Midterm Quiz # 1 (Chapters 1 To 3) - ACCOUNTING FOR GOVERNMENT AND NON - PROFIT ORGANIZATIONS
Midterm Quiz # 1 (Chapters 1 To 3) - ACCOUNTING FOR GOVERNMENT AND NON - PROFIT ORGANIZATIONS
Midterm Quiz # 1 (Chapters 1 To 3) - ACCOUNTING FOR GOVERNMENT AND NON - PROFIT ORGANIZATIONS
Instructions
Hello everyone,
This is a 45-item Quiz for Chapters 1 to 3. Its is combination of Multiple Choice and True or False Type
of Questions.
You are only given 75 minutes to answer your Quiz #1. There is no retaking of this quiz. Once submitted,
your grades can no longer be changed.
It is available from February 4 to 11, 2020 for Sec 1, 3 and 4, and February 5 to 12, 2020 for Sec 2.
For more questions, please don't hesitate to reach me through canvas chat box.
Thanks.
Prof J.
Attempt History
Attempt Time Score
LATEST Attempt 1 61 minutes 42 out of 45
Question 1 1 / 1 pts
True
False
Question 2 1 / 1 pts
True
False
Question 3 1 / 1 pts
True
False
Question 4 1 / 1 pts
After the budget call from the DBM, the proposed budget of various
agencies are submitted immediately to the Office of the President for
review.
True
False
Question 5 1 / 1 pts
Government entities and business entities use the term “obligation” or the
phrase “incurrence of obligation” similarly.
True
False
Question 6 1 / 1 pts
The principles in the GAM for NGAs are similar to the principles in the
PFRs.
True
False
Question 7 1 / 1 pts
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 the receipt of NCA.
True
False
Question 8 1 / 1 pts
True
False
Question 9 1 / 1 pts
True
False
Question 10 1 / 1 pts
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 payables.
True
False
Question 11 1 / 1 pts
True
False
Question 12 1 / 1 pts
True
False
Question 13 1 / 1 pts
Government entities and business entities use the term "obligation" or the
phrase "incurrence of obligation" similarly.
True
False
Question 14 1 / 1 pts
The GAM for NGAs is promulgated by the Philippine congress under the
authority conferred to it under the Philippine Constitution.
True
False
Question 15 1 / 1 pts
True
False
Question 16 1 / 1 pts
Question 17 1 / 1 pts
It is a part, segment, unit or function of a government agency, headed by
a manager, who is accountable for a specified set of activities.
a. Responsibility Accounting
b. Responsibility Center
c. Budget Center
d. Call Center
Question 18 1 / 1 pts
All of these
Question 19 1 / 1 pts
ORS
RAOD
RAPAL
Question 20 1 / 1 pts
After the budget call, budget hearings are made whereby agencies defend
their proposed programs and expenditures for the upcoming year before
the
CONGRESS
COA
BTr
DBM
Question 21 1 / 1 pts
An entity accrues salaries and wages after approval of payroll. The entry
is:
Regular xxx
According to the GAM for NGAs, these assets are those which have
historical, cultural and environmental significance, and are intended to be
preserved for future generations.
Infrastructure assets
Heritage assets
Cultural assets
Question 23 1 / 1 pts
b. Reliability
c. Substance over form
d. Faithful representation
Question 25 1 / 1 pts
Which of the following would most likely comes last in the budget
process?
a. Budget accountability reports
b. Allotment
c. Disbursements
d. Performance review
Question 26 1 / 1 pts
b. Zero-sum budgeting
c. Top-down budgeting
d. Zero-based budgeting
A
Question 27 1 / 1 pts
Unlike for the accounting process of business entities which ends in the
preparation of general purpose financial statements, the government
accounting process ends with the audit by the COA.
Question 28 1 / 1 pts
1. Allotment
2. Disbursement authority
3. Disbursement
4. Appropriation
5. Incurrence of obligation
P10B
P 20B
P 12B
P 30B
Question 30 1 / 1 pts
P110B
P120B
P130 B
P90B
What is the legal basis of the COA in promulgating the GAM for NGAs?
d. R.A. 9298
c. Article IX-D, Section 2 par. (2) of the 1987 Constitution of the Republic of
the Philippines
b. State Audit Code of the Philippines, P.D. No. 1445, Sec. 109
c. Article IX-D, Section 2 par. (2) of the 1987 Constitution of the Republic of
the Philippines
Question 32 1 / 1 pts
Appropriation
Sub-allotment
Allotment
Obligation
Question 33 1 / 1 pts
The accounting for government entities differs from the accounting for
business entities in which of the following respects?
Question 34 1 / 1 pts
A government entity remitting collections to the BTr will debit this account
to record the remittance.
Question 35 1 / 1 pts
b. Predictive value
c. Materiality
d. Relevance
Question 36 1 / 1 pts
Cash-Collecting Officers
10,000,000
Subsidy from National Government 10,000,000
No journal entry.
Question 37 1 / 1 pts
none of these.
dated not earlier than February 14 of the year following the reporting
period
dated not later than February 14 of the year following the reporting period.
Question 38 1 / 1 pts
Approved Budget
Allotment
Question 39 1 / 1 pts
P20B
P12 B
P30B
Question 40 1 / 1 pts
b. Bureau of Treasury
Question 41 1 / 1 pts
1. Allotment
2. Bicameral deliberations
3. Budget accountability reports
4. President’s enactment of the GAA
5. Budget hearings with the DBM
Question 42 1 / 1 pts
Subsidiary Ledger
General Journal
Question 43 1 / 1 pts
Accumulated Surplus/(Deficit)
Regular xxx
Cash-Collecting Officers
Regular xxx
Regular xxx
Incorrect Question 44 0 / 1 pts
Question 45 1 / 1 pts
Cash-Modified Disbursement
50,000
System (MDS), Regular 50,000
No journal entry.
Accumulated Surplus/(Deficit)
Regular 50,000