Government Accounting
Government Accounting
ent
accountin
g
New Government Accounting System
TABLE OF
CONTENTS
01 02 03
on Budgetary procedures procedures
What is Government Four Phases of Budgetary Familiarize the accounting of the
Accounting? Procedures general fund which is available
for general purposes
04 05
Journal Entries Trial Balance
Typical transaction and the A list of ledger accounts and their
related journal entries debit and credit balances
TABLE OF
CONTENTS
Adjusting
06 07 08
Entries Closing Entries Financial Statements
Accrued Items and Deferred Closing Entries at the End of the After closing entries, Financial
Items Year Statements can be prepared
GOVERNMENT
ACCOUNTING
INTRODUCTION
introduction
Article IX-D, Section 2, par. (2) of the 1987
Constitution provides that “The Commission on
Audit shall have exclusive authority, subject to
the limitations in this Article, to define the
scope of its audit and examination, establish the
techniques and methods required therefore, and
promulgate accounting and auditing rules and
regulations, including those for the prevention
and disallowance of irregular, unnecessary,
excessive, extravagant, or unreasonable
expenditures, or uses of government funds and
property
introduction
Pursuant to this mandate, The Commission on
Audit (COA) revised the existing government
accounting system. The New Government
Accounting System (NGAS) took effect last
January 1, 2002. The shift to the new
accounting system, which was about half a
century old, in order to facilitate the process of
recording transactions and the preparation of
financial reports, and ultimately, to computerize
the entire government accounting system. In
addition, the new accounting system includes
Responsibility Accounting, a feature of the new
system, which should be computerized.
introduction
In 2013, the COA, per Circular No. 2013-002
dated 30 January, 2013, amended the existing
New Government Accounting System in order
to provide new accounts for the adoption of the
Philippine Public Sector Accounting Standards
to enhance the accountability and transparency
of the financial reports, and ensure
comparability of financial information.
GOVERNMENT
ACCOUNTING
BUDGETARY
PROCEDURES
BUDGETARY PROCEDURES
Statement of
Income and Reminders:
Expenses Cash Flow the format of the financial
statements follows that of a
shows the changes in the commercial accounting.
agency’s equity resulting from Balance Sheet Statement
operations during the period provides information on the provides relevant information
agency’s resources, its about the agency’s inflows and
obligations, and the government outflows of cash during the year.
equity in the agency It shows the changes in cash and
cash equivalents for the year.
THANKS
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