1. Which of the following is not one of the objectives of the GAM for NGAs?(1 Point)
To update government accounting standards to be consistent with the provisions of US
GAAP
2.
The coverage of the GAM for NGAs includes all of the following except:(1 Point)
The basic concepts used in auditing the accounts and financial reports of government
entities.
3.
It refers to the authority issued by an agency’s CO to its RO and OU to cover the latter’s cash
requirements(1 Point)
NTA
4.
Under responsibility accounting, non-controllable cost are:(1 Point)
Cost incurred indirectly and allocated to a responsibility center
5.
The DBM is responsible for(1 Point)
Formulation and implementation of the National budget with the goal of attaining the nation’s
socio-economic objectives.
6.
The budget preparation in the Philippines(1 Point)
Use a Zero-bottom-up approach
7.
Which of the following transactions is not recorded through the Cash-MDS, Regular account?(1
Point)
Constructive remittance of taxes withheld to the BIR.
8.
S1 The remittance of collections of the NGA to the BTr will debit to a Cash Collection Officer.
S2 The receipt of disbursements authority in the form of NCAA is debited to Cash-Constructive
Income Remittance(1 Point)
Both statements are incorrect
9.
Recording in the Obligation Request and Status (ORS) is made when(1 Point)
All of the above
10.
The receipt of NCA is recorded in the(1 Point)
None of these
Books of accounts (Journal and Ledger)
Registry of Allotments and Notice of Cash Allocation
a and b
11.
The receipt of Subsidy from the NG or other government agencies(1 Point)
give rise to the recognition of revenue
12.
Entity A exchanges an item of PPE with Entity B. Assuming the exchange lacks commercial
substance how should Entity measure the equipment received from the exchange?(1 Point)
at the carrying amount of the asset given up, plus cash paid or minus cash received
13.
Bureau X received a donation of scientific equipment from an international body. If no condition is
attached to the donation, how should Bureau X account for the donation?
(1 Point)
Recognize it immediately as income measured at the equipment’s FV at the acquisition date.
14.
The GAM of NGAs is promulgated by COA under the authority conferred to it by the (1 Point)
Philippine Constitution
15.
It is the expenditure authority derived from appropriation laws, government ordinances, and other
decisions related to the anticipated revenue or receipts for the budget period.(1 Point)
Approved Budget
16.
The Philippines uses a ___________________________ in budgeting.(1 Point)
BOTTOM UP APPROACH
17.
The budget preparation starts when the Department of Budget and Management issued a
_____________ to all government agencies.(1 Point)
BUDGET CALL
18.
It covers a period of one year and forms the basis for the annual appropriation.(1 Point)
ANNUAL BUDGET
19.
It contains the details of all government entities' proposed expenditures in the coming year(1 Point)
NATIONAL EXPENDITURE PROGRAM
20.
Is the process of making the proposed budget legally approved.(1 Point)
BUDGET LEGISLATION
21.
Is formed to harmonize any conflicts between the Representative and Senate version of the General
Appropriations Bill.(1 Point)
BICAMERAL CONFERENCE COMMITTEE
22.
It is referred to as Obligational Authority.(1 Point)
ALLOTMENT
23.
A comprehensive authority issued to all National Government Agencies to incur obligations not
exceeding an authorized amount during a specified period for the purpose indicated therein.(1 Point)
GENERAL ALLOTMENT RELEASE ORDER
24.
Specifies the maximum amount of cash that can be withdrawn from Government Servicing Bank in a
certain period.(1 Point)
NOTICE OF CASH ALLOCATION
25.
Are necessary report that agencies are supposed to submit on a monthly and quarterly basis to see
how the agencies used their funds and identify the associated physical accomplishments.(1 Point)
BUDGET ACCOMPLISHMENT REPORT
26.
Are those assets which have historical, cultural and environmental significance and are intended to
be preserved in trust for future generations,(1 Point)
HERITAGE ASSETS
27.
Are unenforceable undertakings to transfer assets to the recipient entity.(1 Point)
PLEDGES
28.
Constitute all cash paid out during a given period in currency or by check/ADA.(1 Point)
DISBURSEMENT
29.
Refers to payment procedures whereby the MDS-GSB shall pay creditor/payees listed in the List of
Due and Demandable Accounts Payable-ADA not later than 48 hours but not earlier than 24 hours
upon receipt of the said document from NGA/Operating Unit.(1 Point)
EXPANDED MODIFIED DISBURSEMENT PAYMENT SCHEME
30.
As per GAM for LGUs, the additional one percent (1%) tax on real property tax shall be collected
simultaneously with the basic real property tax for(1 Point)
Professional tax
Business tax
Special Education Tax
Community tax
31.
Which of the following documents is prepared when issuing semi-expendable property
to end-users?(1 Point)
Inventory Custodian Slip
32.
This account is debited for the receipt of the credit advice from the bank for the share from Internal
Revenue Allotment(1 Point)
Cash – Local Currency, Current Account
33.
The following are the selected transaction of Department of Justice:
a. Signed contract for the construction of building, Contract Price-P50,000,000
b. Advances to contractors were made 20% of the contractor price
c. Received progress billings from the contractor, 40% completion.
d. Paid the amount due the contractor, Deduction are as follows:
Recoupment of the advances, 40% of the advances
Retention, 10% of the billings
Withholding tax, 2%, 5%
The net amount paid to the Contractor was:(5 Points)
10,875,000
34.
A government agency had the following items for disbursements:
Electricity Expenses
500,000
Telephone Expenses
120,000
Office Supplies Inventory
67,200
Office Equipment
224,000
Assuming that the government agency is an LGU, the entry to remit the tax includes a
(3 Points)
Credit to Cash in Bank- Local Currency, Current Account, P54,350
Debit to Due to BIR, P69,750
Credit Cash-TRA, P 54,350
Credit to Cash-MDS, Regular, P69,750
35.
The following account balances were taken from the books of a government agency: Salaries and
Wages-Regular, P8,000,000; PERA, P300,000; Office Supplies Expense, P412,500; Water
Expenses, P45,000; Electricity Expenses, P75,000; Telephone Expenses, P22,500; Travelling
Expenses, P127,500; Representation Allowance and Transportation Allowance (RATA), P225,000;
Semi-Expendable Communications Equipment, P80,000 Subsidy from National Government,
P10,750,000; Interest Income, P7,500; Interest Expenses, P12,000; Bank Charges, P2,250,
Retirement and Life Insurance Premiums, P595,000; Pag-IBIG Contributions, P110,000; Phil-Health
Contributions, P79,500; Employees Compensation Insurance Premiums, P50,000;
Semi-Expendable Machinery and Equipment Expenses, P60,000; Representation Expenses,
P50,000; and Honoraria, P75,000.
How much is the total amount of expenses under Personnel Services.(5 Points)
9,614,500
36.
Using the same information in No. 35 how much is the total amount of expenses under Maintenance
and Other Operating Expenses?(5 Points)
792,500
37.
On November 14, 2019, Philippine Commission on Women granted a cash advance worth P150,000
to defray expenses for time-bound undertaking relative to the conduct of Strategic Planning
Workshop on Gender Sensitivity Training at Pasay City. On the next day, they submitted liquidation
report and supporting documents worth P120,000. The amount is reviewed and validated by the
Chief Accountant.The journal entry to recognize liquidation of cash advance.
(2 Points)
Credit to Advances to Special Disbursing Officer, P120,000
38.
Philrice Corp. ordered office supplies for P300,000 through DBM-Procurement Service on
November 15, 2020 for the 1st Quarter requirement of FY 2021. The office supplies were available &
delivered by the DBM as indicated on the Purchase Request on January 11, 2021.
The amount of total tax withheld is?(2 Points)
0
39.
The following transactions incurred by a National Government Agency during the period of FY 2020:
> Received Notice of Cash Allocation (NCA) amounting to P900,000
> Earned total revenue of P348,000 from billings and collections of unbilled income.
> Incurred total expenses of P1,062,000.
> Remitted total taxes withheld of P168,000 to the BIR through Tax Remittance Advice (TRA).
> The Cash – MDS, Regular has an unused balance of P51,600 at the end of the period.
How much is the net surplus/(deficit) FROM CURRENT OPERATIONS?(5 Points)
(714,000)
40.
Department of Migrant Workers acquired 5 motor vehicles for package price of P10,000,000. In
relation to the purchase the supplier provides a promotional item of 1 motor vehicle which is the
same type as those acquired. The fair value of of motor vehicles is P2,000,000. Which of the
following statements is correct?(5 Points)
For individual costing purposes, the cost of each of the 5 motor vehicles acquired is
P1,600,000
41.
A government agency ordered an office equipment for P300,000 through the procurement services
of DBM on June 15, 2020. The equipment was available and delivered by the DBM to the
government agency on July 15, 2020. The asset has an estimated useful life of 5 years with 5%
salvage value. How much is the carrying value of the Office Equipment at end of 2021?(5 Points)
214,500
42.
Arrange the following steps according to the sequence that they appear in the government
accounting cycle.
I. Disbursements
II. Obligations Incurred
III. Unadjusted Trial Balance
IV. Disbursement Authority
V. Allotment(2 Points)
V, II, IV, I and III
43.
LGU-DIFFUN in the province of Quirino made the following transactions for the month of April 2020:
a. Collection of receivable on real property tax, P10M and SE tax, P10M. Garbage fees, collected
from real property taxpayers, P500,000
b. Deposited total collections from real property taxpayers, P20.5M
c. Receipt of business income from the following: Markets, P1M; Hospitals, P3M; Cemeteries,
P300,000; Slaughter House P200,000
d. Deposited receipts from business operations.
e. Distribution of real property tax: Municipality-40%, Province 35%, Barangay 25%
f. Distribution of Special Education Tax: M-50% Provincial Board- 50%
g. Receipt of the Notice of Funding Check Issued from the DBM for its share from internal revenue
collection P25M.
h. Issued checks to officers and employees for travel advances, P50,000
i. Liquidation of advances for travel P45,000
j. Deposited to the bank the refund of advances for travel P5,000.
How much is the consolidated total income of Diffun based on the above transactions.(5 Points)
50,000,000 (wbr)
44.
Entity B, a government entity, maintains a petty cash fund with an established amount of P40,000.
During the period, Entity B disburses P10, for office supplies from the petty cash fund. The entry to
record the disbursement is(2 Points)
None of the above
45.
The initial testing costs incurred on an item of property, plant and equipment are(2 Points)
capitalized after deducting the disposal proceeds of samples generated during testing
capitalized
any of these as accounting policy
not capitalized