Far Eastern UniversityMakati

Preliminary ExaminationACTGOV

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1. The objectives NGAS include all of the following, excepta. To simplify government accounting and its eventual computerizationb. To adopt a system that is conformity with Philippine Financial Reporting Standards (PFRS)c. To keep close tabs on erring officers that misappropriate government fundsd. To generate periodic and relevant financial reports for better monitoring of performance

2. It is the government body that keeps the general accounts of the government and prepares the annual financial statement of the national government, local government agencies and government-owned or controlled operations (GOCCs)?a. Commission on Audit( CoA) c. Department of Budget and Managementb. Bureau of Treasury d. Department of Finance

3. What are the components of the financial statements (FS) under NGAS?a. Balance sheet, statement of income and expenses and notes to the FS b. Balance sheet, statement of income and expenses and cash flow statementc. Balance sheet, statement of income and expenses and statement of government equityd. Balance sheet, statement of income and expenses, cash flow statement, statement of government equity

and notes to the FS4. It is a system of prescribing the procedures for recording appropriations, allotments and obligations.

a. Fund accounting c. Obligation accountingb. Budgetary accounting d. Treasury disbursement coding system

5. It is an authorization made by law or other legislative enactment, directing payments of goods and services out government funds under specifiedcondition or for specific purposes.a. Allotment c. Appropriationb. Obligation d. Malversation

6. It refers to the commitment by a government agency arising from an act of a duly authorized official that binds the government to the immediate or eventual payments of a sum of money.a. Allotment c. Appropriationb. Obligation d. Malversation

7. It is an authorization issued by the DBM to government agencies to withdraw cash from the National Treasury through the issuance of Modified Disbursement System Checks.a. Allotment c. Appropriationb. Obligation d. Notice of Cash Allocation

8. The following are the system followed in the NGAS, excepta. Commercial accounting c. Responsibility accountingb. Double-entry bookkeeping d. Fund accounting

9. Which is not a basic feature of NGAS?a. One-fund concept c. Three-digit account number systemb. Two-column trial balance d. Four-digit responsibility account coding structure

10. Which is not a basic feature of NGAS?a.Straight-line depreciation c. Corollary and negative (red) entriesb. Allowance for doubtful accounts d. Perpetual inventory system

11. This serves as the basis for recording transactions in the general journal.a. Journal Entry Voucher (JEV) c. Government bidding filesb. Source documents d. Government contractor form

12. Which of the following is not a Regular Agency Book?a. General journal c. Cash Journalb. General ledger d. Check disbursements journal

13. Under NGAS, supplies and materials purchased for inventory purposes are recorded usinga. First-in, first-out(FIFO) c. Weighted averageb. Last-in, first-out (LIFO) d. Moving average

14. Once a government agency receives Notice of Cash Allocation (NCA), it shall debit “ Cash-National Treasury, Modified Disbursement System” and credita. NCA- Local Government c. Subsidy Income- Local Governmentb. NCA- National Government d. Subsidy Income- National Government

15. Petty cash fund being maintained by government agencies shall be maintained undera. Fluctuating fund system c. Either of theseb. Imprest system d. Neither of these

16. Under NGAS, the standard residual value of depreciable assets is equal toa. 10% of cost c. P 1,000b. Zero d. P 5,000

17. It represents all funds received by the government from taxes, grants, aids and subsidies.a. Government income c. Cash Fundb. Government surplus d. Borrowing

18. What are the two major classification of government income?a. National and Local income c. External and Internal tradeb. General and Specific income d. Any of these

19. Specific income accounts of the government include all of the following, excepta. Taxes imposed on income c. Taxes on international tradeb. Taxes imposed on properties d. Grants and donations

20. Which is nota major classification of government expenses?a. Personal Services c. Selling and administrative expensesb. Financial expenses d. Maintenance & other operating expenses

21. Personal services in government entities would normally includea. Advertising, rent, insurance and gasolineb. Salaries, bonuses and allowancesc. Travels, training, seminar and telephoned. Bank charges, interest and foreign currency exchange losses

22. These accounts are closed to the government equity account at the end of the period.a. Balance sheet accounts c. Guarantee depositb. Intermediate accounts d. Allowance for doubtful accounts

23. A government agency shall maintain which of the following registries for allotments and obligations?a.Registry of Allotments and Obligation- Personal Services (RAOPS)b. Registry of Allotments and Obligation-Maintenance & Other Operating Expenses (RAOMO) & Registry of Allotments and Obligation- Financial Expense (RAOFE)c. Registry of Allotments and Obligation-Capital Outlay (RAOCO)d. All of the choices

24. In Controlling and monitoring the appropriations and allotment, DBM shall maintain the following registries, excepta. Registry of Appropriation & Allotment (RAPAL)b. Registry of Special Purpose Fund Appropriation (RESPFA)c. Registry of Allotments & NCA (RANCA) d. Registry of Notice of Cash Allocation and Replenishments (RENREP)

25. This consists of cash and resources of the government that are available for any purpose.a. General fund c. Trust fundb. Special fund d. Depository fund

26. Fund administered by government under a fiduciary capacity is referred to asa. General fund c. Trust fundb. Special fund d. Depository fund

27. Which is (are) a special purpose fund created as required by law r by a donor agency?a. Miscellaneous Personal Fund c. Organization Adjustment Fundb. Calamity Fund d. All of the choices

28. Which is not a local government fund?a. General fund c. Special education fundb. Infrastructure fund d. Pork barrel fund

29. A local government fund that constitutes the annual contribution from city or municipality in the amounts approved by law for each barrio which is spent solely for community development projects.a.Infrastructure fund c. Trust fundb. Special education fund d. Barrio development fund

30. Disbursement of local funds must be approved bya. Division head c. Accountantb. Local administrator d. Local chief executive