Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
60 Cards in this Set
- Front
- Back
|
Government Acoounting |
encompasses the processes of classifying , analyzing , recording , communicating all ransactions involving the receipt and disposition of government funds and property, and interpreting the results thereof. |
|
|
Receipt from taxes Other fees Borrowings Grants (from other governments and international bodies) |
What are the Sources of Government Funds?
|
|
|
Expenditures on: Programs Projects Unanticipated losses (from calamities) |
Utilization of government funds |
|
|
Headnof Government Agency |
Is directly responsible in implementing policy and is primarily responsible for government resources entrusted to his agency. |
|
|
Fiscal Responsibility |
All those who are exercising authority over a government agency shall share what? |
|
|
COA |
The transfer of government funds from one officer to another shall be made only after the authorization of what agency? |
|
|
COA within 30 days |
An accountable officer shall immediately notify what agency within how many days after an unforseen events? |
|
|
Taxes |
The main soucesmof government funds |
|
|
Commisision on Audit Department of Budget and Management Bureau of Treasury Government Agencies |
Offices which are charged with government accounting responsibility |
|
|
Commission on Audit |
Has the exclusive authority to promulgate accounting and auditing rules and regulations |
|
|
COA |
Keeps the general accounts of the government, supporting vouchers, and other documents. |
|
|
COA |
Submits financial reports to the Presidents and Congress. |
|
|
Department of Budget and Management |
Is responsible for the formulation and implementation of the national budget with the goal of attaining the nations socio economic objectives. |
|
|
Bureau of Treasury |
Functions under the Department of Finance and is the cash custodian of the government. |
|
|
Bureau of Treasury |
Receive and keep national funds and manage and control the disbursements. |
|
|
Bureau of Treasury |
Maintain accounts of financial transactions of all national government offices, agencies and instrumentalities. |
|
|
Government Agencies |
Refers to any department, bureau ormoffices of national government, or any of its branches and instrumentalities or any political subdivision, as well as any government or controlled corporation (GOCC), including its subsidiaries, or other self- governing board or commission of the government. |
|
|
Accounting Books and Budget Registries |
Each agency shall maintain this which are reconciled with the cash records of the Btr and the budget records of the COA and DBM |
|
|
Entity |
Refers to a government agency, department, or operating/field unit. |
|
|
Financial Reporting |
Is the process of preparation, presentation, and submission of general purpose financial statements and other reports. |
|
|
New Government accounting System |
The one that replaced the old government accounting system in 2002. |
|
|
Government Accounting Manual for National Government Agencies |
The one that replaced NGAS in January 1, 2016 |
|
|
Government Accounting Manual for National Government Agencies (GAM for NGAS) |
Was promulgated primarily to harmonize the government accounting standards with international accounting standards. |
|
|
International Public Sector Accounting Standards |
The GAM for NGAS was promulgated to harmonize government accounting standards with what? |
|
|
International Financial Reporting Standards |
IPSAS is based on what standard? |
|
|
Philippine Public Sector Accounting Standards |
The Philippine government has adopted IPSAS through what? |
|
|
COA |
The GAM for NGAS is promulgated by what? |
|
|
Philippine Constitution |
The legal basis of the promulgation of GAM for NGAS |
|
|
Preparing of general purpose financial statements in accordance with PPSAS
Reporting of budget, revenue, and expenditure |
Coverage of the GAM for NGAS |
|
|
Update the: Standards, policies, guidelines, and procedures in accounting gov. funds and property Coding structure and accounts Accounting books, registries, records, forms, reports, and financial statements |
Objective of GAM for NGAS |
|
|
PPSAS Accrual basis Budget Basis Revised Chart of Accounts Double entry bookkeeping FS based on acctg and budgetary records Fund cluster accounting |
The financial records and reports of government entities shall comply with? |
|
|
Accrualmbasis of accounting |
Transactions are recognized when they occur. Transactions are recognizedmin the periodsmwomwhich they relate. |
|
|
Regular Agency Fund Foreign Assisted Project Fund SA - Locally funded/Domestic Grants SA - Foreign assisted/Foreign Grants Internally Generated Funds Business Related Funds Trust Receipts |
What are the fund clusters? |
|
|
Qualitative characteristics |
Are the attributes that make information useful to users |
|
|
Understandability |
Users can reasonably be expected tomcomprehend its meaning |
|
|
Relevance |
Assist users in evaluating past, present, or future events or in confirming or correcting past evaluations. |
|
|
Timely |
In order to be relevant, information must also be? |
|
|
Materiality |
This affects the relevancemof the information. Information has this characteristic if its omission or misstatement could influence the decisions of users. |
|
|
Timely |
Information loses its relevance if there is undue delay in its reporting. |
|
|
Reliability |
Information is free from material error and bias, and can be depended on by users to present faithfully. |
|
|
Faithful representation |
It should be presented in accordance with the substance of the transactions and other events, and not merely their legal form. |
|
|
Substamce over form |
The substance of transactions or other events is not always consistent with their legal form. |
|
|
Neutrality |
Free from bias. Information shall not be selected or presented in a manner thatbis designed to influence the user's decieion in order to achieve a predetermined outcome. |
|
|
Prudence |
Is the exercise of a degree of caution when making under conditions of uncertainty. Assets are not overstated and liabilities and expense are not understated. |
|
|
Completeness |
Information should be complete within the bonds of materiality and cost. |
|
|
Comparability |
Users are able to identify similarities and differences between that information and information in other reports. |
|
|
General purpose financial statements |
Are those intended to ,eet the needs of users whomare not in a position to demand reports tailored to meet their psrticular information needs. |
|
|
Financial Position Financial Performance Changes in Net Assets/ Equity Cash Flows Comparison of Budget and Actual Amounts Notes to FS and summary of significant acctg policies and other explanatory notes |
Completenset of General Purpose Financial Statements |
|
|
Assets |
Are resources controlled by an entity as a result of past events, from which economic benefits or service potential is expected to flow to the entity |
|
|
Control |
Means the ability to benefit from an asset or prevent others from benefitting from that asset. |
|
|
Benefit |
Means the ability to use, exchange, lease, sell, or use the asset to settle liabilities, distribute it to owners. |
|
|
Past event |
A transaction or event giving rise to control of future economic benefite must have occurred. |
|
|
It is probable that future economic benefits will flow to the entity The asset has a cost or value that can be measured realiably |
An asset is recognized when? |
|
|
Liabilities |
Are present obligations of the entity arising from past events, the settlement of which is expected to result in an OUTFLOW from the entity of resources embodying economic benefits or service potential. |
|
|
Net assets/ Equity |
Is the residual interest in the assets of the entity after deducting all its liabilities |
|
|
Revenue |
Is the gross inflow of economic benefits or service potential during the reporting period when those inflows result in an increase in net assets/ equity |
|
|
Contributions from owners |
Are future economic benefits that have been contributed tomthe entity by external parties which do not result to liabilities of the entity and for whichnthe contributor obtains interest innthe net assets ofnthe entity. |
|
|
Revenue funds |
Comprise all funds derived from the income of any agency of the government and available for appropriation or expenditure. |
|
|
Expenses |
Are decreases in economic benefits or service potential during the reporting period in the forms of outflows or consumption of assets or incurrence of liabilities that result in the decreases in net assets/equity. |
|
|
Distribution to owners |
Are future economic benefits distributed by the entity to its owners, either as a return on investment or as a return of investment |
