Acctg 3120 - Chapter 3

Front 1

General Journal

Cash Receipts Journal

Cash Disbursement Journal

Check Disbursement Journal

Back 1

Inluded in Journals are?

Front 2

General Ledgers

Subsidiary Ledgers

Back 2

Included in the Ledgers are?

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Registries of Revenue and Other Receipts (RROR)

Registry of Appropriations and Allotments (RAPAL)

Registries of Allotments, Obligations, and Disbursements (RAOD)

Registries of Budget, Utilization, and Disbursements (RBUD)

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Included in the Registries are?

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Accounting Records

Back 4

Journals and Ledgers are what records?

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Budget Records

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Registries are what records?

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Accounting unit

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The agency that maintains the accounting records is?

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Budget division

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The agency that maintains registries is?

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RROR

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used to monitor the budgeted amount, actual collections, and remittances of revenue and other receipts

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RAPAL

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used to monitor appropriations and allotments. This is to ensure that allotments will not exceed appropriations.

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RAOD

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used to monitor the allotments received, obligations incurred against the corresponding allotment, and the actual disbursement made.

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TRUE

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Separate RAOD shall be maintained for each objectn of expenditure (T/F)

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Personnel Services

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pertains to all types og employee benefits (salaries, bonuses, allowances, cash gifts)

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Maintenance and Other Operating Expenses

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pertain to various operating expenses other tha employee benefits and financial expenses (travel, utilities, supplies)

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Financial expenses

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pertain to finance costs (interest expense, bank charges, losses on foreign exchange transactions)

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Capital Outlay

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pertain to capitalizable expenditures (expenditures on the construction of public infrasrtuctures, aquisition costs of equipmen)

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RBUD

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used to record the approved special budget and the corresponding utilizations and disbursement charged to retained income.

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RAPAL

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The receipt of the appropriation is posted/recorded in?

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RAPAL and RAOD

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The receipt of the allotmenr is posted/recorded in the?

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Obligation Request Status

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Obligations shall be incurred through the issuance of?

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Requesting Officer

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The one who will prepare the Obligation Request Status

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Head of Requesting Office

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The one who will certify the necessity and legality of the obligation and the validity of the supporting documnets.

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Head of the Budget Division

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The one who shall certify the availability of the allotment

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ORS and RAOD

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The obligations are recorded in where?

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Notice of Obligation Request and Status Adjustment (NORSA)

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If the obligations in the RAOD and ORS need to be adjusted, the subsequent adjusment shall be made through the use of>?

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the employees have rendered services

the offices supplies are delivered and received

the office equipment is delivered and received

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Journal entries shall be made only after?

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Not yet due and demandable

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The obligations recored in the registries but not yet in the accounting books are referred to as ?

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Obligation (Gov)

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is an act of duly authorized official which binds the government to the immediate or eventual payment of a sum of money.

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Obligation (Gov)

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commitmenr that encompasses possible future liabilties based on currenr contractual agreement

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Obligation (Business)

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is another term for liability

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Debit: Cash-MDS, Regular

Credit: Subsidy from national government

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Record to show the recognition of the receipt of NCA from DBM

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RANCA and RANTA

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Registries used to monito the NCA

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Registries of Allotments and Notice of Cash Allocation (RANCA)

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used to determine the amount of allotments not covered by NCA and to monitor the available balance of NCA

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Registry of Allotment and Notice of Transfer of Allocation (RANTA)

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used to determine the amount of allotments not covered by Notice of Transfer of Allocation and to monitor the available balance of NTA

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General journal

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used to record transactions not recored in the Special journals

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Cash Receipts Journal

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used to record the report of collection and deposit and cash recipts register of collecting officers.

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Report of Collection and Deposit

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prepared by a collecting officer to report his collections and deposits to an Authorized Government Depository Bank

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Cash Receipts Register

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used by filed offices without a complete set of books to record their cash collections and deposits in the book of their mother unit.

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Cash Disbursements Journal

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used to record the cash disbursement of the disbursing officer

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Check Disbursement Journal

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used to record the check disbursements of the dibursing officer

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General Ledger

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summarizes all transactions recorded in the journals.

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Revised Chart of Accounts

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Accounts in the general ledger are arranged according to their sequence in the?

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Subsidiary Ledger

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shows the details of each control account in the general ledger

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Debit: Salaries and Wages, Regular

Personal Economic Relief Allowance

Credit:

Due to BIR, to GSIS, to Pag - IBIG, to PhilHealth, and to Officers and Employees

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Record to recognize payable to officers and employees upon approval of payroll

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Debit: Advances for Payroll

Credit: Cash-MDS, Regular

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Record to recognize grant of cash advance for payroll

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Debit: Due to officers and employees

Credit: Advances to Payroll

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Record to recognize the liquidation of Payroll fund

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Tax Remittance Advice

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Is used to recognize the constructive remittance of taxes withheld to the BIR or customs duties withheld to the BOC and the constructive receipt of NCA for those taxes and customs duties. (Books of government agencies)

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Tax Remittance Advice

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Is used to recognize receipt of tax revenue and customs duties (books of BIR and BOC)

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Tax Remittance Advice

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Is used to recognized the constructive receipt of the taxes and customs duties remitted (books of the Btr)

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Debit: Cash- TRA

Credit: Subsidy from NG

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Record to recognize the constructive receipt of NCA for TRA

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Debit: Due to BIR

Credit: Cash - TRA

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Record to recognize the constructive remittance of taxes withheld to the BIR through TRA

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Debit: Due to GSIS, to Pag- IBIG , to PhilHealth

Credit: Cash - MDS, Regular

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Record to recognize remittance to GSIS, Pag-IBIG and PhilHealth

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Debit: Accounts Receivable

Credit: (Depende) Income

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Record to recognize billing of Income

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Debit: Cash - Collecting Officers

Credit: Accounts Receivable

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Record to recognize collection of billed income

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Debit: Cash - Treasury/Agency Deposit, Regular

Credit: Cash Collecting Officers

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Record to recognize remittance of Income to Btr

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Debit: Subsidy from NG

Credit: Cash - MDS, Regular

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Record to recognize reversion of unused NCA

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Chart of accounts

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Is a list of all the accounts used by an entity

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COA

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Revised Charts of Accounts is issued by what agency?

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8

Back 58

Each accounts in the RCA is assigned how many digit code?

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Account group

Major account group

Sub-major account group

General ledger accounts

General ledger contra-accounts

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Sequence of code in the chart of accounts