28689025-P2-Government-Accounting

28689025-P2-Government-Accounting - Basic Concepts The...

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Basic Concepts *. The process of analyzing, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof is a. Government accounting. c . Government accounting. b. Budgetary accounting. d. Obligation accounting. RPCPA 1096 * It is a systematic recording, classifying, summarizing governmental transactions in terms of money and other resources consistent with accounting and budgetary law. a. Local government. c. Government budgeting. b. National government. d . Government accounting. RPCPA 0598 *. One of the basic features in government accounting is a. The accounting of money collected is not separate and independent from the accounting of the use or disbursement of said money collected. b. As to the basis of accounting, it is either cash or accrual basis not a combination of both. c . Budgetary and real accounts are used and estimates are recorded and accounted for. d. Depreciation of fixed assets is considered an overhead expense. RPCPA 0588 1. Governmental accounting systems of state and local governmental entities (SLGs) should be organized and operated on which of the following bases? a. Proprietary fund. c. Governmental fund. b. Fiduciary fund. d . Fund. Gleim *. A feature of government accounting that provides for the ceiling or maximum amount an agency can spend or incur in the performance of its functions. a. Budgeting accounting. c . Obligation accounting. b. Responsibility accounting. d. Fund accounting. RPCPA 1096 *. A major difference between government and commercial accounting is that a governmental unit should a. Always establish and maintain complete self-balancing account for each fund. b. Use only the cash basis of accounting. c . Not record depreciation expense in any of its funds. d. Use only the modified accrual basis of accounting. RPCPA 1082, 1085 *. The review and approval of the national budget by the Congress of the Philippines and the formulation of an appropriate bill a . Authorization. c. Execution. b. Preparation. d. Accountability. RPCPA 1096 *. Congressional authorization in the form of a law to make payments out of the public treasury for specific purposes after compliance with certain conditions. a . Appropriation. c. Budgeting. b. Allotment. d. Obligation. RPCPA 1096 *. An authorization by the legislative body in the form of laws for payments to be made with funds of the government for specified purpose is a. Allotment. c. Budget. b. Authorization. d . Appropriation. RPCPA 0588 *. An authorization from a legislative body to make payments out of the National Treasury under specified conditions and for specific purposes a. Cash disbursement ceiling. c . Appropriations. b. Allotment.
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This note was uploaded on 08/12/2010 for the course ACC 452 taught by Professor Mr.cula during the Spring '10 term at Abraham Baldwin Agricultural College.

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28689025-P2-Government-Accounting - Basic Concepts The...

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