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Quiz 1 - Overview, Budget Process & Government Accounting Process 20over20
Acctng For Governmental,Not-For-Profit Entities (ACT GOV)
Far Eastern University
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Gvmnt AccPreview text
Quiz 1 - Overview, Budget Process & Government Accounting
Process
Due Feb 23 at 11:59pm Points 20 Questions 20
Available Feb 20 at 3pm - Feb 25 at 11:59pm 5 days Time Limit 60 Minutes
Instructions
Attempt History
Attempt Time Score LATEST Attempt 1 55 minutes 20 out of 20
Correct answers will be available on Feb 26 at 12am.
Score for this quiz: 20 out of 20
Submitted Feb 23 at 7:46pm This attempt took 55 minutes.
Quiz 1
20 items Overview of Government Accounting, Budget Process and Government Accounting Process
Close all unnecessary tabs, notes, PPTs, PDFs, etc.. DO NOT CHEAT. If you get caught, you'll fail the subject
Read further details below CAREFULLY
Question 1 1 / 1 pts
According to GAM, the government entities shall apply ________ of accounting
Modified Accrual Basis
Accrual Basis
Cash Basis
Any of these
Question 2 1 / 1 pts
For individual entities, the responsibility for the preparation of the FSs rests with
Accounting officer
department secretary
Finance head
head of the entity
Question 3 1 / 1 pts
Government funds shall be spent only for public purposes
True
False
Question 4 1 / 1 pts
Taxes are the main and only source of funds of the government
True
False
Question 5 1 / 1 pts
Separate books are prepared for eeach type of funds under the fund cluster accounting of government agencies
True
Question 8 1 / 1 pts
All of the following are requirements unique to a government entity. Which is not?
Presenting budget information in the financial statements
Fund cluster accounting
Incorporating budgetary controls in the financial reporting system
Accrual basis of accounting
Question 9 1 / 1 pts
_________ is the authorization made by a legislative body to allocate funds for purposes specified by the legislative authority
Allocation
Notice of Cash Allocation
Appropriation
Allotment
Question 10 1 / 1 pts
The DBM is responsible for
directly implementing the projects of the government
a. receiving and keeping national funds and managing and controlling the disbursements thereof
formulation and implementation of the national budget with the goal of attaining the nation's socio- economic objectives
promulgating accounting and auditing rules and regulations
Question 11 1 / 1 pts
Except for some, NGAs are basically cost centers which primary purpose is to render service to the public.
True
False
Question 12 1 / 1 pts
Which of the following is not one of the objectives of the GAM for NGAs?
to update the coding structure and accounts
to update accounting books, registries, records, forms, reports and financial statements
to harmonize government accounting standards with international standards
to update government accounting standards to be consistent with the provisions of US GAAP
Question 13 1 / 1 pts
BIR made disbursements for travel expenses of its personnel. Such would most likely be classified as
Financial Expenses (FE)
Maintenance and Other Operating Expenses (MOOE)
Personnel Services (PS)
Capital Outlay (CO)
PS
Question 17 1 / 1 pts
Which of the following is not a special journal prescribed by GAM?
Cash Receipts Journal
Check Disbursements Journal
Cash Disbursements Journal
Sales Journal
Question 18 1 / 1 pts
Which of the following is not an entry to record the constructive remittance of taxes through the TRA?
Debit to Due to BIR
Debit to Cash-Tax Remittance Advice Account
Debit to Subsidy from National Government
Credit to Cash-Tax Remittance Advice account
Question 19 1 / 1 pts
The Subsidy from National Government is a/an
Equity Account
Revenue Account
Liability Account
Asset Account
Question 20 1 / 1 pts
A credit to the account Cash-MDS Regular will most likely be recorded in what journal?
Cash Disbursements Journal
Check Disbursements Journal
General Journal
Special Journal
Quiz Score: 20 out of 20
Quiz 1 - Overview, Budget Process & Government Accounting Process 20over20
Course: Acctng For Governmental,Not-For-Profit Entities (ACT GOV)
University: Far Eastern University
- Discover more from:
Recommended for you
Students also viewed
- Feedback Form - form
- Republic Act No. 8188
- Module 7 - Revenues and Other Receipts
- Assignment 2 - Budget Process and Government Accounting Process Accounting FOR Government AND NON- Profit Organizations 10over10
- ASTR273-Chapter-8 - The earliest laboratory according to the present evidence is a home laboratory
- Strategy