The Local Government this includes the provinces, chartered cities , municipalities and barangays. The Manila city hall for example.The Government-owned or Government controlled corporations which were created by law to manage specific type of business. Such as self-contained institution and hospital. Here in Metro Manila the MAYNILAD is one the best example who supply waters for the residence around Manila.The following stated above are required by law to have accounting units or divisions or departments, which are to be of the same level with other
units or divisions or departments in the agency and under the direct supervision of the Head of the Agency.This mean that every agency of the government has it's sub units that may perform specific task like the accounting department, operational department that given an equal importance in order for the whole agency to be effective and efficient.Accounting Personnel shall:1. Maintain and keep the current the accounts of the agency.2. Provide advice on the financial condition and status of the appropriations and allotments of the agency as its Head may require. and ;3. To develop and conduct procedures designed to meet the needs of the management.As accountant one thing that they needed to you is the Financial Report that they may used to make decision. Accountant in charge or accounting personnel shall perform the foresaid duties in accordance with existing laws, rules, regulations, procedures and comply with the reporting requirements ofthe Commission on Audit, the Department of Finance and the Department of Budget and Management. Failure to comply with these requirements is sufficient ground for dismissal from the government service.Unlike in the old accounting system, the agency shall now journalize the Notice of Cash Allocation (NCA) it receives, which in effect, identifies the share of agency in the income of the national government. Under the new accounting system, the government agencies will no longer journalize its appropriation and allotments, instead it shall maintain the following four registries for the allotments it receives and for the obligation it incurs:1. Registry of Allotments and Obligations - Personnel Services (RAOPS)2. Registry of Allotments and Obligations - Maintenance and Other Operating Expenses (RAOMO)3.Registry of Allotments and Obligations - Capital Outlay (RAOCO)4.Registry of Allotments and Obligations - Financial Expenses (RAOFE)BASIC FEATURES AND POLICIES OF NGASThe New Government Accounting System (NGAS) is a simplified set of accounting concepts, guidelines and procedures design to ensure correct, complete and timely recording of government financial transactions, and production of accurate and relevant financial reports. The basic features are as follows:
· ACCOUNTING METHODSThe International Public Sector Accounting Standards Board (IPSASB) develops International Public Sector Accounting Standards (IPSASs) which apply to the accrual basis of accounting and IPSASs which apply to the cash basis of accounting. IPSASs set out requirements dealing with transactions
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