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19 Cards in this Set
- Front
- Back
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The disbursement activities of NGA shall start from?
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the receipt of Notice of Cash Allocation (NCA) from Dept of Budget and Management
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journal entry for NCA received
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Dr. Cash-National Treasury, MDS
Cr. Subsidy Income from National Government |
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constitute all cash paid out during a given period either in currency (cash) or by check
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Disbursements
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The Disbursement System involves
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*preparation & processing of disbursement voucher
*preparation & issuance of check *payment by cash *granting *utilization *liquidation/replenishment of cash advances |
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basic requirements applicable to all types of disbursements
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1. existence of a lawful & sufficient allotment certified as available by the budget officer
2. existence of a valid obligation certified by the Chief Accountant 3. legality of transactions & conformity with laws,rules & regulations 4. approval of the expense by the chief of office or by its duly authorized representative 5. submission of proper evidence to establish the claim |
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per COA circular 2006-003 dated january 31,2006, the head of the acctg unit shall also prepare ?
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Daily Cash Position Report
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2 types of checks being issued by government agencies
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1. Modified Disbursement System (MDS) Checks
2. Commercial Checks |
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issued by gov agencies chargeable against the acct of the treasurer of the philippines
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MDS checks
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issued by government agencies chargeable against the agency checking account
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commercial checks
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to record the grant of cash advance to disbursing officer
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to record liquidation of cash advances and expenses
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petty cash fund shall be maintained under?
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imprest system
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this method will be followed in recording disbursements when expenditures apply to more than just the acctg period
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asset method
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when insurance,interest, and rent, etc. will be fully used up/ consumed within the current acctg period, the disbursements shall be taken as?
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expense
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supplies & materials purchased out of the petty cash fund for immediate use or on emergency shall be recorded as?
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outright expense
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what method of costing shall be used for costing the inventories?
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moving average method
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under this, all expenses incurred during the construction period shall be capitalized. bonus paid to the contractor for completing the work ahead of schedule shall be added to the total cost of the project. liquidation damages charged to the contractor for delayed completion of the project should be deducted from the total cost.
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construction period theory
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assets for use of gen public, such as roads, bridges, waterways, railways, etc shall be classified as?
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public infrastructures
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depreciation
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straight method
residual value = 10 % of the capitalized cost |
