GOVACC-HANDOUTS - GOVERNMENT ACCOUNTING THEORIES 1 The...

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GOVERNMENT ACCOUNTING THEORIES 1. The following are the systems followed in the New Government Accounting System (NGAS), except a. Commercial accounting b. Double-entry bookkeeping c. Responsibility accounting d. Fund accounting 2. 3. This is the basis of accounting under the New Government Accounting System (NGAS) a. Modified accrual b. Cash basis c. Accrual basis d. Strict accrual 4. 5. The financial statements under NGAS include all, except a. Statement of income and expenses b. Statement of operations c. Balance sheet d. Cash flow statement 6. 7. As a general rule, all collections of the government agency should be remitted to the National Treasury and that they shall be recorded in separate agency books. However, there are revenues collected, which the agency has authority to use. Such collections are recorded in a. National government books b. Regular agency books c. Special government books d. Special books of the agency 8. 9. It is a cash account representing the amount granted to accountable officers, sub-units such as foreign post, field units. Etc., for regular operating activities. a. Petty cash fund b. Payroll fund c. Working fund d. Cash in treasury 10. 11. This account includes accountable forms and small tangible items, such as punchers, staplers, staple removers, flash drives, CD’s, plastic wares, monoblock chairs, tables and the like. a. Office supplies inventory b. School supplies inventory c. Office equipment d. School equipment 12. 13. Within how many days from the opening of every regular session of the President shall submit to Congress a budget of expenditures and sources of financing as the basis of general appropriation bill?
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