BFM Session 3

1.The _____________ shows the  functional  work flow of barangay  from budgeting, implementation of programs and projects,  payment   up to preparation of financial statements.

• Barangay Budget Plan

• Barangay Disbursement Plan

• New Barangay Accounting System

• Barangay Accounting Plan

The financial statements of barangays include :

1. Statement of Financial Position;

2. 2. Statement of Financial Performance;

3. Statement of Changes in Net Assets/Equity;

4. Statement of Cash Flows;

5. Statement of  Appropriations and Obligations; and

6. Notes to Financial Statements.

• True

• False

In the Barangay Accounting Work Plan, collections and deposits, disbursements are recorded in the cashbook of the  ______________.

• Punong Barangay

• Barangay Treasurer

• Barangay Secretary

• Sangguniang Barangay

The appropriations and obligations of  the barangay are recorded in the Record of Appropriations and Obligations.

• True

• False

Collections by Deputized Barangay Collectors are reported in the ___________

• Report of Collections and Deposits

• Report of Disbursement

• Report of Collections and Remittances

• Liquidation Report

Cash transactions are recorded in the Journal of Cash Transactions.

• True

• False

Payment  of contractors  for refund of overpayment for contracts are recorded  in  the Journal of Cash Transactions.

• True

• False

Adjusting entries for stale checks and checks issued in lieu of the stale check are recorded in the General Journal.

• True

• False

As a general rule, Miscellaneous transactions are recorded in the  _________.

• Journal of Cash Transactions

• Check Disbursement Journal

• General Journal

• Cash Disbursement Journal

All transactions whether cash or non-cash are recorded in the General Ledger.

• True

• False