A government entity collects fees for the processing of certain permits. The processing of a permit would normally take a few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize revenue from permit fees.On a straight-line basisBy reference to the stage of completionUpon collection of the feeWhen the significant risks and rewards are transferred to the customerThe receipt of a performance bond or a security deposit id credited to aLiability accountRevenue accountCash accounta and cA certification on the availability of allotment is required before a disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification?Budget officerChief accountantHead of the agencyRequisitioning IndividualThe chief accountant shall charge obligations incurred against available allotment to ensure thatThe NCA is sufficient to meet the disbursement madeThere are no unreleased appropriationsNo overdraft is incurredOn excess allotments existsWhich of the following results to the recognition, in the books of accounts, expenses classified as Personnel Services?Granting of cash advance for payrollLiquidation of payroll fundIssuance of office supplies to end usersSet up payable for payrollAccording to the GAM for NGAs, disbursements for salaries and wages shall be supported by:Disbursement vouchersPayrollPetty cash vouchersOfficial receiptsWhich of the following results to the recognition of expenseGranting of cash advances for travelRefund of excess cash advancesLiquidation of cash advances for travelRemittance of the refund for excess cash advance to the BTrThe entry in the books of a government agency with foreign service post to record the receipt of disbursement authority called the Cash Disbursement Ceiling (CDC) includesDebit to Cash-Modified Disbursement System (MDS)Credit to Subsidy from National GovernmentCredit to Cash-Constructive Income RemittanceDebit to Subsidy from National GovernmentThis is used to recognize: (1) in the books of National government agencies, the constructive remittance to BIT and BOC of taxes and customs’ duties withheld, and the constructive receipt of NCA for those taxes and customs duties; (2) in the books of the BIR and BOC, the constructive receipt of tax revenue and custom duties; (3) in the books of BTr, the constructive receipt of the taxes and custom duties remittedNotice of Cash Allocation (NCA)Tax Remittance Advice (TRA)Cash Disbursement Ceiling (CDC)Non-Cash Availment Authority (NCAA)All of the following are considered valid cashless disbursement exceptPurchase of goods using an electronic card issued by CitibankPayment of payables using a non-Cash Availment AuthorityRemittance of taxes withheld to the BIR through Tax Remittance AdviceOnline payment through LBP’s eMDSPayment to a supplier through LBC PadalaWhich of the following government agencies will most likely be able to obatian a disbursement authority in the form of Cash Disbursement Ceiling (CDC)BIRDPWHDFANFAWhich of the following is not considered a financial asset?Petty Cash FundInvestment in debt SecuritiesAccounts ReceivablePrepaid AssetsA cash shortage of government is most likely recorded as aDebit to receivable accountDebit to cash shortage or overage accountCredit to miscellaneous income accountCredit to cash shortage or overage accountDishonored checks are recorded by a government entity asNotes receivableOther ReceivableAccounts ReceivableLossesThe entry to replenishment of petty cash fund of a government entity isExpense Accounts xxxCash MDS xxx2. Expense Accounts xxxCash MDS xxx3. Expense Accounts xxxCash Collecting Officer xxx4. Expense Accounts xxxCash MDS xxx16. Under this method of bank reconciliation statement preparation, the unadjusted book and bank balances are brought to an adjusted balance that is reported on the statement of financial position.Bank to book methodBook to bank methodAdjusted balance methodAll of these17. Which of the following may be paid through the petty cash fund of a government entity?Rent worth P120,000Pantry Supplies worth P15,000Office supplies worth P20,000None of these

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A government entity collects fees for the processing of certain permits. The processing of a permit would normally take a few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize revenue from permit fees.
1. On a straight-line basis
2. By reference to the stage of completion
3. Upon collection of the fee
4. When the significant risks and rewards are transferred to the customer
The receipt of a performance bond or a security deposit id credited to a
1. Liability account
2. Revenue account
3. Cash account
4. a and c
A certification on the availability of allotment is required before a disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification?
1. Budget officer
2. Chief accountant
3. Head of the agency
4. Requisitioning Individual
The chief accountant shall charge obligations incurred against available allotment to ensure that
1. The NCA is sufficient to meet the disbursement made
2. There are no unreleased appropriations
3. No overdraft is incurred
4. On excess allotments exists
Which of the following results to the recognition, in the books of accounts, expenses classified as Personnel Services?
1. Granting of cash advance for payroll
2. Liquidation of payroll fund
3. Issuance of office supplies to end users
4. Set up payable for payroll
According to the GAM for NGAs, disbursements for salaries and wages shall be supported by:
1. Disbursement vouchers
2. Payroll
3. Petty cash vouchers
4. Official receipts
Which of the following results to the recognition of expense
1. Granting of cash advances for travel
2. Refund of excess cash advances
3. Liquidation of cash advances for travel
4. Remittance of the refund for excess cash advance to the BTr
The entry in the books of a government agency with foreign service post to record the receipt of disbursement authority called the Cash Disbursement Ceiling (CDC) includes
1. Debit to Cash-Modified Disbursement System (MDS)
2. Credit to Subsidy from National Government
3. Credit to Cash-Constructive Income Remittance
4. Debit to Subsidy from National Government
This is used to recognize: (1) in the books of National government agencies, the constructive remittance to BIT and BOC of taxes and customs’ duties withheld, and the constructive receipt of NCA for those taxes and customs duties; (2) in the books of the BIR and BOC, the constructive receipt of tax revenue and custom duties; (3) in the books of BTr, the constructive receipt of the taxes and custom duties remitted
1. Notice of Cash Allocation (NCA)
2. Tax Remittance Advice (TRA)
3. Cash Disbursement Ceiling (CDC)
4. Non-Cash Availment Authority (NCAA)
All of the following are considered valid cashless disbursement except
1. Purchase of goods using an electronic card issued by Citibank
2. Payment of payables using a non-Cash Availment Authority
3. Remittance of taxes withheld to the BIR through Tax Remittance Advice
4. Online payment through LBP’s eMDS
5. Payment to a supplier through LBC Padala
Which of the following government agencies will most likely be able to obatian a disbursement authority in the form of Cash Disbursement Ceiling (CDC)
1. BIR
2. DPWH
3. DFA
4. NFA
Which of the following is not considered a financial asset?
1. Petty Cash Fund
2. Investment in debt Securities
3. Accounts Receivable
4. Prepaid Assets
A cash shortage of government is most likely recorded as a
1. Debit to receivable account
2. Debit to cash shortage or overage account
3. Credit to miscellaneous income account
4. Credit to cash shortage or overage account
Dishonored checks are recorded by a government entity as
1. Notes receivable
2. Other Receivable
3. Accounts Receivable
4. Losses
The entry to replenishment of petty cash fund of a government entity is
1. Expense Accounts xxx

Cash MDS xxx

2. Expense Accounts xxx

Cash MDS xxx

3. Expense Accounts xxx

Cash Collecting Officer xxx

4. Expense Accounts xxx

Cash MDS xxx

16. Under this method of bank reconciliation statement preparation, the unadjusted book and bank balances are brought to an adjusted balance that is reported on the statement of financial position.

1. Bank to book method
2. Book to bank method
3. Adjusted balance method
4. All of these

17. Which of the following may be paid through the petty cash fund of a government entity?

1. 1. Rent worth P120,000
  2. Pantry Supplies worth P15,000
  3. Office supplies worth P20,000
  4. None of these

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