Which Of The Following Is Not One Of The Approaches For Reporting Accounting Changes?

ANSWER KEY PRELIM Exam

EXAM DATE: ix/sixteen/2020

one. What is the legal basis of the COA in promulgating the GAM for NGAs?

a. Revised Penal Code, Art. 217

b. State Audit Code of the Philippines, P.D. No. 1445, Sec. 109

c. Article 9-D, Section ii par. (2) of the 1987 Constitution of the Republic of the

Philippines

d. R.A. 9298

2. The GAM for NGAs aims to update all of the following except

a. standards, policies, guidelines and procedures in accounting for regime funds and

holding

b. coding structure and accounts

c. accounting books, registries, records, forms, reports and fiscal statements

d. rules and regulations regarding the filing and payment of taxes by government

employees

3. Which of the following is one of the Fundamental Principles for Revenue under the GAM for

NGAs?

a. No payment of any nature shall be received by a collecting officeholder without immediately

issuing an official receipt in acknowledgement thereof. The receipt may be in the form of

postage, internal revenue or documentary postage stamps and the like, officially numbered

receipts, subject to proper custody, accountability, and audit.

b. Temporary receipts may be issued to acknowledge the receipt of public funds; provided

that, an official receipt is issued within a short period of fourth dimension as may be prescribed by

the COA.

c. Money in the handsouth of the Collecting Officer may be utilized for the purpose of cashing

private checks, upon proper endorsement and identification of the payee or endorsee.

Checks fatigued in favor of the authorities in payment of any such indebtedness shall

likewise be accepted by the officer concerne d.

d. All of these

4. Which of the following is non one of the Fundamental Principles for Disbursement of Public

Funds under the GrandAM for NGAs?

a. No money shall be paid out of whatever public treasury or depository except in pursuance of

an appropriation law or other specific statutory authority.

b. Government funds or property shall be spent or used solely for public purposes.

c. Trust funds shall be available and may be spent merely for the specific purpose for which

the trust was created or the funddue south received.

d. Fiscal responsibility shall, to the greatest extent, be assumed solely by the Head of the

government agency.

five. Which of the following statements is incorrect regarding the GAM for NGAs?

a. The COA shall go along the general accounts of the Government and, for such period as may

exist provided by law, preserve the vouchers and other supporting papers pertaining

thereto, pursuant to Section two, par. (1), Commodity Nine-D of the 1987 Philippine Constitution.

b. The financial reporting system of the Philippine government consists of accounting

system on accrual footing and budget reporting arrangement on budget basis under the statutory

responsibility of the NGAs, Bureau of the Treasury (BTr), Department of Budget and

Direction (DBM), and the COA.

c. The objectives of general purpose fiscal statements (GPFSs) ardue east to provide informationorthward

about the fiscal position, fiscal performance, and cash flows of an entity that is

useful to a broad range of users in making and evaluating decisions near the allotment

of resources. Specifically, the objectives of general purpose fiscal reporting in the

public sector are to provide information useful for decision-making, and to demonstrate

the accountability of the entity for the resources entrusted to it.

d. The DBM accounts for the cash, public debt and related transactions of the NG.

Source: https://www.studocu.com/ph/document/mindanao-state-university-general-santos/accountancy/answer-key-prelim-exam/12302306

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