Act 132 Government Accounting Summary Dion David C. Remata Ii Mindanao State University-General Santos City
Act 132 Government Accounting Summary Dion David C. Remata Ii Mindanao State University-General Santos City
Act 132 Government Accounting Summary Dion David C. Remata Ii Mindanao State University-General Santos City
GOVERNMENT ACCOUNTING
- processes of analyzing, recording, classifying, summarizing
and communicating all transactions involving the receipt and Notice Of Cash Allocation (Nca)
disposition of government funds and property, and - Issued by Department of Budget and Management (DBM)
interpreting the results thereof. to an agency authorizing the latter to disburse by checks
1. Receipt of NCA
Budgetary Procedure Cash – MDS, Regular ₱xx
1. PREPARATION AND PRESENTATION- submit budget Subsidy from Nat’l Government ₱xx
of expenditure 2. Unused NCA
2. BUDGET AUTHORIZATION- enactment by congress of Subsidy from Nat’l Government ₱xx
the General Appropriation Act Cash – MDS, Regular ₱xx
3. BUDGET EXECUTION AND OPERATION- release of
revenue allotment Accounting for Disbursements
4. BUDGET ACCOUNTABILITY- liquidation and audit 1. Net Payroll Advances to Disbursing Officer
conducted by COA. Advances for Payroll ₱xx
Cash – MDS, Regular ₱xx
Books Of Accounts & Registries 2. Payable to Officers and Employees and to set up salary
1. JOURNALS deductions
a. General Journal Salaries and Wages – Regular ₱xx
b. Cash Receipts Journal PERA xx
c. Cash Disbursement Journal Due to BIR ₱xx
d. Check Disbursement Journal Due to GSIS xx
2. LEDGERS Due to Pag-IBIG xx
a. General Ledgers Due to PhilHealth xx
b. Subsidiary Ledgers Due to Officers and Employees xx
3. Remittance of Salary Deductions
Registries Due to GSIS ₱xx
1. RROR – Registries of Revenue and Other Receipts Due to Pag-IBIG xx
2. RAPAL – Registry of Appropriation and Allotments Due to PhilHealth xx
3. RAOD – Registries of Allotments, Obligation and Cash – MDS, Regular ₱xx
Disbursements 4. Liquidation of Advances for Payroll
4. RBUD – Registries of Budget, Utilization and Due to Officer and Employees ₱xx
Disbursements Advances for Payroll ₱xx
Inventories
Measurement
a. At the lower of cost and net realizable value. However,
where inventories are acquired through a non-exchange
transaction, their cost shall be measured at their fair value as
at the date of acquisition;(pars. 15-16, IPSAS 12)
b. At the lower of cost and current replacement cost where
they are held for distribution at no charge or for a nominal
charge, or for consumption in the production process of goods
to be distributed at no charge or for a nominal charge; or (par.
17, IPSAS 12)
c. In accordance with IPSAS 27, inventories comprising
agricultural produce that an entity has harvested from its
biological assets shall be measured on initial recognition at
their fair value less costs to sell at the point of harvest. (par.
29, IPSAS 12)
Cost of Inventories
Include:
1. Costs of purchase,
2. Costs of conversion and;
3. Other costs incurred in bringing the inventories to their
present location and condition