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GA MM 3C WS

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Question 1
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Entity A, a government entity, has withheld a total of 800,000 from the salary payments to its employees representing contributions to the GSIS, Pag-IBIG and PhilHealth.
The pro-forma entry to record the remittance of the contributions to the GSIS, Pag-IBIG or PhilHealth is

Response: DR Due to GSIS/ Pag-IBIG/ PhilHealth CR Cash-Modified Disbursement System (MDS), Regular

Score: 1 out of 1 Yes

Question 2
This approach to budgeting requires the justification of items in the budget irrespective of whether they are new or carried over from the previous year.

Response: Zero-Based Budgetting

Score: 1 out of 1 Yes

Question 3
All Disbursement Vouchers (DVs) or Payroll shall be approved by the

Response: Head of Agency

Score: 1 out of 1 Yes

Question 4
A government entity remitting collections to the BTr will debit this account to record the remittance.

Response: Cash-Treasury/Agency Deposit, Regular

Score: 1 out of 1 Yes

Question 5
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Entity A, a government entity, grants a 10,000 cash advance for the travelling expenses of an employee. The employee liquidates 8,000 of the cash advance and remits the
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excess cash advance of 2,000. After recording the grant of cash advance and the liquidation thereof but before adjustment for the collection of the excess cash advance, how
much is the recorded expense in the books of accounts?

Response: P8,000

Score: 1 out of 1 Yes

Question 6
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
a. recorded as liability.

Response: recorded as liability

Score: 1 out of 1 Yes

Question 7
The “Cash – Treasury/Agency Deposit, Regular” account is used in which of the following transactions?

Response: Collections of revenue are remitted to the BTr.

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Score: 1 out of 1 Yes

Question 8
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? Response: Budget Officer

Score: 0 out of 1 No

Question 9
Which of the following statements best differentiates the government accounting process from the accounting process of a business entity?

Response: The government accounting process is similar to that of a business entity, except that it incorporates budgetary controls, such as recording in the budget registries
and preparing periodic budget accountability reports

Score: 1 out of 1 Yes

Question 10
Which of the following events or transactions requires recording in the books of accounts of a government entity?

Response: Disbursement Authority

Score: 1 out of 1 Yes

Question 11
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Entity A, a government entity, receives its Notice of Cash Allocation amounting to 5,000,000 for the year. The journal entry to record this event is
Response: Dr Cash-Modified Disbursement System (MDS), Regular P5M Cr Subsidy from National Government P5M

Score: 1 out of 1 Yes

Question 12
Which of the following government agencies will most likely be able to obtain a disbursement authority in the form of Cash Disbursement Ceiling (CDC)?

Response: DOLE

Score: 1 out of 1 Yes

Question 13
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Entity A, a government entity, receives notice of its 10M appropriation for the year. The journal entry to record this event is

Response: No journal entry.

Score: 1 out of 1 Yes

Question 14
Which of the following would most likely comes first in the budget process?

Response: Budget Call from the DBM

Score: 1 out of 1 Yes

Question 15
According to P.D. 1445,

Response: Amounts received in trust and from business-type activities of the government may be separately recorded.

Score: 1 out of 1 Yes

Question 16
a. Reversion of unused NCA at the end of the period.
Which of the following transactions is not recorded through a credit to the “Cash-Modified Disbursement System (MDS), Regular” account?

Response: Reversion of unused NCA at the end of the period.

Score: 0 out of 1 No

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Question 17
The National Government Agencies are responsible for

Response: directly implementing the projects of, and performing the functions delegated by, the government.

Score: 1 out of 1 Yes

Question 18
Establishment of the Petty Cash Fund would include a credit to

Response: Cash -MDS, regular

Score: 1 out of 1 Yes

Question 19
The entry to record the granting of cash advance for payroll fund is

Response:

Dr Advances for Payroll

CR Cash MDS Regular

Score: 1 out of 1 Yes

Question 20
These refer to transactions in which one entity receives assets or services, or has liabilities extinguished, and directly gives approximately equal value to another entity in
exchange

Response: Exchange Transactions

Score: 1 out of 1 Yes

Question 21
Which of the following is one of the Fundamental Principles for Revenue under the GAM for NGAs?

Response: No payment of any nature shall be received by a collecting officer without immediately issuing an official receipt in acknowledgement thereof. The receipt may
be in the form of postage, internal revenue or documentary stamps and the like, officially numbered receipts, subject to proper custody, accountability, and audit Score: 1
out of 1 Yes

Question 22
According to P.D. 1445, government entities shall acknowledge receipts of revenue

Response: through pre-numbered official receipts.

Score: 1 out of 1 Yes

Question 23
Establishment of the Petty Cash Fund would include a debit to

Response: Advances to Officers

Score: 0 out of 1 No

Question 24
This accounting concept is necessary so that users can use information in the financial statements in noting differences and similarities between those information presented
and information from other sources that the user may have.

Response: comparability

Score: 1 out of 1 Yes

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Question 25
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The Cashier of Entity A, a government entity, collects 200,000 for Communications Network Fees. Which of the following is the correct entry?

Response: DR Accounts receivable 200,000 CR Subsidy from National Government 200,000

Score: 0 out of 1 No

Question 26
Encompasses the process of analyzing, recording , classifying, summarizing, communicating all transactions involving the receipts and disposition of government funds and
property, and interpreting the results thereof.

Response: Government Accounting

Score: 1 out of 1 Yes

Question 27
Which of the following does not give rise to revenue from assistance or subsidy?

Response: Inter-Agency FUnd Transfer

Score: 1 out of 1 Yes

Question 28
Which of the following modes of disbursements would result to the recognition of a loan payable in books of the BTr?

Response: NCAA

Score: 1 out of 1 Yes

Question 29
Payments of checks that are chargeable against the Treasury Account are credited to the

Response: Cash - Modified Disbursement System Account

Score: 1 out of 1 Yes

Question 30
Entity A acquires equipment from a supplier, on account. A lender settles the account of Entity A by directly paying the supplier the proceeds of a loan payable that is
recorded in the BTr’s books. This mode of disbursement is called

Response: Non-Cash Availment Authority (NCAA)

Score: 1 out of 1 Yes

Question 31
Under this type of disbursement authority, disbursements are made out of the entity’s own bank account rather than through the Treasury Single Account.

Response: Disbursement through Cash Disbursement Ceiling (CDC)

Score: 1 out of 1 Yes

Question 32
Which of the following is not one of the modes of disbursements by a government entity?

Response: Payment through Short Messaging System

Score: 1 out of 1 Yes

Question 33
Which of the following shall certify the availability of allotment before obligations can be incurred and disbursements are made?

Response: Chief Accountant

Score: 0 out of 1 No

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Question 34
Which of the following statements is correct regarding the Fundamental Principles for Disbursement of Public Funds under P.D. No. 1445?

Response: Trust funds shall be available and may be spent only for the specific purpose for which the trust was created or the funds received.

Score: 1 out of 1 Yes

Question 35
All of the above involves the physical transfer of cash except

Response: Remittance of taxes through the Tax Remittance Advice

Score: 1 out of 1 Yes

Question 36
This account is debited when government entities remit collections to the National Treasury.

Response: Cash-Treasury/Agency Depodit, Regular

Score: 1 out of 1 Yes

Question 37
The entry to close the “Cash-Treasury/Agency Deposit, Regular” account at the end of the period is

Response: DR Accumulated Surplus/(Deficit) CR Cash-Treasury/Agency Deposit, Regular

Score: 1 out of 1 Yes

Question 38
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During the period, Entity A, a government entity, withheld 100,000 taxes from its payments to employees and suppliers. On September 14 of the current year, Entity A

remitted the taxes withheld to the BIR through Tax Remittance Advice. The entry to record the remittance includes Response: none of these.

Score: 1 out of 1 Yes

Question 39
Under this approach to budgeting, several parties participate in the budget preparation, starting from the lowest levels of the government up to the highest levels.

Response: Bottoms-Up Budgetting

Score: 1 out of 1 Yes

Question 40
A government entity recognizes revenue from exchange or non-exchange transactions. In which of the following transactions does a government entity need not recognize
revenue?

Response: Receipt of a pledge

Score: 1 out of 1 Yes

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