ACCO 30033 Quiz 1 and 2 (AY2020-

2021 1ST ACCO 30033 BSA 3-1)

Government Accounting Concepts and Problems
Points:
42/50
1.A serially numbered document prescribed by the DBM that should be used by
the NGAs in the remittance of withheld taxes on funds coming from the DBM..
Single choice.
(0/1 Point)
Notice of Cash Allocation
Notice of Transfer of Allocation
Tax Remittance Advice
BIR Form 1601-C
2.Statement I: Excessive expenditures are those incurred without restraint,
judiciousness, economy& exceed the bounds of propriety. These expenditures
are immoderate, prodigal, lavish, luxurious & injudicious. Statement II:
Extravagant expenditures are those incurred at an immoderate quantity or
exorbitant price. These also include expenses that exceed what is usual or proper
as well as expenses that are beyond just measure or amount.. Single choice.
(1/1 Point)
Both statements are TRUE.
Both statements are FALSE.
Only statement 1 is TRUeE
Only statement 2 is TRUE.
3.Which of the following sector got the biggest slice of the 2021 budget?. Single
choice.
(0/1 Point)
Economic Services
Defense
General Public Services
Social Services
4.These are expenditures that could not pass the test of prudence or the required
diligence of a good father of a family, thereby not responsive to the exigencies of
the service. These expenditures are not supportive of the objective and mission of
the agency relative to the nature of its operations.. Single choice.
(1/1 Point)
Irregular
Excessive
Unnecessary
Extravagant
5.DFA issued a purchase order (PO) for the acquisition of office equipment
costing P150,000. The same was paid by check after appropriate government tax.
The obligation of P150,000 was recorded in the Registry of Allotment, Obligation,
and Disbursement- Capital Outlay (RAOD-CO). How much was the amount of
MDS check issued?. Single choice.
(1/1 Point)
8,036.71
9,375
140,625
141,963.29
6.The following obligations are recorded in the RAOD-MOOE, except. Single
choice.
(1/1 Point)
Interest Expenses
Rent Expenses
Office Supplies Expenses
Electricity Expenses
7.Department of Public Works and Highways (DPWH) purchased Construction
Equipment from a VAT-registered supplier on March 10, 2020, and was available
for use only on April 05, 2020. The invoice price (exclusive of VAT) amounted to
P2,500,000. The estimated useful life of the asset is 10 years. Depreciation is to be
considered as one month if available for use on or before the 15th of the month,
however, if it is available for use after the 15th of the month, depreciation is for
the succeeding month. Assume that the company estimates a 5% salvage value
for the construction equipment. How much is the total amount credited to Due
to BIR if the equipment was paid on April 10, 2020?. Single choice.
(1/1 Point)
156,250
175,000
150,000
133,929
8.The authority issued by the DBM to agencies to cover the liquidation of their
actual obligations incurred against available allotments for availing of proceeds
from loans/grants through supplier’s credit/constructive cash.. Single choice.
(1/1 Point)
NCA
NTA
CDC
NCAA
9.A government agency had the following items for disbursements: Electricity
Expenses 500,000 Rent/Lease Expenses 246,400 Telephone Expenses 120,000
Office Supplies Inventory 67,200 Office Equipment 224,000 Assuming that the
government agency is a state university, the entry to remit the tax includes a.
Single choice.
(1/1 Point)
debit to Subsidy from National Government, P69,750
debit to Due to BIR, P69,750
credit to Cash-TRA. P76,350
credit to Cash-Modified Disbursement System, Regular, P76,350
10.It refers to authorizations made by law for payments to be made with
government funds under specified conditions for specified purposes.. Single
choice.
(0/1 Point)
Appropriations
Allotments
Allocation
Obligation
11.Department of Finance granted cash advance for the traveling expenses of its
Department Heads to attend a convention in Davao in the amount of P500,000.
The Department Heads submitted the liquidation report and supporting
documents of cash advances and refunded P20,000 of the excess cash advance.
The debit journal entry to record the refund of excess cash advance includes.
Single choice.
(1/1 Point)
Cash – MDS, Regular, P20,000
Cash – Disbursing Officer, P20,000
Cash-Collecting Officer, P20,000
Advances to Officers and Employees, P20,000
12.Under the current government accounting system, an obligation for the
purchase of equipment is recorded in the:. Single choice.
(1/1 Point)
RAOD-PS
RAOD-FE
RAOD-CO
RAOD-MOOE
13.Unreasonable and immoderate expenses incurred in violation of ethics and
morality by one who does not have any feeling of guilt for the violation.. Single
choice.
(1/1 Point)
extravagant
irregular
unnecessary
unconscionable
14.A government agency ordered a piece of office equipment for P1,200,000 on
August 20, 2020. The equipment was delivered to the government agency on
September 11, 2020, and immediately used. The asset has an estimated useful life
of 10 years. The book value of the equipment on December 31, 2021, is:. Single
choice.
(1/1 Point)
1,048,000
1,062,000
 1,087,500
1,040,000
15.The following are the selected transactions of a national government agency
for the month of March 2020: Total Allotment for MOOE P10,000,000 Total NCA
for MOOE 7,500,000 Total Obligation for MOOE 8,000,000 Total Obligations
liquidated (disbursement) for MOOE 7,000,000 What is the total amount of
unobligated allotment for MOOE?. Single choice.
(1/1 Point)
2,500,000
1,500,000
2,000,000
1,000,000
16.Department of Public Works and Highways (DPWH) purchased Construction
Equipment from a VAT-Registered supplier on March 10, 2020, and was available
for use only on April 05, 2020. The invoice price (exclusive of VAT) amounted to
P2,500,000. The estimated useful life of the asset is 10 years. Depreciation is to be
considered as one month if available for use on or before the 15th of the month,
however, if it is available for use after the 15th of the month, depreciation is for
the succeeding month. Assume that the company estimates a 5% salvage value
for the construction equipment. How much is the book value of the equipment
on December 31, 2021?. Single choice.
(0/1 Point)
2,334,500
2,84,375
2,312,333
2,064,583
17.Which of the following is used as the basis of a recording in the journals?.
Single choice.
(1/1 Point)
Journal Entry Voucher
Obligation Request
Purchase Order
Subsidiary Ledgers
18.The current chairman of the Commission on Audit (COA) is:. Single choice.
(1/1 Point)
Emilio Aguinaldo
Michael Aguinaldo
Martin Aguinaldo
Marvin Aguinaldo
19.Department of Finance granted cash advance for the traveling expenses of its
Department Heads to attend a convention in Davao in the amount of P500,000.
The Department Heads submitted a liquidation report & supporting documents
worth P550,000. The amount is reviewed & validated by the Accountant, what is
the credit journal entry to record the liquidation of the cash advance?. Single
choice.
(1/1 Point)
Advances to Officers and Employees, P500,000
Due from Officers and Employees, P550,000
Advances to Officers and Employees, P550,000
Advances to Special Disbursing Officer,500,000
20.The credit entry to record the tax remittance thru the Tax Remittance Advice
(TRA) is:. Single choice.
(1/1 Point)
Cash in Bank-Local Currency, Current Account
Cash-Modified Disbursement System(MDS), Regular
Cash-Tax Remittance Advice
Due to BIR
21.The following account balances were taken from the books of a government
agency: Salaries & Wages – Regular, P7,950,000; PERA, P300,000; Other Supplies
& Materials Expense, P412,500; Water Expenses, P45,000; Electricity Expenses,
P75,000; Telephone Expenses, P22,500; Travelling Expenses, P127,500;
Representation Allowance & Transportation Allowance (RATA), P225,000;
Representation Expenses, P150,000; Subsidy from National Government,
P10,750,000; Interest Income, P7,500; Interest Expense, P12,000; Bank Charges,
P2,250; Retirement & Life Insurance Premiums, P795,000; PAG-IBIG Contributions,
P100,000; PHILHEALTH Contributions, P79,500; Employees Compensation
Insurance Premiums, P50,000. How much is the total amount of expenses under
Maintenance & Other Operating Expenses (MOOE)?. Single choice.
(1/1 Point)
834,750
870,000
1,134,750
832,500
22.A government agency had the following items for disbursements: Electricity
Expenses 500,000 Rent/Lease Expenses 246,400 Telephone Expenses 120,000
Office Supplies Inventory 67,200 Office Equipment 224,000 How much is the net
amount paid for rental?. Single choice.
(1/1 Point)
224,400
231,000
233,200
P221,760
23.The following are the selected transactions of a national government agency
for the month of March 2020: Total Allotment for MOOE P10,000,000 Total NCA
for MOOE 7,500,000 Total Obligation for MOOE 8,000,000 Total Obligations
liquidated (disbursement) for MOOE 7,000,000 What is the total amount of
unliquidated obligation for MOOE?. Single choice.
(1/1 Point)
2,500,000
1,500,000
2,000,000
1,000,000
24.The following are the selected transactions of a national government agency:
a. Signed a contract for the construction of the building, Contract Price-P100
Million. b. Advances to contractors were made, P15% of the contract price. c.
Received the progress billings from the contractor, 30% completion. d. Paid the
amount due to the contractor. Deductions are as follows: Recoupment of the
advances, 20% of the billings Retention, 10% of the billings Withholding tax The
amount credited to Due to BIR was:. Single choice.
(1/1 Point)
937,500
1,875,000
 1,607,142.86
0
25.Which of the following income of NGAs is classified as service income?. Single
choice.
(0/1 Point)
Interest Income
School Fees
Passport and VISA Fees
Rent/Lease Income
26.A government agency ordered office equipment for P200,000 through the
procurement services of DBM on April 14, 2020. The equipment was delivered to
the government agency on May 25, 2020. The asset has a useful life of 5 years.
The depreciation expense on December 31, 2020, is:. Single choice.
(1/1 Point)
22,167
25,333
23,333
28,500
27.Which of the following is not an expense under the classification Personnel
Services?. Single choice.
(1/1 Point)
Representation Expenses
Personnel Economic Relief Allowance
Salaries and Wages-Regular
Representation Allowance
28.All of the following are national government agencies except:. Single choice.

(1/1 Point)
PUP
COA
BIR
GSIS
29.Authority issued by the Central Office of a government agency to its regional
and operating units to cover the latter’s cash requirements.. Single choice.
(1/1 Point)
NCA
NTA
NCAA
CDC
30.A government agency ordered office equipment for P200,000 through the
procurement services of DBM on April 15, 2020. The equipment was delivered to
the government agency on May 15, 2020. The asset has a useful life of 5 years.
The entry to record the delivery of the equipment is:. Single choice.
(1/1 Point)
Dr Office Equipment, Cr Accounts Payable
Dr Office Equipment, Cr Due from NGAs
Dr Office Equipment, Cr Cash-MDS, Regular
Dr Due from NGAS, Cr Cash-MDS, Regular
31.A national government agency purchased office supplies from a VAT-
registered company for P851,200. The agency also paid the P179,200 MERALCO
bill and the PLDT bill of P134,400. How much is the total amount remitted to the
BIR thru the tax remittance advice (TRA)?. Single choice.
(1/1 Point)
58,240
14,784
52,000
65,200
32.What is the legal basis of the COA for the performance of its function?. Single
choice.
(0/1 Point)
PD 1445
NGAS
IPSAS
1987 Constitution
33.The following account balances were taken from the books of a government
agency: Salaries & Wages – Regular, P7,950,000; PERA, P300,000; Other Supplies
& Materials Expense, P412,500; Water Expenses, P45,000; Electricity Expenses,
P75,000; Telephone Expenses, P22,500; Travelling Expenses, P127,500;
Representation Allowance & Transportation Allowance (RATA), P225,000;
Depreciation Expenses, P150,000; Subsidy from National Government,
P10,750,000; Interest Income, P7,500; Interest Expense, P12,000; Bank Charges,
P2,250; Retirement & Life Insurance Premiums, P795,000; PAG-IBIG Contributions,
P100,000; PHILHEALTH Contributions, P79,500; Employees Compensation
Insurance Premiums, P50,000. How much is the total amount of expenses under
Personnel Services (PS)?. Single choice.
(1/1 Point)
8,674,500
8,475,000
8,250,000
9,499,500
34.The following Cash account titles are included in the Trial Balance of a national
government agency, except. Single choice.
(0/1 Point)
Petty Cash
Cash-Local Treasury
Cash-Collecting Officer
Cash-MDS, Regular
35.The following are the selected transactions of a national government agency:
a. Signed a contract for the construction of the building, Contract Price-P100
Million. b. Advances to contractors were made, P15% of the contract price. c.
Received the progress billings from the contractor, 30% completion. d. Paid the
amount due to the contractor. Deductions are as follows: Recoupment of the
advances, 20% of the billings Retention, 10% of the billings Withholding tax The
entry to record the advances includes a:. Single choice.
(1/1 Point)
debit to Due from Contractors, P4.5M
debit to Advances to Contractors, P15M
debit to Due from Contractors, P30M
credit to Cash-MDS), Regular, P14,062,500
36.Which of the following describes the best example of extravagant
expenditures?. Single choice.
(1/1 Point)
Payment of allowances & other forms of additional compensation without proper authority.
Overpricing of purchases characterized by grossly exaggerated or inflated quotations, in excess
of the prevailing market price
Luxurious furnishings for government buildings.
Grant of overtime pay for work that is not urgent in nature.
37.The government agency that audits the general accounts of the Government,
promulgates accounting rules and regulations, and submits the annual financial
report of the Government, its subdivisions and agencies is:. Single choice.
(1/1 Point)
DBM
COA
DOF
BTr
38.Tangible items with a service life of more than one year and not within the
capitalization threshold of P15,000.. Single choice.
(0/1 Point)
Semi-expendable property and equipment
Inventories
Property and Equipment
Investment
39.The debit entry to record the cash collections in a national government agency
is:. Single choice.
(1/1 Point)
Cash Local Treasury
Cash-Collecting Officer
Cash in Bank-Local Currency-Current Account
Cash-MDS, Regular
40.It signals the start of the preparation of the budget proposal.. Single choice.
(1/1 Point)
Budget message
 budget call
Budget proposal
Budget memorandum
41.Checks issued by the government agencies chargeable against the account of
the Treasurer of the Philippines. Single choice.
(1/1 Point)
Commercial checks
MDS checks
Managers Checks
NCA checks
42.This account is debited to record the amount advanced to officers and
employees for official travel.. Single choice.
(1/1 Point)
Advances for Operating Expenses
Due from Officers and Employees
Advances to Officers and Employees
Advances to Special Disbursing Officer
43.The following are the selected transactions of a national government agency:
a. Signed a contract for the construction of the building, Contract Price-P100
Million. b. Advances to contractors were made, 15% of the contract price. c.
Received the progress billings from the contractor, 30% completion. d. Paid the
amount due to the contractor. Deductions are as follows: Recoupment of the
advances, based on % of completion Retention, 10% of the billings Withholding
tax The net amount paid to the contractor in the transaction (d) was:. Single
choice.
(1/1 Point)
10,125,000
20,625,000
13,125,000
19,125,000
44.A national government agency purchased office supplies from a VAT-
registered company for P851,200. The agency also paid the P179,200 MERALCO
bill and the PLDT bill of P134,400. How much is the net amount of cash paid to
MERALCO?. Single choice.
(1/1 Point)
16,656
168,000
126,000
294,000
45.Purchases without any bidding is an example of:. Single choice.
(1/1 Point)
Irregular Expenditures
Unconscionable Expenditures
Excessive Expenditures
Unnecessary Expenditures
46.The following are the selected transactions of a national government agency:
a. Signed a contract for the construction of the building, Contract Price-P100
Million. b. Advances to contractors were made, P15% of the contract price. c.
Received the progress billings from the contractor, 30% completion. d. Paid the
amount due to the contractor. Deductions are as follows: Recoupment of the
advances, 20% of the billings Retention, 10% of the billings Withholding tax The
entry to record the billings includes a. Single choice.
(1/1 Point)
debit to Construction in Progress-Buildings and Other Structures, P30M
debit to Construction in Progress-Buildings and Other Structures, P15M
credit to Accounts Payable, P15M
credit to Advances to Contractors, P15M
47.The minimum amount of an individual asset to be recognized as PPE.. Single
choice.
(1/1 Point)
25,000
20,000
15,000
10,000
48.A government budgetary process wherein the President, through the
assistance of the DBM, shall prepare & submit to the Congress a Budget of
Expenditures and Sources of Financing (BESF), including receipts from existing
and proposed revenue measures.. Single choice.
(1/1 Point)
Budget Preparation and Presentation
Budget Authorization
Budget Execution
Budget Accountability
49.Statement I: Government Accounting Manual contains the accounting policies
in accordance with the PPSAS as well as the guidelines and procedures to be
adopted by the accountants, budget officers, cashiers, property officers,
accountable officers, and other finance personnel in recording and reporting
government financial transactions. Statement II: Cash in Bank-Local Currency
Current Account is debited to recognize deposits with AGDBs of income received
for which the agency has authority to use.. Single choice.
(1/1 Point)
Both statements are TRUE.
Only Statement I is TRUE
Only Statement II is TRUE
Both statements are FALSE
50.The debit entry to close the unused NCA on the books of a national
government agency is. Single choice.
(1/1 Point)
Subsidy from National Government
Cash-MDS, Regular
Due to National Treasury
Cash -Collecting Officers
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