TRUE OR FALSE. Please provide an explanation if false. 1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. 2. Separate accounting records and budget registries are maintained for each fund cluster. 3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly
TRUE OR FALSE. Please provide an explanation if false.
|
1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. |
|
2. Separate accounting records and budget registries are maintained for each fund cluster. |
|
3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly. |
|
4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. |
|
5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account. |
|
6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable |
|
7. At the end of each year, an adjustment is made to revert any unused NCA of a government entity. |
|
8. The GAM for NGAs requires the Collecting Officer to issue an official receipt to acknowledge the receipt of the Notice Cash Allocation. |
|
9. The entry to record the reversion of unused NCA at the end of the period is the exact opposite of the entry used to record receipt of NCA. |
|
10. The remittance of amounts withheld to the other government agencies, such as the BIR, BOC, GSIS, PhilHealth, and Pag-IBIG, is done through the TRA. |
Step by step
Solved in 2 steps
