69133Chapter 4- Accounting for Disbursements and Related TransactionsMultiple Choice1. This account is used to record in the Regular Agency (RA) books the receipt ofNotice of Cash Allocation for operational requirements from the Department ofBudget and Management and the corresponding withdrawal of nationalgovernment agencies.Cash - MDS, Special Accountb.a.Cash - MDS, RegularCash in Bank - Local Currency, Savings Accountd.с.Cash in Bank -Local Currency, Current Account2.Statement I: All checks issued including cancelled checks shall be recordedchronologically in the Check Disbursements Record.Statement II: All checks issued shall be included in the Report of Checks Issued.Statement I and II are true.b.a.Statement I is false; statement II is true.Statement I is true; statement Il is false.Statement I and II are false.с.d.3. All disbursements shall be supported byDisbursement voucher.а.Disbursement voucher and its supporting documents.Disbursement voucher duly certified and approved and its supportingdocuments.b.с.d. Checks.It is the method used in costing inventory.Moving average methodb.4.a.Weighted average methodSimple average methodd.с.Last in, first out5. This is the method of depreciation used by the national government agencies.Straight line methodb.a.Sum of years digits' methodOutput methodd.с.Double declining balance method 69134Chapter 4 - Accounting for Disbursements and Related Transactions6. It is the basis for the preparation of Journal Entry Voucher for the final recordingin the cash disbursement journal.Report of disbursementCash disbursement recorda.b.Check disbursement journalCash journalс.d.7. These are the checks issued by government agencies chargeable against theagency checking account with government servicing banks.Post-dated checksCommercial checksModified disbursement system checksTreasury warrant checksа.b.с.d.8. Petty cash fund being maintained by government agencies shall be maintainedundera.Imprest systemb.Fluctuating fund systemEither imprest or fluctuating fund systemNeither imprest nor fluctuating fund systemс.d.9. It is the method used by government agencies in recording disbursements whenexpenditures apply to more than just the accounting period.Asset methoda.Perpetual inventory methodPeriodic inventory methodExpense methodb.с.d.10. During the construction period of these assets, the cost for the construction shallbe charged to construction in progress account and the same shall be creditedupon completion.Leasehold improvements- landa.Land improvementsOther leasehold improvementsPublic infrastructuresb.с.d.

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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. Cash- MDS, Special Account b. Cash - MDS, Regular Cash in Bank - Local Currency, Savings Account а. с.

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. Cash- MDS, Special Account b. Cash - MDS, Regular Cash in Bank - Local Currency, Savings Account а. с.

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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