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Gov Accounting - NOtes 1ST

The document outlines the objectives and principles of government accounting, emphasizing the need for separate books and reports for different funds. It highlights the importance of harmonizing government accounting standards with international practices and the legal basis for the Commission on Audit (COA) in the Philippines. Additionally, it discusses the unique requirements of government accounting, including the presentation of budget information and the principles of fund cluster accounting.

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comedieroanabelle
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5 views1 page

Gov Accounting - NOtes 1ST

The document outlines the objectives and principles of government accounting, emphasizing the need for separate books and reports for different funds. It highlights the importance of harmonizing government accounting standards with international practices and the legal basis for the Commission on Audit (COA) in the Philippines. Additionally, it discusses the unique requirements of government accounting, including the presentation of budget information and the principles of fund cluster accounting.

Uploaded by

comedieroanabelle
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Obj of Gov Accounting- NOTES separate books and reports are prepared for each

type of fund held by a government entity.


To produce info concerning past operation and present
9. F- The GAM for NGAs is promulgated primarily to
condition
harmonize government accounting standards with
-this will facilitate the eval of perform of the agency, the U.S. GAAP.
after eval this may guide to the manager/official in what GAM harmonize GOVERNMENT ACCOUNTING
action can take for future operation STANDARS within the international PUBLIC SECTOR
adopting in the IFRS not US
- to provide a basis for guidance for future operations 10. F- An item is recognized as an asset if it meets both
- to provide control of the acts of public bodies and the ‘’probable future economic benefits ‘’ and
offices in the receipt, disposition and utilization of fund ‘’reliable measurement’’ criteria, regardless of
whether the items is a resource controlled arising
 Efficient-doing things right, gov agency can from past events.
deliver given quantity and quality outputs with
minimum inputs or agency can maximize
outputs out of the limited resources entrusted 1.Which of the following is a unique requirments of
to it government accounting that is not required in the
 Effective- operating units able to achieve the accounting business entities?
expected results and contribute achievement to d. The presentation of budget information in the
org goal financial statemets.
PROBLEM 1-1: True or False 2.What is the legal basis of the COA in promulgating the
1. T- Compared to the accounting for business entities GAM for NGAs?
government accounting places greater emphasis on b. The Philippines Consitution
the sources and utilization of government funds
and the management’s stewardship over the 3. Which of the following is tasked in keeping the
government resources. general accounts of the government, supporting
2. T- Taxes are the main source of funds of the vouchers, and other documents?
government.
a. COA
3. T- Others sources of funds of the government
include fees, borrowings, and grants from others 4.The Bureau of Treasury (BTR) is responsible for
governments and international bodies.
c. Receiving and keeping national funds and managing
4. F- Currently, the financial reporting of government
and controlling the disbursement thereof.
entities is based on NGAS. Since 2016 based on the
government accounting manual / GAP 5. According to the the GAM for NGAs, the basis of
5. F- The principles used in financial reporting of accounting to be applied by the government entities is
government entities are very unique that only a the
very few of these principles are similar to those that
are applied to business entities. Similar ang b. Accrual basis
principles applied to both, adopted both sa pFRS 6. Government resources must be utilized efficiently
6. T- The principles used in the GAM for NGAs are and effectively in accordance with the law. According to
similar to the principles in the PFRS. P.D. NO. 1445, who is directly responsible in
7. F- The GAM for NGAs is promulgated by the implementing this policy?
Philippines Congress under the authority conferred
to it under the Philippine Constitution. ANG COA not b.The head of the government agency.
GAM
8. T- A unique financial reporting requirements of
government entities is the use of funds cluster
accounting. Under fund cluster accounting,

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