1
Q
(6) Basic Requirements and Certifications for Disbursement of Public Funds
A
- Availability of allotment/budget for obligation/utilization
- Budget Officer/Head of Budget Unit - Obligations/Utilizations properly charged against allotment/budget
- Chief Accountant/HOAU - Availability of (3) funds and (4) cash and completeness of documents
- Chief Accountant - Legality of the tranx and conformity with rules & regulations
- Head of requesting unit - Submission of proper evidence to establish validity of the claim
- Approval of the disbursement
- Head of Agency/by his duly authorized rep
2
Q
What is needed so that “funds shall be disbursed, expenditure or obligations chargeable against any authorized allotment”
A
Certification of the Chief Accountant
3
Q
What happens if any certification for a non-existent or fictitious obligation and or creditor exists?
A
Void
Dismissal
4
Q
4 Disbursement Authorities
A
- NCA
- NCAA
- CDC
- NTA
5
Q
Authority issued by the DBM to central, regional and provincial offices and operating units to cover their cash requirements
A
NCA
6
Q
Authority that specifies the max amount of cash that can be withdrawn from a GSB in a certain period
A
NCA
7
Q
NCA shall be monitored though the maintenance of
A
Registry or Allotments and Notice of Cash Allocations (RANCA) by Accounting Division/unit
8
Q
*Total disbursements shall not exceed total NCA received
A
9
Q
Authority issued by an agency’s Central Office to its regional and operating units to cover the latter’s cash requirements
A
NTA
10
Q
Authority that specifies the max amount of withdrawal that an entity can make from a GSB for the period indicated
A
NTA
11
Q
*No MDS check/ADA shall be issued by the RO/OU without the covering NTA
A
12
Q
*Total MDS checks/ADA issued shall not exceed the total NTA received
A
13
Q
NTA shall be monitored through
A
Registry of Allotment and Notice of Transfer of Allocation
14
Q
Authority issued by DBM to agencies to cover the liquidation of their actual obligations incurred against available allotments for availment of proceeds from loans/grants through supplier’s credit/constructive cash
A
NCAA
15
Q
Authority issued by DBM to DFA and DOLE
A
CDC
16
Q
Authority issued to utilize the deparments’ income collected /retained by their Foreign Service Post (FSP) to cover their operating requirements
A
CDC
17
Q
CDC is an authority issued by DBM to
A
DFA and DOLE
18
Q
*Total disbursements not to exceed the released allotment
A
19
Q
8 Modes of Disbursements
A
- Checks - Direct Payment Method
- Cash
- Advice to Debit Account (ADA)
- Tax Remittance Advice (TRA)
- Working fund/CDC
- eMDS/ Electronic Modified Disbursement System
- CPCS/Cashless Purchase Card System
- NCAA (Non-cash Availment Authority
20
Q
It shall be drawn only on duly approve DV or Payroll
A
Disbursement through Check
21
Q
(MODE)
Used for payment of regular expenses that cannot be paid using ADA, PCF, or CA
A
Disbursement through Check
22
Q
2 types of checks issued by the Government
A
- MDS checks
- Commercial checks
23
Q
(Journal entry)
For MDS check
A
A/E/L
Cash - MDS, Regular
24
Q
(Journal Entry)
For Commercial Check
A
A/E/L
Cash in Bank-Local Currency, Current Account
25
(MODE)
Payments out of cash advances (CA) granted to the regular and special disbursing officers
Disbursement through Cash
26
This mode if for personal services, petty expenses and MOOE for field operating requirements
Disbursements through Cash
27
What are 2 amendments as to the COA rules and regulations governing the granting and liquidation of cash advances?
i. Advances for payroll shall not be used for encashment of checks for liquidation
j. Petty cash fund shall be sufficient for the recurring petty cash expenses for the month
28
As to what percent of PCF is needed to reach to replenish it?
75% or as needed
29
Cash Advance for Payroll is granted to
Regular Disbursing Officers
30
This is for payment of salaries, wages, honoraria, allowances and other personal benefits of officials and employees
CA for Payroll
31
This is equal to the net amount of the processed payroll corresponding to the pay period
CA for Payroll
32
Who maintains the Cash Disbursement Record and prepares the Report of Cash Disbursements
Disbursing Officer
33
(Journal entry)
To record the grant of cash advances
Advances for/to
Cash - MDS, Regular
34
(Journal entry)
To record the liquidation of cash advances
Expenses
Advances for/to
35
Accountable form used as an authorization issued by a govt agency to the MDS-GSB (Govt Servicing Bank) instructing the bank to debit a specified amount from its available NCA to pay the creditors/payees listed in the LDDAP-ADA
Disbursement through ADA
36
Disbursement through ADA is used to pay the creditors/payees listed in
LDDAP-ADA
List of Due and Demandable Accounts Payable-Advice to Debit Account
37
(Journal Entry)
To recognize payment of payables to suppliers/contractors through ADA
Accounts Payable
Cash-MDS, Regular
38
Disbursements made directly from the accounts of Bureau of Treasury maintained with Land Bank of the Philippines
Disbursement through eMDS
39
Who are authorized to make online disbursements for selected tranx?
Agencies subscribed under LBP's eMDS
40
Disbursements made through the use of an electronic card
Disbursement through CPCS
41
(Journal Entry)
To recognize purchase of office supplies through CPC
Office Supplies Inventory
A/P
42
(Journal Entry)
To recognize settlement of CPC billing statement
A/P
Cash - MDS, Regular
43
(Journal Entry)
To recognize receipt of PPE procured through the direct payment scheme
Communication Equipment
Accounts Payable
44
(Journal entry)
Books of Entity:
To recognize receipt of NCAA and payment of payable
A/P
Subsidy from National Government
45
(Journal entry)
Books of BTr
To recognize the replenishments made to AGSB negotiated MDS-checks and payments on account of the NGA
Subsidy to NGAs
Loans Payable - Foreign
46
(Journal entry)
Books of Entity
To recognize the constructive receipt of NCA for TRA
Cash - TRA
Subsidy from National Government
47
(Journal Entry)
Books of entity
To recognize constructive remittance of taxes withheld to the BIR through TRA
Due to BIR
Cash - TRA
48
(Journal entry)
Books of BIR
To recognize constructive receipt of taxes remitted by NGAs through TRA
Cash - TRA
Income Tax
49
(journal Entry)
Books of BTr
To recognize constructive receipt of remittance of taxes by NGAs through TRA
Subsidy to NGAs
Cash - TRA
50
4 Types of Inventories
1. Inventories Held for Sale
2. Inventories Held for Distribution
3. Inventories Held for Manufacturing
4. Inventories Held for Consumption
51
Consists of machinery, equipment, furniture, and fixtures and similar items not capitalized as PPE bcs their costs are below 50,000 capitalization threshold
Semi-Expendable Propert
52
Capitalization threshold
50,000
53
Inventories are initially measured at
cost
54
Inventories held for sale are subsequently measured at
lower of cost and net realizable value
55
Inventories held for distribution are subsequently measured at
lower of cost and current replacement cost
56
If inventories are acquired through a non-exchange tranx, their cost shall be measured as their ______ as at the date of acquisition
fair value
57
Cost is determined on ____ in assigning cost to inventories for interchangeable items
Weighted average
58
Cost is determined on _______ in assigning cost to inventories that are not ordinarily interchangeable
Specific identification method
59
Purchase of supplies and materials for stock, regardless of whether or not they are consumed within the accounting period are recorded as Inventory Account under the _______________
Perpetual Inventory Method
60
Semi-expendable property are accounted as _____ upon issue to the end-users
Expenses
61
Write-downs to NRV are recognized as an
expense
62
Reversals arising from an increase in NRV are recognized as
reduction of the inventory expense
63
It consists of the system of monitoring, controlling and recording of acquisition and disposal of inventory
Inventory Accounting System or Accounting System of Inventory
64
3 Sub-systems for inventory accounting:
1. Receipt, inspection acceptance and recording deliveries of inventory items
2. Requisition and issue of inventory items
3. Transfer and/or disposal of inventory items
65
(Requisition)
1. End users prepare the _______
Purchase Request (PR) form
66
(Requisition)
2. Purchasing Unit prepares the _______
Purchase Order (PO)
67
A canvass from at least 3 suppliers is required for purchases amounting to
1,000 and above
68
(Receipt)
3. Property/Supply Division prepares the __________ and forwards it to the Property Inspector
Inspection and Acceptance Report (IAR)
69
(Receipt)
4. __________ inspects the delivered items and fills up the IAR
Property Inspector
70
(Receipt)
5. The Property/Supply Division records accepted deliveries in the ________
Stock Card (SC)
71
(Receipt)
6. The Accounting Division records accepted deliveries in the books of accounts and in the __________--
Supplies/Stocks Ledger Card (SLC)
72
(Receipt)
7. The Property/Supply Division prepares the __________ then forwards it, together w/ the supporting docus, to the Accounting Division for processing of payment
Disbursement Voucher
73
(Disposition)
8. End users prepare the __________ to request for the issuance of inventory
Requisition and Issue Slip (RIS)
74
(Disposition)
9. The Property/Supply Division prepares the __________
Report of Supplies and Materials Issued (RSMI)
75
(Disposition)
10. The Accounting Division uses the ____ for recording in the books of accounts and updating of the SLC
RSMI
76
Documents used to report wasted materials, such as destroyed spare parts and other spoilages
Waste Materials Report
77
Documents used in reporting the results of physical counts of inventories
Report on the Physical Count of Inventories
78
Documents used to report the movement and status of accountable forms
Report of Accountability for Accountable Forms
79
Document prepared when issuing semi-expendable property
Inventory Custodian Slip
80
The threshold is applied on a _______
per item basis
81
The threshold is applied on a per item basis, except as follows (2)
1. Individual items with values below the threshold but WORK TOGETHER AS A GROUP if total cost of the group is 50k or more
2. BULK ACQUISITIONS OF SMALL ITEMS OF PPE if their aggregate cost is 50k or more
82
Initial recognition of PPE is at ___
cost which is the fair value as at the date of acquisition
83
The carrying amount of an item of PPE shall be DERECOGNIZED:
(2)
1. on disposal
2. when no future economic benefits or service potential is expected from its use or disposal
84
PPE wherein ownership is not confined for entities in the public sector
Infrastructure Assets
85
4 Characteristics of Infrastructure Assets
1. part of the system/network
2. specialized in nature and do not have alternative uses
3. immovable
4. subject to constraints on disposal
86
A promise by a surety or guarantor to pay one party a certain amount if a second party fails to meet some obligations
Surety bond
87
It protects the agency against losses resulting from the contractor's failure to meet the obligation
Surety bond
88
It includes all activities and associated costs for transportation of contractor's personnel, equipment, and operating supplies to the site, etc
Mobilization fee
89
Assets that have historical, cultural and environmental significance and are intended to be preserved for future generations
Heritage Assets
90
Heritage Assets are measured at
cost
91
Heritage assets are not depreciated, but subject to
impairment
92
*Those that have future economic benefits other than their heritage value are depreciated similar to the other items of PPE
93
It refers to the renewal of a forest cover by planting seeds or young trees
Reforestation
94
Reforestation projects are recorded as
Land improvements
95
(Reforestation projects)
Subsequent costs are ________ if costs are incurred within the duration of the project
capitalized
96
(Reforestation project)
Subsequent costs are _____ if incurred after the turn-over of the project
expensed
97
5 Modes of Acquisition
1. Purchase
2. Construction
3. Exchange Transaction
4. Non-exchange transaction
5. Finance Lease
98
(by Purchase)
cash basis, measured at
cost
99
(Purchase)
Cash discounts, whether taken or not, are ______ from the initial measurement
excluded
100
(Purchase)
Cash discounts not taken are recognized as _____---
Other losses
101
(Purchase)
PPE purchased under installment basis is initially measured at
cash price equivalent
102
(Purchase)
*If the promotional item is the same as those purchased, the total acquisition cost is allocated to ALL the items acquired including the promotional item
103
(Purchase)
If the promotional item is different from the other items acquired, the initial cost of the promotional items is its ____
fair value
104
(Purchase)
*If the promotional item is different from the other items acquired, the initial cost of the promotional items is its fair value. The purchase price, net of the FV of the promotional item, is allocated to the other assets acquired
105
(Purchase)
Lump sum price acquisition:
total cost paid shall be allocated to the asset acquired based on the ________ of the asset acquired
relative fair value
106
2 ways of acquisition by Construction
1. by Contractor
2. by Administration
107
(By Contractor)
the cost is the
contract price
108
(By Administration)
* the cost includes direct materials, labor and other construction overheads
109
Construction costs are initially recorded in the
Construction in Progress
110
*Upon completion, the construction costs are reclassified to the appropriate PPE account
111
BSA 38C
flashcards
Decks in class (4)
# Cards
