This account is used to record in the Regular Agency (RA) books the receipt of Notice of Cash Allocation for operational requirements from the Department of Budget and Management and the corresponding withdrawal of national government agencies. a. Cash MDS, Special Account b Cash MDS, Regular C. Cash in Bank - Local Currency, Savings Account d. Cash in Bank - Local Currency, Current Account 2. Statement. I: All checks issued including cancelled checks shall be recorded chronologically in the Check Disbursements Record. Statement II: All checks issued shall be included in the Report of Checks Issued. a. Statement I and II are true. b. Statement I is false; statement II is true. C. Statement I is true; statement II is false. d. Statement I and II are false. 3. All disbursements shall be supported by a Disbursement voucher. b. Disbursement voucher and its supporting documents. C. Disbursement voucher duly certified and approved and its supporting documents. d. Checks. 4. It is the method used in costing inventory. a. Moving average method b.Weighted average method c.Simple average method d. Last in, firsť out 5. This is the method of depreciation used by the national government agencies. a.Straight line method b. Sum of years digits' method C. Output method d. Double declining balance method 6. It is the basis for the preparation of Journal Entry Voucher for the final recording in the cash disbursement journal a. Report of disbursement b. Cash disbursement record C. Check disbursement journal d. Cash journal 7. These are the checks issued by government agencies chargeable against the agency checking account with government servicing banks. a. Post-dated checks b. Commercial checks C. Modified disbursement system checks d. Treasury warrant checks 8. Petty cash fund being maintained by government agencies shall be maintained under a. Imprest system b. Fluctuating fund system C. Either imprest or fluctuating fund system d. Neither imprest nor fluctuating fund system 9. It is the method used by government agencies in récording disbursements when expenditures apply to more than just the accounting period. a. Asset method b. Perpetual inventory method C. Periodic inventory method d. Expense method 10. During the construction period of these assets, the cost for the construction shall be charged to construction in progress account and the same shall be credited upon completion. a. Leasehold improvements - land b. Land improvements c. Other leasehold improvements d. Public infrastructures 11. This account is used to record completed/turned-over public infrastructure projects and those projects, which were discontinued by the government. a. Construction in progress b. Construction in progress - Agency assets C. Public Infrastructures/Infrastructure Assets d. Registry of public infrastructures 12. What is the residual value assigned to depreciable assets under the New Government Accounting System? a. Ten percent of its cost b. No residual value C P1,000.00 d None of these 13. Which of the following cost incurred during the construction period should be capitalized? a. interest expense b. license fees c. bonus d. liquidation damages e. both a and b 14. Which of the following cost incurred for the delayed completion of the project should be deducted from the total cost of the project and should be charged to the contractor? a. interest expense b. license fees c. bonus d. liquidation damages e. both a and b 15. How do you record the bonus paid to the contractor for completing the work ahead of schedule? a. capitalized b. deducted from the cost of the project c. shall be added to the cost of the project. d. charged to the contractor.
1. This account is used to record in the Regular Agency (RA) books the receipt of Notice of Cash Allocation for operational requirements from the Department of Budget and Management and the corresponding withdrawal of national government agencies.
a. Cash MDS, Special Account
b Cash MDS, Regular
C. Cash in Bank - Local Currency, Savings Account
d. Cash in Bank
- Local Currency, Current Account
2. Statement. I: All checks issued including cancelled checks shall be recorded chronologically in the Check Disbursements Record.
Statement II: All checks issued shall be included in the Report of Checks Issued.
a. Statement I and II are true.
b. Statement I is false; statement II is true.
C. Statement I is true; statement II is false.
d. Statement I and II are false.
3. All disbursements shall be supported by
a Disbursement voucher.
b. Disbursement voucher and its supporting documents.
C. Disbursement voucher duly certified and approved and its supporting documents.
d. Checks.
4. It is the method used in costing inventory.
a. Moving average method
b.Weighted average method
c.Simple average method
d. Last in, firsť out
5. This is the method of depreciation used by the national government agencies.
a.Straight line method
b. Sum of years digits' method
C. Output method
d. Double declining balance method
6. It is the basis for the preparation of
a. Report of disbursement
b. Cash disbursement record
C. Check disbursement journal
d. Cash journal
7. These are the checks issued by government agencies chargeable against the agency checking account with government servicing banks.
a. Post-dated checks
b. Commercial checks
C. Modified disbursement system checks
d. Treasury warrant checks
8. Petty cash fund being maintained by government agencies shall be maintained under
a. Imprest system
b. Fluctuating fund system
C. Either imprest or fluctuating fund system
d. Neither imprest nor fluctuating fund system
9. It is the method used by government agencies in récording disbursements when expenditures apply to more than just the accounting period.
a. Asset method
b. Perpetual inventory method
C. Periodic inventory method
d. Expense method
10. During the construction period of these assets, the cost for the construction shall be charged to construction in progress account and the same shall be credited upon completion.
a. Leasehold improvements - land
b. Land improvements
c. Other leasehold improvements
d. Public infrastructures
11. This account is used to record completed/turned-over public infrastructure projects and those projects, which were discontinued by the government.
a. Construction in progress
b. Construction in progress - Agency assets
C. Public Infrastructures/Infrastructure Assets
d. Registry of public infrastructures
12. What is the residual value assigned to
a. Ten percent of its cost
b. No residual value
C P1,000.00
d None of these
13. Which of the following cost incurred during the construction period should be capitalized?
a. interest expense
b. license fees
c. bonus
d. liquidation damages
e. both a and b
14. Which of the following cost incurred for the delayed completion of the project should be deducted from the total cost of the project and should be charged to the contractor?
a. interest expense
b. license fees
c. bonus
d. liquidation damages
e. both a and b
15. How do you record the bonus paid to the contractor for completing the work ahead of schedule?
a. capitalized
b. deducted from the cost of the project
c. shall be added to the cost of the project.
d. charged to the contractor.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
