Government Accounting Quiz

It encompasses the processes of analyzing, recording, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property, and interpreting the results thereof.

• Government accounting

• Government reporting

• Government auditing

• Tax accounting

The GAM for NGAs is promulgated by the

• Commission on Accounting (COA)

• Commission on Audit (COA)

• Board of Accountancy (BOA)

• Bureau of Internal Revenue (BIR)

The Commission on Audit (COA) is responsible for

• the formulation and implementation of the national budget with the goal of attaining the nation’s socio-economic objectives.

• receiving and keeping national funds and managing and controlling the disbursements thereof.

• directly implementing the projects of the government.

• promulgating accounting and auditing rules and regulations.

Which of the following is not charged with government accounting responsibility?

• Commission on Audit

• Bureau of Internal Revenue

• Non-stock, non-profit private hospital

• Department of Budget and Management

Which of the following qualitative characteristics may be sacrificed when reporting information on a timely basis?

• Relevance

• Reliability

• Substance over form

• Faithful representation

According to the GAM for NGAs, information has this qualitative characteristic if it can be used to assist in evaluating past, present or future events or in confirming or correcting past evaluations.

• Feedback value

• Predictive value

• Materiality

• Relevance

This refers to the comparability between the financial statements of different entities?

• Inter-comparability

• Intra-comparability

• Horizontal comparability

• Vertical comparability

When the substance of a transaction or event differs from its legal form, the entity should report the transaction’s or event’s

• substance

• legal form

• a trade-off between a and b

• either a or b, based on their significance

The implication that users must be informed of the entity’s policies, changes to those policies, and the effects of those changes refers to

• Comparability

• Completeness

• Understandability

• Reliability

In the financial reporting system of the national government, to which of the following shall an entity reconcile its cash records?

• Commission on Audit

• Bureau of Treasury

• Department of Budget and Management

• Office of the President