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    AC - Acctg Gov Quiz 01

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    Erjohn Papa
    This document contains a quiz with multiple choice questions about government accounting responsibilities and concepts. It also includes a word problem describing the transactions of a newly formed government agency throughout a calendar year. The problem requires recording the transactions, posting them to ledger accounts, preparing an unadjusted trial balance, any necessary adjustments, and closing entries. It tests understanding of accounting for government agencies and the accounting cycle.

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    AC - Acctg Gov Quiz 01

    Uploaded by

    Erjohn Papa
    840 views2 pages
    This document contains a quiz with multiple choice questions about government accounting responsibilities and concepts. It also includes a word problem describing the transactions of a newly formed government agency throughout a calendar year. The problem requires recording the transactions, posting them to ledger accounts, preparing an unadjusted trial balance, any necessary adjustments, and closing entries. It tests understanding of accounting for government agencies and the accounting cycle.

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    AC_Acctg Gov Quiz 01

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    This document contains a quiz with multiple choice questions about government accounting responsibilities and concepts. It also includes a word problem describing the transactions of a newly formed government agency throughout a calendar year. The problem requires recording the transactions, posting them to ledger accounts, preparing an unadjusted trial balance, any necessary adjustments, and closing entries. It tests understanding of accounting for government agencies and the accounting cycle.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    840 views2 pages

    AC - Acctg Gov Quiz 01

    Uploaded by

    Erjohn Papa
    This document contains a quiz with multiple choice questions about government accounting responsibilities and concepts. It also includes a word problem describing the transactions of a newly formed government agency throughout a calendar year. The problem requires recording the transactions, posting them to ledger accounts, preparing an unadjusted trial balance, any necessary adjustments, and closing entries. It tests understanding of accounting for government agencies and the accounting cycle.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    QUIZ 01:

    NAME: _______________________________ID No.: __________


    PROBLEM 01:
    1. What is the role of the Bureau of Treasury in relation to government accounting responsibility?
    A. To receive and keep national funds and manage or control disbursement thereof.
    B. To design, prepare and approve the accounting systems of government agencies.
    C. To keep the general accounts of the national government.
    D. To prepare the annual financial report of the national government, its instrumentalities and government-owned or
    controlled corporations.

    2. It refers to an accounting entity for recording expenditures and revenue associated with a specific activity for which
    accounting records are maintained and periodic reports are prepared.
    A. Financial accounting and reporting
    B. Public sector accounting and reporting
    C. Fund cluster accounting
    D. Responsibility accounting

    3. It represents the accounts classification as to assets, liabilities, equity, income and expenses.
    A. Code
    B. Account group
    C. Major account group
    D. Sub-major account group

    4. Which department prepares the national budget, which serves as the basis of the General Appropriation Act?
    A. Executive Department
    B. Legislative Department
    C. Judiciary Department
    D. National Government Agencies/units

    5. It is the amount committed to be paid by the government arising from an act of a duly authorized administrative
    officer and which binds the government to the immediate and eventual payment of money.
    A. Obligation
    B. Appropriation
    C. Allotment
    D. Commitment

    PROBLEM 02:
    Entity A is a newly formed government agency. Entity A ‘s transactions and events during the calendar year 20x1 are as
    follows:
    A. Received appropriation of P500,000.
    B. Received allotment of P450,000.
    C. Incurred obligations amounting to P440,000.
    D. Received Notice of Cash Allocation of P430,000.
    E. Accrued P80,000 salaries through granting, and liquidation, of cash advance. The breakdown of the salaries is as
    follows:
    Salaries and Wages P 70,000
    Personal Economic Relief Allowance (PERA) 10,000
    Gross Compensation P 80,000
    Withholding Tax P 18,000
    GSIS 4,000
    Pag-IBIG 1,000
    PhilHealth 2,000
    Total Salary Deduction P 25,000
    F. Received delivery of purchased office equipment worth P200,000. The equipment has an estimated useful life of 5
    years and a 5% residual value. Entity A recognizes monthly depreciation every end of the month using the straight-
    line method. The equipment is acquired on January 1, 20X 1.
    G. Paid the accounts payable from the purchase of equipment above. Taxes withheld amount to P12,000.
    H. Received delivery of purchased offices supplies worth P100,000. The office supplies were purchased through check.
    Taxes withheld amount to P5,000.
    I. Issued office supplies worth P90,000 to end user.
    J. Granted P20,00 cash advance to an employee for travelling expenses on an official local travel. The employee
    liquidated P17,00 and remitted the excess cash advance.
    K. Collected unbilled service income for Permit Fees of P40,000 and remitted P30,000 of the total collection.
    L. Paid water and electricity expenses amounting to P5,000 and P10,000, respectively. Taxes withheld amount to
    P2,000.
    M. Remitted the taxes withheld amount to the BIR.
    N. Remitted contributions to GSIS, PhilHealth and Pag-IBIG.
    Requirement:
    a. Record the transactions and events above. If no journal entry is needed, state the registry or the other document where
    the transaction or event is recorded.
    b. Post the transactions in the ledger. Use T-accounts.
    c. Prepare the unadjusted trial balance.
    d. Prepare the adjustments, if any.
    e. Prepare the closing entries.

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