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Gov Acc Quiz 1, Beltran

This document provides an overview of government accounting. It discusses key topics like the processes involved in government accounting, the agency that promulgates accounting standards for non-government agencies, and the agency responsible for auditing rules and regulations. It also includes a quiz with multiple choice questions testing understanding of concepts like qualitative characteristics, types of comparability, and reconciliation requirements.

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1K views2 pages

Gov Acc Quiz 1, Beltran

This document provides an overview of government accounting. It discusses key topics like the processes involved in government accounting, the agency that promulgates accounting standards for non-government agencies, and the agency responsible for auditing rules and regulations. It also includes a quiz with multiple choice questions testing understanding of concepts like qualitative characteristics, types of comparability, and reconciliation requirements.

Uploaded by

bruuhhhh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 1

Overview of Government Accounting


QUIZ:

1. 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.
a. Government accounting
b. Government reporting
c. Government auditing
d. Tax accounting

2. The GAM for NGAs is promulgated by the


a. Commission on Accounting (COA)
b. Commission on Audit (COA)
c. Board of Accountancy (BOA)
d. Bureau of Internal Revenue (BIR)

3. The Commission on Audit (COA) is responsible for


a. the formulation and implementation of the national budget with the goal of attaining the
nation’s socio-economic objectives.
b. receiving and keeping national funds and managing and controlling the disbursements
thereof.
c. directly implementing the projects of the government.
d. promulgating accounting and auditing rules and regulations.

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


a. Commission on Audit
b. Bureau of Internal Revenue
c. Non-stock, non-profit private hospital
d. Department of Budget and Management

5. Which of the following qualitative characteristics may be sacrificed when reporting information
on a timely basis?
a. Relevance
b. Reliability
c. Substance over form
d. Faithful representation
6. 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.
a. Feedback value
b. Predictive value
c. Materiality
d. Relevance

7. This refers to the comparability between the financial statements of different entities?
a. Inter-comparability
b. Intra-comparability
c. Horizontal comparability
d. Vertical comparability

8. When the substance of a transaction or event differs from its legal form, the entity should report
the transaction’s or event’s
a. substance
b. legal form
c. a trade-off between a and b
d. either a or b, based on their significance

9. The implication that users must be informed of the entity’s policies, changes to those policies,
and the effects of those changes refers to
a. Comparability
b. Completeness
c. Understandability
d. Reliability

10. In the financial reporting system of the national government, to which of the following shall an
entity reconciles its cash records?
a. Commission on Audit
b. Bureau of Treasury
c. Department of Budget and Management
d. Office of the President

“A wise man will hear and increase learning, and a man of understanding will attain wise counsel.” (Proverbs 1:5)

- END -

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