WorksheetsGovernment Accounting and Auditing
Total questions: 30
Worksheet time: 23mins
Which of the following is not an objective of government accounting?
Produce information concerning past operations and present conditions.
Provide a basis for guidance for future operations.
Examining agreements to identify any possible conflicts of interest.
Report on the financial position and the results of operations of government agencies for the information of all persons concerned.
How does the Presidential Decree No. 1445 Section 109 define government accounting?
One that encompasses the process of analyzing, classifying, summarizing, and communicating all transactions that are involved in the receipt and disbursement of all government funds and properties, and interpreting the results thereof.
Government Accounting produces relevant financial information about past and present transactions of the government.
The analytical and systematic examination and verification of the financial transaction, operation, accounts, and reports of any government agency.
A systematic process of obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.
What event led to the establishment of the Office of the Auditor for the Philippine Islands?
The Philippine Independence Revolution
The Spanish-American War
The May 8, 1899 memorandum by President William McKinley
The 1935 Constitution promulgation
What significant event prompted the renaming of the government auditing institution to the Commission on Audit (COA)?
The promulgation of the 1935 Constitution
The 1972 declaration of Martial Law
The 1986 EDSA Revolution
The 1987 Constitution
What was one of the primary motivations behind the establishment of the COA as a constitutional body in 1935?
To reduce government expenditures
To elevate the audit institution's status
To centralize government finances
To streamline the budget approval process
Which of the following is not included in the practices that the government uses in accounting?
Double-Entry System
Accrual Accounting
Negative Entries
The Use of Standard Accounting Chart
What kind of registry is used to keep track of actual revenue collections, budgeted amounts, and revenue and other receipts sent?
Registries of Revenue and Other Receipts (RROR)
Registries of Appropriations and Allotments (RAPAL)
Registries of Allotments, Obligations, and Disbursements (RAOD)
Registries of Budget, Utilization and Disbursements (RBUD)
The Commission on Audit requires this document in order to certify allotment and obligation and to make future modifications to expenses.
Notice of Cash Allocation
Tax Remittance Advice
Obligations Request and Status
Notice of Transfer of Allocation
Which of the following is NOT a core group of organization responsible for budgeting, accounting, and auditing arrangements in the Philippines?
Department of Budget and Management (DBM)
Commission on Audit (COA)
Bureau of the Treasury (BTr)
Local Government Units (LGUs)
The primary function of the Bureau of the Treasury (BTr) is to:
Design and prepare the annual budget.
Oversee the proper allocation of public funds.
Manage cash operations of the national government.
Evaluate the effectiveness of internal controls.
What is the main responsibility of the Government-Owned and Controlled Corporations (GOCCs) regarding budgeting, accounting, and auditing?
They rely solely on the COA for auditing their financial activities.
They have their own accounting and auditing systems but are still subject to COA oversight.
They are not required to maintain any accounting or auditing systems.
They consolidate their financial reports with the national budget.
What document is prepared based on the examination of findings, observations, conclusions, and recommendations for improvement, serving as a comprehensive reflection of the audit's results?
Final audit report.
Preliminary findings.
Audit Summary.
Draft audit report.
What opportunity does the audited agency usually have to review the draft report, providing a written response that discusses the results and offers a list of suggested fixes?
Final report.
Corrective Action Plan.
Management response.
Audit summary.
This takes the form of lack of certificate of availability of funds, lack of documentation, lack of signature, and the like.
Absence or lack of appropriation of funds.
Failure to comply with applicable laws and rules.
Graft and Corruption.
Kickbacks.
Which of the following is not a Common Cause of Disallowance to the Government?
Ghosting.
Kickbacks.
Failure to comply with applicable laws and rules.
Graft and Corruption.
The examination of financial transactions before their consummation payment.
(a)
It is performed primarily through an examination of financial statements in order to express an opinion on the fairness with which the financial condition and results of operations of an audited entity are presented.
(a)
An evaluation of the extent to which the agency has complied with pertinent laws, policies, and rules and regulations in the conduct of its operations.
(a)
In what year was the Government Auditing Code, Presidential Decree 1445 promulgated?
(a)
What function does COA perform that involves preserving vouchers, particularly the general accounts of the government?
(a)
What are the three constitutional commissioners that are recognized as separate and independent bodies according to the Article IX of the 1987 Constitution?
(a)
Which law prescribes the Manual on the New Government Accounting System?
(a)
The government agency responsible for auditing the general accounts of the government.
(a)
A comprehensive document outlining the government's spending plans and funding sources.
(a)
What document is issued to the agency, relevant government bodies, and made available to the public after considering the agency's feedback, thereby upholding transparency?
(a)
What meeting does COA conduct with agency officials to discuss the final report and emphasize the importance of implementing the audit's recommendations?
(a)
What term describes the pressure or interference COA auditors may face from politicians or government officials, compromising their independence and objectivity in conducting audits?
(a)
The increase in the volume of governmental activities has placed tremendous demands on the audit service and the fund has become inadequate for these.
(a)
Which of the following does not fall within COA's Concerns and Difficulties?
(a)
What is the definition of corruption?
(a)
