Recap of Session 7 Key Point Summary

The SK Financial Statements and Other Reports have adopted the (a)   of Accounting under the International Public Sector Accounting Standards (IPSAS). Under this basis, readers are provided with information about the sources of cash raised during the period, its purpose of use and balance at the reporting date.

There are three (3) SK Financial Statements in accordance with the Cash Basis Accounting of IPSAS. Which of the following is NOT prescribed by IPSAS and is classified as Other SK Reports?

• Statements of Payments and Receipts

• Bank Reconciliation Statement

• Notes to Financial Statements

• Statement of Comparison of Budget and Actual Amounts

There are four (4) Other Reports to be used by the SK, namely: Summary of Budget , Commitments, Payments and Balances (SBCPB); Summary of Specific Purpose Fund, Commitments, Payments and Balances (SSPFCPB); Bank Reconciliation Statement (BRS); and Report of Accountability for Accountable Forms (RAAF).

• True

• False

• I don't know

• Either true or false

The _______ and _________ are prepared by the Budget Monitoring Officer (BMO) every quarter. These are based on Registries of Budget, Commitments, Payments and Balances (RBCPB)/ Registries of Specific Purpose Fund, Commitments, Payments and Balances (RSPFCPB), respectively

• QSRP and ASRP

• RBCPB and RSPFCPB

• BRS and RAAF

• SBCPB and SSPFCPB

The Statement of Payments and Receipts (SRP) shows the details of the cash received/paid, increase or decrease in cash as well as the balance of the cash during the period. It is prepared by the (a)   quarterly and annually.

The preparation of Quarterly Statement of Receipts and Payments (QSRP) is based on:

• RCRD and RCB

• SBCPB and SSPFCPB

• RBCPB and RSPFCPB

• BRS and RAAF

The ________________________________________ presents the original and final budget SK amounts and the actual SK amounts on a comparable basis. It is prepared by the ____________ annually.

• SBCPB; SK Treasurer

• SCBAA; BMO

• SSPFCPB; SK Chairperson

• SCBAA; SK Treasurer

The Cash Inflow” portion and “Actual Amounts” column of the SCBAA does not include ________________________, as such funds are not subject to the usual budgeting process.

• Subsidy from Local Government Units

• Grants and Donations in Cash with Specific Purpose

• Grants and Donations in Cash without Specific Purpose

• Miscellaneous Income

(a)   provides additional information about receivables, payables and borrowings, and property and equipment. It is prepared by the SK Treasurer annually.

______________________________ is prepared in order to check correctness of both the bank’s and SK’s records. It is prepared monthly by the ___________ based on Bank Statement (BS), Credit Memo (CM), Debit Memo (DM) and Register of Cash in Bank and Other Related Financial Transactions (RCB)

• Relief of Accountability for Accountable Forms; SK Treasurer

• Bank Reconciliation Statement; BMO

• Bank Reconciliation Statement; SK Treasurer

• Statement of Receipts and Payments; SK Chairperson