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GOVT ACCOUNTING 21 HOURS .... TEXTBOOK: GOVT ACCTG BY ANGELITO PUNZALAN AND MILAGROS CARDONA --- PLS SECURE A COPY (BOUND OR XEROX) SAY P350 AT NBS, CONANAN BOOKSHOP
GOVERNMENT ACCOUNTING
WHY THE NEED TO BE AWARE, KNOW AND STUDY GOVT ACCOUNTING? TO PREPARE FOR CPA LICENSURE EXAMINATION, AND THE POSSIBILITY OF ONES CAREER IN THE GOVERNMENT CIVIL SERVICE
RESPONSIBILITY ACCOUNTING
THIS IS A CONCEPT IMPLYING THAT EVERY ECONOMIC ACTIVITY EVENT AFFECTING AN ORGANIZATION IS THE RESPONSIBILITY OF AND CAN BE TRACED TO AN INDIVIDUAL MANAGER.
ACCOUNTING RESPONSIBILITY
AGENCIES CHARGED BY THE REPUBLICS CONSTITUTION: COMMISSION ON AUDIT (COA) DEPT OF BUDGET AND MANAGEMENT (DBM) BUREAU OF TREASURY (NATIONAL TREASURY) VARIOUS GOVT SUBDIVISIONS, AGENCIES, INCLUDING GOCCs
COMMISSION ON AUDIT
ACCOUNTING RESPONSBILITY: KEEPS THE GENERAL ACCOUNTS OF THE GOVT, PROMULGATES ACCOUNTING RULES AND REGULATIONS AND SUBMITS TO THE PRES OF THE REPUBLIC AN ANNUAL REPORT OF THE GOVERNMENT NOT LATER THAN LAST DAY OF SEPTEMBER OF EACH YEAR
Q.: WHAT IS THE LEGAL BASIS OF THE COMM ON AUDIT IN PRESCRIBING THE NGAS?
a. b. c. d. Presidential Decree 1445 COA Circular No. 2002 001 The Constitution of the Republic PD 1445 and the Constitution
BUREAU OF TREASURY
ACCOUNTING RESPONSIBILITY: RECEIVES AND KEEPS NATIONAL FUNDS,MANAGE AND CONTROL THE DISBURSEMENTS; MAINTAIN ACCOUNTS OF FINANCIAL TRANSACTIONS OF ALL NATIONAL GOVERNMENT OFFICES,AGENCIES AND INSTRUMENTALITIES.
Q.:WHAT IS THE ROLE OF THE BUREAU OF TREASURY IN RELATION TO GOVERNMENT ACCOUNTING RESPONSIBILITY?
a. To design prepare and approve the accounting system of the national government agencies. b. To keep the general accts of the national government c. To receive and keep national funds and manage or control disbursements thereof. d. To prepare the annual report of national government, agencies and GOCCs
ACCOUNTING METHODS
ACCRUAL CONCEPT .... (REMEMBER?) MODIFIED ACCRUAL ... ACCRUAL IS NOT APPLIED OR OBSERVED ON CASES WHERE SUCH CONCEPT IS IMPRACTICAL OR WHEN OTHER METHODS ARE REQUIRED BY LAW. TAXES ... FOR EXAMPLE IT IS DIFFICULT TO DETERMINE HOW MUCH AND FROM WHOM TO COLLECT, SO, CASH BASIS IS OBSERVED.
RESPONSIBILITY ACCOUNTING
RECALL THE DEFINITION IN THE GOVERNMENT IT MEASURES THE PLANS REFERRING TO THE BUDGET AND ACTUAL RESULTS OF EACH RESPONSIBILTY CENTER.
BOOKS OF ACCOUNTS
USE OF GENERAL JOURNAL USE OF JOURNAL ENTRY VOUCHER MAINTENANCE OF REGULAR AGENCY BOOKS MAINTENALCE OF NATIONAL GOVERNMENT BOOKS
FINANCIAL EXPENSES
INCLUDES BANK CHARGES, INTEREST EXPENSE, COMMITTMENT CHARGES, DOCUMENTARY STAMPS AND OTHER RELATED EXPENSES. THIS WAS REMOVED FROM MAINTENANCE AND OTHER OPERATING EXPENSES ACCOUNT.
CONSTRUCTION OF ASSETS
CONSTRUCTION PERIOD THEORY IS APPLIED FOR COSTING PURPOSES BONUS PAID TO CONTRACTOR IS ADDED TO COST. LIQUIDATED DAMAGES DUE FROM CONTRACTOR IS DEDUCTED FROM PROJECT COST
Q.: UNDER THE NGAS, SERVICEABLE ASSETS NO LONGER BEING USED SHALL BE CLASSIFIED AS:
a. b. c. d. e. PPE Obsolete property Depreciated assets Other assets Assets for disposal
Q.: UNDER THE NGAS, SERVICEABLE ASSETS NO LONGER BEING USED SHALL BE CLASSIFIED AS:
a. b. c. d. e. PPE Obsolete property Depreciated assets Other assets Assets for disposal
DEPRECIATION
STRAIGHT LINE METHOD IS USED. UNIFORM ESTIMATED LIFE OF PUBLIC GOODS, EXAMPLES: RUNWAYS 20 YEARS RAILWAYS - 40 YEARS BUILDING MADE OF WOOD 10 YEARS ...
RECLASSIFICATION OF ASSETS
OTHER ASSETS NO DEPRECIATION UNSERVICEABLE ASSETS
RECOGNITION OF LIABILITY
ACCRUALS .... USUALLY RECOGNIZEDAT THE TIME GOODSAND SERVICES ARE ACCEPTED OR RENDERED AND SUPPLIER OR CREDITOR BILLS ARE RECEIVED BY THE CONCERNED AGENCY.
INTEREST ACCRUAL
INTEREST INCOME OR EXPENSE, WHEN APPROPRIATE ARE TO BE RECOGNIZED INTEREST INCOME THOSE EARNED ON DEPOSITS WITH BANKS, LOANS AND INVESTMENT BONDS, TREASURY NOTES, TREASURY BILL AND PROMISSORY NOTES HELD
INTEREST ACCRUAL
INTEREST EXPENSE TO RECORD CHARGES IMPOSED AS A CONSEQUENCE ON USE OF MONEY BELONGING TO OTHER, SUCH US INTEREST IN BONDS, CERTIFICATES OF INDEBTEDNESS, TREASURY BILLS, TREASURY NOTES
NEXT TOPICS
ACCOUNTING FOR BUDGETARY ACCOUNTS THIS IS ABOUT WAYS OF RECORDING APPROPRIATIONS, ALLOTMENTS AND OBLIGATIONS IN THE REGISTRIES MAINTAINED BY THE DBM, BUREAU OF TREASURY AND GOVT AGENCIES/ UNITS/ INSTRUMENTALITIES/ GOCCs