Final Quiz

1. The SK Financial Statements and Other Reports have adopted the _ _ 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.

• a. Cash Basis

• b. Accrual Basis

• c. Prepaid Method

• d. Deferred Method

2. 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?

• a. Statements of Payments and Receipts

• b. Bank Reconciliation Statement

• c. Notes to Financial Statements

• d. Statement of Comparison of Budget and Actual Amounts

3. The __________ and __________ are prepared by the BMO every quarter. These are based on RBCPB/RSPFCPB, respectively.

• a. QSRP and ASRP

• b. RBCPB and RSPFCPB

• c.  BRS and RAAF

• d. SBCPB and SSPFCPB

4. The Statement of Receipts and Payments 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 __________ quarterly and annually.

• a. SK Treasurer

• b. BMO

• c. COA Auditor

• d. SK Chairman

5. The preparation of Quarterly Statement of Receipts and Payments (QSRP) is based on _____.

• a.       RCRD and RCB

• b.       SBCPB and SSPFCPB

• c.       RBCPB and RSPFCPB

• d.       BRS and RAAF

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

• a. SBCPB; SK Treasurer

• b. SCBAA; BMO

• c. SSPFCPB; SK Chairperson

• d. SCBAA; SK Treasurer

7. 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

• a. Subsidy from Local Government Units

• b. Grants and Donations in Cash with Specific Purpose

• c. Grants and Donations in Cash without Specific Purpose

• d. Miscellaneous Income

8.     __________ 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):

• a. Relief of Accountability for Accountable Forms; SK Treasurer

• b. Bank Reconciliation Statement; BMO

• c. Bank Reconciliation Statement; SK Treasurer

• d. Statement of Receipts and Payments; SK Chairperson

9.     __________ is prepared to report all requisitions and issuances of accountable forms. It is prepared quarterly by the SK Treasurer.

• a. Report of Accountability in Accounting Forms

• b. Report of Applied Accounts and Forms

• c. Relief on Accounting for Accountable Forms

• d. Report of Accountability for Accountable Forms