SK - Financial Statements

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

• Accrual Basis

• Cash Basis

How many Statements of Receipts and Payments (SRPs) shall the SK Treasurer prepare for one calendar year?

• Four (4)

• One (1)

• Five (5)

• Two (2)

In preparing for the 2nd quarter SBCPB/SSPFCPB, the BMO shall extract data from the 2nd quarter RBCPBs/RSPFCPBs only.

• True

• False

• It depends

• Maybe

In preparing for the 2nd quarter Statement of Receipts and Payments (SRP), the data to be presented in the Receipts and Payments section shall present the totals/balances carried forward as of the end of the 2nd quarter.

• Maybe

• It depends

• True

• False

In the preparation of the Statement of Comparison of Budget and Actual Amounts (SCBAA), the basis of the data to be presented as Actual Amounts column in the Cash Outflows section shall be the total payments in the SBCPB and SSPFCPB.

• Maybe

• It depends

• False

• True

During the bank reconciliation process, it was found out that SK Treasurer mistakenly records in the RCB a deposit of P10,000 which is supposed to be P100,000. How should the difference of P90,000 be reflected in the Bank Reconciliation Statement?

• Addition in the RCB column of the BRS

• Deduction in the Bank column of the BRS

• Deduction in the RCB column of the BRS

• Addition in the Bank column of the BRS

Failure on the part of the SK official concerned to submit the documents and reports mentioned herein shall automatically cause the suspension of ______________________ until they have complied with the requirements of the Commission on Audit (COA).

• all the incumbent SK officials

• the SK official concerned

• the SK Chairperson

• payment of any amount due them