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Document (15).docx - Introduction "Government accounting...

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Introduction"Government accounting encompasses the process0s of analyzing, recording, classifying,Summarizing and, communicating all transactions Involving the receipt and disposition of governmentfunds and property, and Interpreting the results thereof." (State Audit Code of the Philippines, P.D. No.1445, Sec. 109)The objectives of government accounting area) To produce information concerning past operations and present conditionsb) To provide a basis for guidance for future operationsc) To provide for control of the acts of public bodies and officers in the receipt, disposition andutilization of funds and property, andd) To report on the financial position and the results of operations of government agencies forthe information of all persons concerned. (P.D. No. 1445, Sec 110)Like the accounting for business entities, government accounting is also a process of producinginformation that is useful in making economic decisions. Government accounting, however,places greater emphasis on the following:a. Sources and utilization of government funds; andb. Responsibility, accountability and liability of entities entrusted with government funds andproperties.The sources of government funds include receipts from taxes and other fees,borrowings, and grants from other governments and international bodies.The utilization of government funds includes expenditures on programs, projects,unanticipated losses from calamities and the like.Responsibility, Accountability and Liability over Government Funds and PropertyResponsibility over Government Funds and Propertya. Government resources shall be utilized efficiently and effectively in accordance with the
law. The head of a government agency is directly responsible in implementing this policyand is primarily responsible for government resources entrusted to his agency. Thosewho are entrusted with the possession of government resources are directly responsibleto the head of the agency.b. All those who are exercising authority over a government agency shall share fiscalresponsibility. (Stutt Audit Code of the Philippines, P.D. No. 1445)Accountability over Government Funds and Propertya. A government officer entrusted with the possession of government resources isresponsible for the safekeeping therefore in accordance with the law. Every accountableofficer shall be properly bonded. P.D. No. 1445 and EO No. 292)b. The transfer of government funds from one officer to another shall, except as allowed bylaw, be made only after the authorization of the COA. The transfer shall be properlydocumented in an invoice and receipt. (P.D. No. 1445)Department of Budget and Management (DBM)The Department of Budget and Management (DBM) is responsible for the formulation andimplementation of the national budget with the goal of attaining the nation's socio-economicobjectives.

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Term
Spring
Professor
Ms. Rea Martesano
Tags
Government, Balance Sheet, Income Statement, Generally Accepted Accounting Principles

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