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After the budget call from the DBM, the proposed budget of various agencies are

submitted immediately to the Office of the President for review. FALSE


The various registries maintained by government entities primarily serve as internal control for
controlling and monitoring the conformance of actual results with the approved budget.
Separate accounting records and budget registries are maintained for each fund cluster.
Budget deliberations in the Congress start in the House of Senate. FALSE
 
The principles in the GAM for NGAs are similar to the principles in the PFRs.
The various registries maintained by government entities primarily serve as internal control for
controlling and monitoring the conformance of actual results with the approved budget.
An entity prepares its budget by simply rolling-over the budget in the previous year and
adjusting each line item by 10% increment to reflect inflation. This process is described as zero-
based budgeting. FALSE
Responsibility accounting greatly enhances budget accountability because managers are
evaluated only in terms of the costs or other variables that they control, and therefore, budget
deviations can be readily attributed to the managers accountable therefor.
The entry to record the reversion of unused NCA at the end of the period is the exact opposite
of the entry used to record the receipt of NCA.
Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded
for the obligation incurred, and disbursements are made to settle the recorded payables.
Government entities and business entities use the term “obligation” or the phrase “incurrence of
obligation” similarly. FALSE
Technically, only the Journals and Ledgers are considered accounting records; Registries are
budget records.
The GAM for NGAs is promulgated by the Philippine congress under the authority conferred to
it under the Philippine Constitution. FALSE

Government entities and business entities use the term "obligation" or the phrase
"incurrence of obligation" similarly. FALSE
The principles used in the financial reporting of government entities are very unique that only a
very few of these principles are similar to those that are applied to business entities.  FALSE
Which of the following accounts is most likely credited when a government entity remits its
collections to the National Treasury? Cash – Collecting Officers
 A government entity records a transaction by debiting an account with a Revised Chart of
Account (RCA) Code that starts with “1” and crediting an account with an RCA Code that starts
with “4.” This transaction is most likely a constructive remittance of taxes withheld to the BIR
through TRA a constructive remittance of taxes withheld to the BIR through TRA
A government entity remitting collections to the BTr will debit this account to record the
remittance. Cash-Treasury/Agency Deposit, Regular
Entity A, a government entity, receives notice of its ₱10M appropriation for the year. The journal
entry to record this event is No journal entry.
Recording in the Obligation Request and Status (ORS) is made when All of these
Which of the following statements is incorrect regarding the GAM for NGAs? The DBM
accounts for the cash, public debt and related transactions of the NG

Arrange the following steps in the budget process according to the sequence that they
appear in the budget cycle. IV, I, V, II and III

1. Allotment
2. Disbursement authority
3. Disbursement
4. Appropriation
5. Incurrence of obligation

Which of the following is not charged with government accounting responsibility under the GAM
for NGAs?  House of Representative

Arrange the following steps in the budget process according to the sequence that they
appear in the budget cycle. V, II, IV, I and III

1. Allotment
2. Bicameral deliberations
3. Budget accountability reports
4. President’s enactment of the GAA
5. Budget hearings with the DBM

A legislation approves the allocation of P200B funds to support the operations of Entity
A (a government agency) in the current year. At the start of first quarter, Entity A
receives authorization to incur obligations for a maximum amount of P90B in that
quarter. Entity A extends half of that authorization to its lower operating units. During the
quarter, Entity A receives monthly authorization to disburse funds not to exceed P30B
per month. Entity A extends half of those monthly authorizations to its lower operating
units. At the end of the quarter, total obligations incurred amounted to P80B while total
disbursements amounted to P70B.
 In Entity A’s first quarter Statement of Appropriations, Allotments, Obligations,
Disbursements and Balances, how much is shown as “unpaid obligations”? P10B
What is the legal basis of the COA in promulgating the GAM for NGAs?  

Article IX-D, Section 2 par. (2) of the 1987 Constitution of the Republic of the Philippines
According to the GAM for NGAs, these assets are those which have historical, cultural and
environmental significance, and are intended to be preserved for future generations. Heritage
assets

Responsibility accounting requires all of the following except


a. Separate books of accounts to segregate controllable and non-controllable costs
b. Identification of responsibility centers
c. Distinction between controllable and non-controllable costs
d. Coding structure for responsibility centers
Entity A, a government entity, has an unused NCA of ₱50,000 at the end of the current year.
The entry to record the reversion of unused NCA is

 Subsidy from National Government

        Cash-Modified Disbursement

        System (MDS), Regular

 It is a part, segment, unit or function of a government agency, headed by a manager,


who is accountable for a specified set of activities.
a. Responsibility Accounting
b. Responsibility Center
c. Budget Center
d. Call Center
In the financial reporting system of the national government, to which of the following
shall an entity reconciles its cash records?
a. Commission on Audit
b. Bureau of Treasury
c. Department of Budget and Management
d. Office of the President
Which of the following approaches to budget preparation provides the best internal
control?
a. Incremental budgeting
b. Zero-sum budgeting
c. Top-down budgeting
d. Zero-based budgeting
It is the expenditure authority derived from appropriation laws, government ordinances, and
other decisions related to the anticipated revenue or receipts for the budgetary period Approved
Budget
A legislation approves the allocation of P200B funds to support the operations of Entity
A (a government agency) in the current year. At the start of first quarter, Entity A
receives authorization to incur obligations for a maximum amount of P90B in that
quarter. Entity A extends half of that authorization to its lower operating units. During the
quarter, Entity A receives monthly authorization to disburse funds not to exceed P30B
per month. Entity A extends half of those monthly authorizations to its lower operating
units. At the end of the quarter, total obligations incurred amounted to P80B while total
disbursements amounted to P70B.
The 90B authorization is referred to as Allotment
Under GAM, which of the following is not a Financial Statement Title?  Statement of
Comparison of Budget and Actual Amounts
Which of the following GOCCs and GFIs is classified as GBEs? Water Districts
The entry to close the “Cash-Treasury/Agency Deposit, Regular” account at the end of the
period is

Accumulated Surplus/(Deficit)

          Cash-Treasury/Agency Deposit,

          Regular                 

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

Cash-Modified Disbursement System (MDS), Regular

        Subsidy from National Government

A legislation approves the allocation of P200B funds to support the operations of Entity
A (a government agency) in the current year. At the start of first quarter, Entity A
receives authorization to incur obligations for a maximum amount of P90B in that
quarter. Entity A extends half of that authorization to its lower operating units. During the
quarter, Entity A receives monthly authorization to disburse funds not to exceed P30B
per month. Entity A extends half of those monthly authorizations to its lower operating
units. At the end of the quarter, total obligations incurred amounted to P80B while total
disbursements amounted to P70B.
In Entity A’s first quarter Statement of Appropriations, Allotments, Obligations,
Disbursements and Balances, how much is shown as “unobligated allotments”? P10B
The statement of management responsibility for financial statements attached to a government
agency’s combined financial statements (operating units, regional offices, and main office)
would most likely be dated not later than February 14 of the year following the reporting
period.

Which of the following is (are) affected when a government entity incurs obligations?   

 ORS and RAOD


How does government accounting differ from the accounting for business entities?
Government accounting places greater emphasis on sources and utilization of funds in
accordance with the law and management's stewardship over government resources
entrusted to the entity.

A legislation approves the allocation of P200B funds to support the operations of Entity
A (a government agency) in the current year. At the start of first quarter, Entity A
receives authorization to incur obligations for a maximum amount of P90B in that
quarter. Entity A extends half of that authorization to its lower operating units. During the
quarter, Entity A receives monthly authorization to disburse funds not to exceed P30B
per month. Entity A extends half of those monthly authorizations to its lower operating
units. At the end of the quarter, total obligations incurred amounted to P80B while total
disbursements amounted to P70B.
In Entity A’s first quarter Statement of Appropriations, Allotments, Obligations,
Disbursements and Balances, how much is shown as “unreleased appropriations”?
P110B
Which of the following would most likely comes last in the budget process?
a. Budget accountability reports
b. Allotment
c. Disbursements
d. Performance review
Which of the following statements best differentiates the government accounting process from
the accounting process of a business entity? 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.