Quiz on Management of Accounts Receivable

What is the purpose of the Treasury Circular WP10.6?

• To establish regulations for managing and monitoring Accounts Receivable

• To define the roles of financial auditors

• To provide guidelines for tax collection

• To outline the responsibilities of local authorities

Which of the following is defined as an amount that should be received but has not yet been received?

• Accounts Payable

• Revenue Recognition

• Accounts Receivable

• Cash Flow

What does 'Tunggakan' refer to in the context of Accounts Receivable?

• Amounts that have been fully paid

• Funds allocated for future projects

• Overdue amounts that have not been received

• Projected income from future sales

Who is responsible for collecting all receipts including Accounts Receivable?

• The Minister of Finance

• Local Government Officials

• All Collecting Officers and Revenue Collectors

• The Accountant General

What is the definition of 'Hutang Lapuk'?

• Future receivables

• Debts that are collectible

• Debts that cannot be collected and have been written off

• Pending invoices

Which document must be read in conjunction with the Treasury Circular?

• The Accountant General's Circular No. 3 of 2019

• The Annual Budget Report

• The Financial Audit Report

• The Local Government Act

What is the maximum time frame for reporting Accounts Receivable and Tunggakan?

• 2 weeks after the end of the fiscal year

• 30 days after the end of the month

• 1 month after the end of the quarter

• 15 days after the end of the month

What is the purpose of maintaining Accounts Receivable records?

• To ensure accurate financial reporting

• To enhance customer satisfaction

• To increase tax revenue

• To reduce operational costs

Which of the following is NOT a category of Accounts Receivable?

• Accounts from Loans and Advances

• Various Accounts Receivable

• Accounts from Future Sales

• Contractor Advance Funds

What is the role of the Accountant General in relation to Accounts Receivable?

• To provide guidelines for accounting systems

• To oversee the collection of overdue accounts

• To manage local government budgets

• To approve all financial transactions