Session 7 HFTSK

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, the purposes for which cash was used and the cash balances at the reporting date.

Answer explanation

Reference: Paragraph 3.19, Page 4 of HFTSK

There are three (3) SK Financial Statements in accordance with the Cash Basis Accounting of IPSAS, namely:

• Statement of Receipts and Payments (SRP); Statement of Comparison of Budget and Actual Amounts (SCBAA); and Bank Reconciliation Statement (BRS)

• Statement of Comparison of Budget and Actual Amounts (SCBAA); Notes to Financial Statements (NFS); and Report of Accountability for Accountable Forms (RAAF)

• Statement of Receipts and Payments (SRP); Statement of Comparison of Budget and Actual Amounts (SCBAA); and Notes to Financial Statements (NFS)

• 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)

Answer explanation

Reference: Paragraph 3.20, Page 4 of HFTSK

Aside from SRP, SCBAA and NFS, there are four (4) Other Reports to be used by the SK, namely:

• Statement of Receipts and Payments (SRP); Statement of Comparison of Budget and Actual Amounts (SCBAA); and Notes to Financial Statements (NFS)

• Summary of Specific Purpose Fund, Commitments, Payments and Balances (SSPFCPB); and Bank Reconciliation Statement (BRS)

• Statement of Comparison of Budget and Actual Amounts (SCBAA); and Notes to Financial Statements (NFS)

• 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)

Answer explanation

Reference: Paragraph 3.20, Page 4 of HFTSK

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.

• SCBAA and NFS

• SBCPB and SSPFCPB

• BRS and RAAF

• SRP and SCBAA

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 ___________ quarterly and annually.

• SK Treasurer

• BMO

• SK Chairperson

• Barangay Treasurer

The preparation of SRP is based on:

• Bank Reconciliation Statement (BRS); and Report of Accountability for Accountable Forms (RAAF)

• Statement of Receipts and Payments (SRP); and Statement of Comparison of Budget and Actual Amounts (SCBAA)

• Register of Cash Receipts, Deposits and Other Related Financial Transactions; and Register of Cash in Bank and Other Related Financial Transactions

• Summary of Budget, Commitments, Payments and Balances (SBCPB); and Summary of Specific Purpose Fund, Commitments, Payments and Balances (SSPFCPB)

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

• Statement of Comparison of Budget and Actual Amounts (SCBAA) and SK Treasurer

• Statement of Receipts and Payments (SRP) and Budget Monitoring Officer (BMO)

• Notes to Financial Statements (NFS) and Budget Monitoring Officer (BMO)

• Statement of Comparison of Budget and Actual Amounts (SCBAA) and Budget Monitoring Officer (BMO)

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.

• Grants and Donations in Cash without Specific Purpose

• Miscellaneous Income

• Grants and Donations in Cash with Specific Purpose

• Other Receipts

The preparation of SCBAA is based on Summary of ______________________________________________, Annual _____________________________________, Original and ____________ Budget.

• Summary of Specific Purpose Fund, Commitments, Payments and Balances (SSPFCPB); Annual Statement of Receipts and Payments (ASRP); and Original and Supplemental Budget

• Summary of Budget, Commitments, Payments and Balances (SBCPB); Annual Statement of Receipts and Payments; Original Budget

• Summary of Budget, Commitments, Payments and Balances (SBCPB); and Annual Statement of Receipts and Payments

• Summary of Budget, Commitments, Payments and Balances (SBCPB); Annual Statement of Receipts and Payments (ASRP); and Original and Supplemental Budget

Answer explanation

Reference: Table 27, Page 96 of HFTSK

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

• Statement of Comparison of Budget and Actual Amounts (SCBAA)

• Statement of Receipts and Payments (SRP)

• Notes to Financial Statements (NFS)

• Summary of Budget, Commitments, Payments and Balances (SBCPB)