP13,500, Cash- Modified Disbursement System (MDS), Regular- PHP10,500,
Cash on hand of PHP500, Post-dated checks received totaling PHP3,500, and Certificates of deposit totaling PHP124,000. How much should be
reported as cash in the statement of financial position?
PHP 24,500.
PHP 17,500.
Correct!
PHP 14,000.
PHP 131,500.
PHP138,000
If the unadjusted balance of cash per bank statement is greater than the adjusted balance and
there no other reconciling items or errors, the difference would most certainly be caused by a
Deposits in transit
Debit memo
Credit memo
Correct!
Outstanding checks
.
Which of the following is not considered cash for government reporting purposes?
Petty cash funds and change funds
Money orders, certified checks, and personal checks
Coin, currency, and available funds
Correct! Postdated checks and I.O.U.’s
Debt investments not held for collection are reported at
amortized cost.
Correct! fair value.
the lower of amortized cost or fair value.
net realizable value.
Which of the following may not be included as part of cash in the note disclosures?
Unreplenished petty cash fund consisting of only the coins and currencies held as at the reporting date
Post-dated checks drawn
Correct! Treasury bills acquired 3 months before maturity date
Issued checks that were cancelled because they became stale
The entry to record a disbursement from the petty cash fund is
Option “d”
Option “b”
Option “a”
Option “c”
any of these
Correct!
none of these

A Cash Over and Short account
is a contra account to Cash.
Correct!
is not generally accepted for government accounting.
is debited when the petty cash fund proves out short.
is debited when the petty cash fund proves out over.
Which of the following does not qualify as cash equivalent for a government entity?
Money market placement with an original term of 1 year but matures within 3 months after the reporting date.
You Answered Money market placement with an original term of 3 months.
Correct Answer Temporary investments in stocks that are expected to be sold within 1 month after the
reporting date.
All of these qualify as cash equivalents.
According to the GAM for NGAs, government entities shall prepare bank reconciliations
only as needed
on a daily basis
Correct! on a monthly basis
only at year-end
Debt investments that are accounted for and reported at amortized cost, are
available-for-sale
Correct!
held-to-maturity debt investments.
trading debt investments.

debt investments which are managed and evaluated based on a documented risk-management strategy.

 This quiz has been regraded; your score was affected.
MP-Quiz 3-Module 7- Inventory

Due No due date Points 20 Questions 20 Available Mar 31 at 1pm - Mar 31 at 6pm about 5 hours Time Limit 60 Minutes
Attempt History
Attempt Time Score Regraded
LATEST Attempt 1 11 minutes 19 out of 20 20 out of 20
Score for this quiz: 20 out of 20

For government entities, inventories are assets (choose the incorrect one)
In the form of materials or supplies to be consumed in the production process or in the

rendering of services.
Correct!
Used in the production of goods.
Held for sale, consumption, distribution, or exchange.
In the process of production for sale, consumption, distribution or exchange.
Entity A, a government entity, purchases office supplies. Entity A would most likely record the
purchase
as Inventory Held for Distribution
by debiting the Office Supplies Expense account
by debiting the Purchases account
Correct! as Inventory Held for Consumption
Who owns the goods in transit under FOB shipping point?
Correct! buyer
either a or b
seller
none
Which of the following documents is prepared when issuing semi-expendable property to endusers?
Correct! Inventory Custodian Slip
Supplies Ledger Card (SLC)
Requisition and Issue Slip (RIS)
Waste Materials Report
The carrying amount of inventory is not recognized as expense in this type of event or
transaction.
Correct! The inventory is used in the production of another asset.
The inventory is sold.
The inventory is written-off.
The inventory is consumed by end users in providing service.
Which of the following is subsequently measured at the lower of cost and current replacement
cost?
Inventories that are undergoing manufacturing process for completion as finished goods for sale.
Correct! Inventories held for distribution
None of these.
Inventories held for sale
The supply or property office of a government entity uses this to record and monitor the
movements and balances of inventories.
Registry of Inventory
Correct! Stock Card
Stock Ledger Card
Inventory Listing
The following information is available from Entity A’s (a government entity) accounting records:
Purchases PHP530,000
Purcahse discount 10,000
Beginning Inventory 160,000
Ending Inventory 215,000
Freigh-out 40,000
Entity A’s cost of sales is:
Correct!
465,000
475,000
585,000
505,000

Entity A, a government entity and a manufacturer of military equipment, had inventories at the
beginning and end of its current year as follows:
Beginning End
Raw materials 11,000 15,000
Work in process 20,000 24,000
Finished goods 12,500 9,000
During the year, the following costs and expenses were incurred:
Raw materials purchased 150,000
Direct labor cost 60,000
Indirect factory labor 30,000
Taxes and depreciation on factory building 10,000
Taxes and depreciation on sales room and office 7,500
Sales salaries 20,000
Office salaries 12,000
Utilities (60% applicable to factory, 20% to sales room, and 20% to 25,000
office)
Entity A’s cost of sales for the year is:
257,000
269,500
261,000
Correct!
260,500

Entity A, a government entity, is a wholesaler of Product A, a non-unique good. The activity for Product A during July is shown below:
Balance/
Date Transaction Units Cost
July 1 Inventory 2,000 PHP36.00
7 Purchase 3,000 37.00
12 Sales 3,600
21 Purchase 5,000 37.88
22 Sales 3,800
29 Purchase 1,600 38.11
How much is the ending inventory on July 31?
156,912
Correct!
158,736
none of these
153,400
Which of the following is an inventory account for a government “baranggay” pharmacy?
Work In Process
Correct!
Merchandise
Finished Goods
Raw Materials
Inventory costs include all of the following, EXCEPT
Production costs
Freight costs
Correct!
Selling costs
Purchase costs
Which of the following would NOT be included in ending inventory of the seller (a government owned corporation)?
Goods shipped to customers, F.O.B. destination
Goods purchased from suppliers, F.O.B. shipping point
Correct!
Goods held on consignment
Goods out on consignment
Entity ABC (a government corporation) pays a freight bill of PHP54 to XYZ Trucking Company for merchandise purchased from Jackson Sales,
terms FOB shipping point. ABC would debit the PHP54 cost of the freight to
Purchases
Correct!
Inventory
Freight-out
Prepaid Freight
A government corporation had the following account balances:
Sales revenue PHP200,000

Beginning inventory 40,000
Purchases 80,000
Purchase discounts 3,000
Freight-in 1,000
Ending inventory 30,000
Purchase returns and allowances 2,000
Given the information above, gross margin is
Correct! PHP114,000
PHP94,000
PHP106,000
PHP86,000
A government corporation had the following account balances:
Sales revenue PHP200,000

Beginning inventory 40,000
Purchases 80,000
Purchase discounts 3,000
Freight-in 1,000
Ending inventory 30,000
Purchase returns and allowances 2,000
Given the information above, and assuming tha total operating expenses (exclusive of cost of goods sold) are PHP40,000, pretax income (Surplus
or Deficit from Current Operations) is:
Correct! 74,000
114,000
110,000
46,000

A government corporation sells one product and uses a perpetual inventory system. The beginning inventory consisted of 10 units that cost PHP20
per unit. During the current month, the company purchased 60 units at PHP20 each. Sales during the month totaled 45 units for PHP43 each. What
is the number of units in the ending inventory?
70 units
Correct! 25 units
15 units
10 units
Which of the following is a reason why the specific identification method may be considered ideal for assigning costs to inventory and cost of goods
sold?
Able to use on all types of inventory.
There is no arbitrary allocation of costs.
The potential for manipulation of net income is reduced.
Correct! The cost flow matches the physical flow.
Costs which are inventoriable include all of the following except
buying costs of a purchasing department.
costs that are directly connected with the converting of goods to a salable condition.
Correct! selling costs of a sales department.
costs that are directly connected with the bringing of goods to the place of business of the buyer.
At year end, Entity A, a government entity, determines the following information:

(1) Carrying amount of goods held for sale- PHP100,000
(2) Net realizable value- PHP80,000
(3) Current replacement costs- PHP90,000
How much of the carrying amount of inventory is recognized as expense?
none of these
90,000
10,000
Correct! 20,000

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3/10/22, 3:52 PM Midterm-Exercise 1-Chap 4- Revenue and Other Receipts: BSA_3204 : Accounting for Government and Non-Profit Organization
Midterm-Exercise 1-Chap 4- Revenue and Other

Receipts
Due
No due date
Points
30
Questions
15
Available
Mar 10 at 2:40pm - Mar 10 at 4:10pm
about 2 hours
Time Limit
60 Minutes
Allowed Attempts
2
Instructions
Dear all,
This will be recorded as class standing activity. You have the remaining time of the respective class
schedule for this. Thank you.
Attempt History
Attempt Time Score
KEPT Attempt 2
13 minutes 26 out of 30
LATEST Attempt 2
Attempt 1
less than 1 minute 0 out of 30
Score for this attempt:

26 out of 30
Question 1 0
/ 2 pts
The receipt of a performance bond or a security deposit is credited to a:

liability account and revenue account

liability account or revenue account
ou Answered
liability account or cash account
https://ue.instructure.com/courses/24305/quizzes/127286 1/8
orrect Answer
liability account and cash account
Question 2 2
/ 2 pts
Entity A sells goods with a list price of PHP100,000, on account. The

credit term is 20% and 10%. The journal entry to recognize the revenue
includes all of the following except?

a debit to accounts receviable for PHP72,000
Correct!
a debit to sales discount for PHP28,00

a credit to sales revenue for PHP72,000

all of these are included in the entry
Question 3 2
/ 2 pts
Which of the following would result to an increase or decrease in the

revenue reported by a government entity in its statement of financial
performance?
Correct!
the repayment of a loan payable is forgiven

impairment loss on an amount already recognized as revenue

receipt of a pledge

receipt of donation in the form of services in kind
Question 4 2
/ 2 pts
Which of the following is not one of the fundamental principles for revenue
under P.D. 1445?
Correct!
all collections of revenue must be in the form of cash, checks are not
acceptable

recording of revenue in other types of funds (e.g., Special Fund) shall be
made only when authorized by law

all revenues shall be remitted to the BTr and included in the General Fund,
unless another law specifically allowes otherwise

collections of revenue shall be properly acknowledged through pre-
numbered official receipts
Question 5 2
/ 2 pts
The taxable event for Value-Added Tax (VAT) is the:

any of these

movement of dutiable goods or services accross the customs boundary
Correct!
undertaking of a taxable activity

earning of taxable income
Question 6 2
/ 2 pts
Which of the following is a non-exchange transaction?

rendering of legal services

leasing
Correct!
collection of taxes

collection of tuition fees
Question 7 2
/ 2 pts
According to the GAM for NGAs, interest revenue is recognized:

in accordance with the substance of the relevant loan agreement
Correct!
at a time proportion basis using the effective interest method

when theentity’s right to receive payment is established

on a straight-line basis
Question 8 2
/ 2 pts
A government entity collects fees for the processing of certain permits.

The processing of a permit would normally take a few minutes. The
processing fee is collected upon issuance of the permit. This government
entity would normally recognize revenue from permit fees:
Correct!
upon collection of the fee

when the significant risks and rewards are transferred to the customer

on a straight line basis

by reference to the stage of completion
Question 9 2
/ 2 pts
It is a type of fund held by a government entity that is designated for

special purposes

trust fund

general fund
Correct!
special fund

fiduciary fund
Question 10 2
/ 2 pts
The national government receives a foreign grant conditioned on the

construction of a public infrastructure. According to the GAM for NGAs,
when does the national government recognize revenue from grant (i.e.,
credit to the Income from Grants and Donations in Cash account)?

when the grant becomes receivable, provided there is reasonable
assurance that the attached condition will be satisfied

when the related expenses for which the grant is intended to compensate
are incurred
Correct!
when the condition is met

upon receipt of the grant
Question 11 0
/ 2 pts
The receipt of which of the following may not give rise to revenue by a
government entity?

Tax Remittance Advice
orrect Answer
Subsidy from another Government Entity
ou Answered
Inter-agency fund transfer

Notice of Cash Allocation
Question 12 2
/ 2 pts
According to the GAM for NGAs, an exchange of goods or services of

similar nature and value between parties:

give rice to revenue measured at the fair value of the goods or services
received, adjusted for any cash paid or received on the exchange

any of these

gives rise to revenue measured at the fair value of the goods or services
given up, adjusted for any cash paid or received on the exchange
Correct!
does not give rise to revenue
Question 13 2
/ 2 pts
According to the GAM for NGAs, all of the following criteria must be met
before a government entity recognizes revenue from the sale of goods,
except:

the amounts of revenue and related costs can be measured reliably
Correct!
the stage of completion can be measured reliably

significant risks and rewards of ownership of the goods are transferred to
the buyer and the entity does not retain control over those goods

it is probable that economic benefits will flow to the entity
Question 14 2
/ 2 pts
According to the GAM for NGAs, when the outcome of a service contract
cannot be estimated reliably, revenue is recognized:

by reference to the contract’s stage of completion at each reporting date

only upon the completion of the contract

on a straight line basis over the periods the services are rendered
Correct!
only to the extent of costs that are expected to be recovered
Question 15 2
/ 2 pts
Imposition and collection of tax revenue is considered a(an):

exchange transaction

any of these

donation
Correct!
non-exchange transaction
Quiz Score:
26 out of 30
ACCOUNTING FOR DISBURSEMENTS AND RELATED TRANSACTIONS
1. Statement 1: Government entities are allowed by law to make purchases using credit card.
Statement 2: The Department of National Defense is one government entity allowed to use credit card for
payments
Both statements are true.
2. Entity A purchases office supplies from an authorized merchant using an electronic card. The journal entry to
record this transaction includes a
Credit to Accounts Payable
3. Statement 1: According to the GAM for NGAs, the Advice to Debit Account (ADA) mode of disbursement can
be used only if the payee maintains an account in the same bank where the government entity maintains an
account
Statement 2: Land Bank of the Philippines is the sole government servicing bank where Advice to Debit Account
(ADA) mode of disbursement can be done
Both statements are false
4. According to the GAM for NGAs, cash disbursements are made through
Cash advances to authorized personnel
5. When a government agency pays an account and withholds tax, the journal entry includes a credit to
Due to BIR
6. Statement 1: Due to strict internal control measures, a government entity can only disburse funds via cash or
check
Statement 2: Checks can be MDS or commercial checks
Only statement 2 is true
7. Statement 1: No additional cash advance shall be given to any official or employee unless the previous cash
advance given to him/her is first liquidated.
Statement 2: Liquidation of cash advance for foreign travel should be done 30 days upon return to workstation.
8. All of the following are considered valid cashless disbursements except:
Payment to a supplier through GCash
9. Statement 1: The Non-Cash Availment Authority (NCAA) is a disbursement authority issued to a government
agency with foreign service posts.
Statement 2: The Department of Foreign Affairs has this kind of disbursement authority.
10. Statement 1: Disbursements through the Cash Disbursement Ceiling (CDC) results in the recognition of a loan
payable in the books of accounts of the BTr.
Statement 2: Since liability is recognized, the Cash Disbursement Ceiling (CDC) involves cash inflow to the BTr.
Both statements are false.
11. Statement 1: Entity A may acquire equipment from a supplier, on account and a lender settles the account of A by
directly paying the supplier the proceeds of a loan payable that is recorded in the BTr’s books
Statement 2: this transaction is called Cash Disbursement Ceiling (CDC).
Only statement 1 is true.
12. A certification on the availability of allotment is required before a disbursement of government funds is made.
According to the GAM for NGAs, who shall issue the certification?
Budget officer
13. Which of the following results in the recognition of payroll?
Liquidation of cash advance for travel
14. Which of the following shall certify the availability of funds and completeness of supporting documents before
the Head of Agency or his/her authorized representative can enter into a contract that obligate the government for
the eventual payment of government funds?
Chief accountant
15. Which of the following is not used in processing disbursements?
ORs
16. Statement 1: All disbursements shall be made through Disbursement Vouchers (DV) or payroll.
Statement 2: The head of the requisitioning unit shall approve any disbursements.
17. According to the GAM for NGAs, accounting for Petty Cash shall be done using
Imprest system
18. Statement 1: Under the Automatic Debit Arrangement (ADA) mode of disbursement, payments from a
government entity are directly debited to the accounts of the payees through fund bank transfers.
Statement 2: Automatic Debit Arrangement (ADA) works like a check, hence, once notified, the payee can go to
the bank to withdraw the cash by presenting the notification.
19. Which of the following is not one of the modes of disbursements by a government entity?
Payment thru Gcash
20. Which of the following is not a signatory in the LDDAP-ADA?
Payee
21. The Chief Accountant shall charge obligations incurred against available allotment to ensure that
No overdraft is incurred
22. The Petty Cash shall be replenished when
Disbursements reach at least 75% or as needed
23. Which of the following accounts shall be debited in recording replenishment of PCF?
Appropriate expense account
24. Which of the following accounts is credited in the books of a government entity to reflect a non-cash availment
authority (NCAA) mode of disbursement?
Subsidy from National Government
25. Which of the following accounts shall be debited once cash advance has been granted?
Advances to Officers and Employees
26. When overpayment of expense related to the previous year is discovered, the journal entry to record the
overpayment includes a
Credit to accumulated surplus/(Deficit)
27. Which of the following statements regarding the disbursement of government funds is incorrect?
Officials and employees authorized to travel shall be granted cash advance to cover traveling expenses. The
amount granted shall be accounted for as “Due to Officers and Employees”
28. Which of the following is not true regarding cash advance for payroll?
Advances for payroll may be used for encashment of checks or for liquidation of previous or other types of
cash advances
29. This is used to recognize in the books of national government agencies, the constructive remittance to BIR and
BOC of taxes’ duties withheld
30. Statement 1: All disbursements require prior certification to establish their validity and legality
Statement 2: A certification for fictitious obligation is void and results to criminal liability by the certifying
officials.
Both statements are true.
31. Entity A disburses a check chargeable against its checking account maintained with Government Servicing Bank.
The journal entry to record disbursement involves a credit to which of the following accounts?
Cash in Bank-Local Currency, Current Account
32. Which of the following government agencies will most likely be able to obtain disbursement authority in the form
of Cash Disbursement Ceiling (CDC)?
DFA
33. The entry in the books of a government agency with foreign service post to record the receipt of disbursement
authority called Cash Disbursement Ceiling (CDC) includes a
Credit to Subsidy from National Government
34. Which is the account credited when remitting government share for Pag-IBIG contribution?
Due to Pag-IBIG
35. Entity A makes payment through bank transfer. This mode of disbursement is most likely through the use of a(an)
36. Entity A has a foreign service post. During the period, it receives authorization from DBM allowing it to use the
collections of its foreign service post to pay for the necessary operating expenses. The entry to record the
disbursement authority includes a
Debit to Cash-Constructive Income Remittance
37. Payments of checks that are chargeable against the Treasury Account are credited to the
Cash-Modified Disbursement System (MDS) account
38. According to the GAM for NGAs, disbursements for salaries and wages shall be supported by
Payroll
39. The following disbursements are excluded from payment using LDDAP-ADA except
Payment of government employee salaries
40. Which of the following results to the recognition in the books of accounts classified as Personnel Services?
Set up of payable for payroll
41. Which of the following is true regarding disbursement through electronic Modified Disbursement System
(eMDS)?
The disbursement is made via an online transaction.
42. It is an authority by an agency’s Central Office to its regional and operating units to cover the latter’s cash
requirements.
Notice of Transfer of Allocation (NTA)
43. A government entity makes constructive remittance of taxes withheld to the BIR through Tax Remittance Advice
(TRA). The entry in recording the transaction includes a
Debit to Due to BIR
44. This is used to recognize in the books of national government agencies, the constructive remittance to BIR and
BOC of taxes and customs’ duties withheld.
45. When a government entity remits its collections to BTr, the journal entry to record the remittance includes a
Debit to Cash-Treasury/Agency Deposit, Regular
46. Entity A acquires an equipment on account and settles the account by debiting accounts payable and crediting
subsidy from national government. The mode of disbursement used is most likely a/an
Non cash availment authority
47. Statement I: Under the ADA mode of disbursement, payments from a government entity are directly debited to
the accounts of the payees through fund/bank
Statement II: ADA works like a check, hence, once notified, the payee can go to the back to withdraw the cash by
presenting the notification
48. Which of the following is not a form of a disbursement authority?
CBC
49. Entity A wants to make disbursements online. Which of the following should Entity A do so that it can make
valid disbursements online?
Enroll with the eMDS of the LBP
50. All Disbursement Vouchers (DVs) or Payroll shall be approved by the
Head of agency
51. Which of the following shall certify the availability of allotment before obligations can be incurred and
disbursements are made?
Budget officer
52. A certification of availability of funds and completeness of supporting documents is required before a
disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification?
Chief accountant
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3/24/22, 4:50 PM MP-Quiz 1- Revenue and Other Fees and Disbursements: BSA_3204 : Accounting for Government and Non-Profit Organization
MP-Quiz 1- Revenue and Other Fees and

Disbursements
Due
Mar 24 at 5:50pm
Points
40
Questions
20
Available
Mar 24 at 4:20pm - Mar 24 at 5:50pm
about 2 hours
Time Limit
60 Minutes
Instructions
Dear all,
Please note that this quiz covers both Module 4 and Module 5. Thank you.
Attempt History
Attempt Time Score
LATEST Attempt 1
Score for this quiz:

40 out of 40
Question 1 2
/ 2 pts
According to P.D. 1445, all revenues of an entity shall be remitted to the

National Treasury and included in the:

National Fund

Special Fund
Correct!
General Fund

Official Fund
Question 2 2
/ 2 pts
All of the following give rise to the recognition of revenue from non-
exchange transaction except

taxes

fines and penalties

donation of goods in-kind
Correct!
sale of goods
Question 3 2
/ 2 pts
Which of the following does not give rise to revenue from assistance or
subsidy?

Tax Remittance Advice
Correct!
Inter-agency Fund Transfer

Non-Cash Availment Authority

Notice of Cash Allocation

Question 4 2
/ 2 pts
Which of the following reflects a Non-Cash Availment Authority (NCAA)

mode of disbursement?
a. Accounts Payable
xxx
Cash-Constructive Income

Remittance xxx

b. Accounts Payable
xxx
Cash – Modified Disbursement

System (MDS), Regular xxx

c. Accounts Payable
xxx
Subsidy from National Government xxx

d. None of these.

Choice “B”

Choice “D”
Correct!
Choice “C”

Choice “A”
Question 5 2
/ 2 pts
Which of the following is not one of the modes of disbursements by a

government entity?
Correct!
payment through Short Messaging System (SMS)

online payment

credit card

check
Question 6 2
/ 2 pts
Payments of checks that are chargeable against the Treasury Account

are credited to the:

Commercial Checks

Correct!
Cash-Modified Disbursement System (MDS) account

Modified Disbursement System Checks
Question 7 2
/ 2 pts
It is an authority issued by an agency’s Central Office to its regional and

operating units to cover the latter’s cash requirements.


Notice of Cash Allocation (NCA)
Correct!
Notice of Transfer of Allocation (NTA

Question 8 2
/ 2 pts
Government entities and business entities use the same accounting

treatment for all of the following except:

recognizing revenue from dividends.

recognizing revenue from royalty agreements.
Correct!
remittance of taxes withheld to the BIR

trade discounts allowed to customers.

Question 9 2
/ 2 pts
Which of the following is not one of the modes of disbursements by a

government entity?
Correct!
personal check

auto debit

credit card

online payment
Question 10 2
/ 2 pts
All Disbursement Vouchers (DVs) or Payroll shall be approved by the:

Chief Accountant

Budget Officer
Correct!
Head of Agency

COA Auditor
Question 11 2
/ 2 pts
According to the GAM for NGAs, cash disbursements are made through:
Correct!
cash advances to authorized personnel

any of these

direct cash payment by Collecting Officers to payees

direct cash payments by the Head of Agency to the payees
Question 12 2
/ 2 pts
Which of the following shall certify the necessity and legality of the
disbursements, before obligations can be incurred and disbursements are
made?

Budget Officer
Correct!
Head of Agency

Chief Accountant

Requesting Officer
Question 13 2
/ 2 pts
Remittances of collections to the National Treasury are recorded as a

debit to which of the following accounts:

Subsidy from National Government
Correct!
Cash-Treasury/Agency Deposit, Regular

Cash-Modified Disbursement System (MDS), Regular

Cash – Collecting Officers
Question 14 2
/ 2 pts
The national government received a foreign grant conditioned on the

construction of a public infrastructure. Entity A was chosen as the
implementing agency. When the national government received the grant,
the entry in the BTr’s books included a
Correct!
credit to the “Other Deferred Credits” account.

credit to the “Subsidy from National Government” account.

debit to the “Cash – Modified Disbursement System (MDS), Regular”
account.

credit to the “Cash in Bank-Local Currency, Bangko Sentral ng Pilipinas”
account.
Question 15 2
/ 2 pts
Entity A makes payment through bank transfer. This mode of

disbursement is most likely through the use of a(an)

MDS check
Correct!

Commercial check

Credit Card
Question 16 2
/ 2 pts
A government entity recognizes revenue from exchange or non-exchange

transactions. Which of the following may not give rise to revenue by a
government entity?
Correct!
Receipt of free trainings and seminars regarding process technology on
farming from an international organization.

Receipt of cash donation from an international organization.

Receipt of military equipment as donation from a foreign government.

Receipt of a bequest from the king of a foreign realm.

Question 17 2
/ 2 pts
Which of the following shall certify the availability of funds and

completeness of supporting documents before the Head of Agency or
his/her authorized representative can enter into contracts that obligate the
government for the eventual payment of government funds?

COA Auditor, jointly with DBM

Budget Officer

BTr
Correct!
Chief Accountant
Question 18 2
/ 2 pts
Which of the following statements regarding the disbursement of

government funds is incorrect?

A cash advance shall not be used to encash checks or to liquidate a
previous cash advance.

Transfer of cash advance from one officer to another is prohibited.
Correct!
Officials and employees authorized to travel shall be granted cash
advance to cover traveling expenses. The amount granted shall be
accounted for as “Due to Officers and Employees.”

No additional cash advance shall be given to any official or employee
unless the previous cash advance given to him is first liquidated.
Question 19 2
/ 2 pts
At the end of the period, the “Cash-Treasury/Agency Deposit, Regular”

account is closed to the:
Correct!
Accumulated Surplus or Deficit account.

Subsidy from National Government account.

Cash-Modified Disbursement System (MDS), Regular account.

This account is not closed.
Question 20 2
/ 2 pts
According to the GAM for NGAs, revenue includes only those that are
received or receivable by the entity in its own account. Accordingly,
receipts on behalf of another entity are:
Correct!
recorded as liability.

remitted only through the use of the TRA.

recognized as revenue.

recorded only in the registries but not in the books of accounts.
Quiz Score:
40 out of 40

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MP-Exercises-Module 6- Financial Assets

This quiz was locked Mar 28 at 11:59pm.

Score for this attempt: 18 out of 20

Which of the following is not one of the characteristics of a derivative?

it is settled at a future date

its value changes in response to the change in an underlying

A cash shortage of a government entity is most likely recorded as a:

credit to miscellaneous income account

credit to a cash shortage or overgae account

debit to a cash shortage or overage account

Correct! debit to receivable account

Which of the following is not considered a financial assets?

Investment in debt securities

Petty Cash Fund

available-for-sale financial assets

loans and receivables

You Answered financial asset through other comprehensive income

Correct! requires the approval of the Head of Agency

requires the approval of the chief accountant

requires the approval of the President of the Philippines

book to bank method

bank to book method

Correct! adjusted balance method

Correct! risk management

recognized in surplus or deficit

credit to Petty Cash Fund

credit to Cash-Treasury/ Agency Deposit, Regular

Quiz Score: 18 out of 20

This quiz was locked Mar 17 at 6pm.

Score for this attempt: 40 out of 40

All of the following are considered valid cashless disbursements, except:

payment of payables using a Non-Cash Availment Authority

purchase of goods using an electronic card issued by CitiBank

remittance of taxes withled to the BIR through Tax Remittance Advice

Correct! online payment to supplier through LBC padala

Which of the following modes of disbursements is most similar to a check disbursement?

Correct! Cash- Modified Disbursement System (MDS), Regular

Cash in Bank- Local Currency, Current Account

Cash-Treasury/ Agency Deposit, Regular

Cash- Collecting Officers

Correct! Chief Accountant

Which of the following is not used in processing disbursements?

Tax Remittance Advice (TRA)

Correct! Notice of Cash Allocation (NCA)

Cash Disbursement Ceiling (CDC)

Non-Cash Availment Authority (NCAA)

Correct! Accounts Payable (dr)--------------------------------xx

Office Supplies Inventory (dr)--------------------------xx

Office Supplies Inventory (dr)-------------------------xx

Which of the following is not a form of disbursements authority?

Which of the following results the recognition of expense?

granting of cash advance for travel

remittance of the refund for excess cash advance to the BTr

refund of excess cash advance

Traveling Expenses (dr)---------------------------xx

Advances to Officers and Employees (dr)----------------------------xx

Traveling Expenses (dr)---------------------xx

Correct! Advances to Officers and Employees (dr)-------------------------xx

Cash Disbursement Ceiling

Credit Card transaction

Advice to Debit Account

make a facebook account

apply for a PayPal account