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    Government Accounting Prelims

    Uploaded by

    Christianne Joyse Merrera
    Here are the journal entries for the transactions: 1. Debit Cash MDS Regular Php 1,000,000 Credit Subsidy from National Government Php 1,000,000 2. Debit Cash MDS Regular Php 100,000 Credit Due to BIR Php 100,000 3. Debit Cash MDS Regular Php 1,000,000 Credit Allotment Php 1,000,000 4. Debit Cash MDS Regular Php 1,200,000 Credit Appropriation Php 1,200,000 5. No journal entry. Record in Obligation Request and Status. 6. No journal entry. Record in

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    Government Accounting Prelims

    Uploaded by

    Christianne Joyse Merrera
    57 views3 pages
    Here are the journal entries for the transactions: 1. Debit Cash MDS Regular Php 1,000,000 Credit Subsidy from National Government Php 1,000,000 2. Debit Cash MDS Regular Php 100,000 Credit Due to BIR Php 100,000 3. Debit Cash MDS Regular Php 1,000,000 Credit Allotment Php 1,000,000 4. Debit Cash MDS Regular Php 1,200,000 Credit Appropriation Php 1,200,000 5. No journal entry. Record in Obligation Request and Status. 6. No journal entry. Record in

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    Here are the journal entries for the transactions: 1. Debit Cash MDS Regular Php 1,000,000 Credit Subsidy from National Government Php 1,000,000 2. Debit Cash MDS Regular Php 100,000 Credit Due to BIR Php 100,000 3. Debit Cash MDS Regular Php 1,000,000 Credit Allotment Php 1,000,000 4. Debit Cash MDS Regular Php 1,200,000 Credit Appropriation Php 1,200,000 5. No journal entry. Record in Obligation Request and Status. 6. No journal entry. Record in

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    57 views3 pages

    Government Accounting Prelims

    Uploaded by

    Christianne Joyse Merrera
    Here are the journal entries for the transactions: 1. Debit Cash MDS Regular Php 1,000,000 Credit Subsidy from National Government Php 1,000,000 2. Debit Cash MDS Regular Php 100,000 Credit Due to BIR Php 100,000 3. Debit Cash MDS Regular Php 1,000,000 Credit Allotment Php 1,000,000 4. Debit Cash MDS Regular Php 1,200,000 Credit Appropriation Php 1,200,000 5. No journal entry. Record in Obligation Request and Status. 6. No journal entry. Record in

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    PRELIMINARY EXAM

    Government Accounting and Accounting for Non-Profit Organizations

    Name: ________________________________________________________ Score: ________

    I. Multiple Choice. Choose the letter of the best answer. Write it on the space provided
    before the number. Use CAPITAL LETTERS only. (2 pts each)

    _______1. The receipt of an allotment is recorded by a government entity in the _______.


    A. RAOD
    B. ORS
    C. RAPAL
    D. A and C

    _______2. The incurrence of an obligation for future delivery or performance by the obligee is
    recorded by a government entity in the _______.
    A. RAOD
    B. ORS
    C. RAPAL
    D. A and B

    _______3. The receipt of an appropriation is recorded by a government entity in the _______.


    A. RAOD
    B. ORS
    C. RAPAL
    D. A and B

    _______4. The entry to record a receipt of Notice of Cash Allocation (NCA) by a government
    entity is:
    A. (Debit) Cash Modified Disbursement System (MDS), Regular, (Credit) Accumulated
    Surplus (Deficit)
    B. (Debit) Cash Modified Disbursement System (MDS), Regular, (Credit) Subsidy from
    National Government
    C. (Debit) Cash Collecting Officer, (Credit) Subsidy from National Government
    D. No Journal Entry, the event is recorded only in the registries

    _______5. According to the Revised Chart of Accounts (RCA), issued by the COA the “Subsidy
    from the National Government” account is a/an __________.
    A. Asset Account
    B. Liability Account
    C. Revenue Account
    D. Equity Account
    _______6. Which of the following is NOT one of the necessary closing entries of a Government
    entity?
    A. Closing of the “Cash Treasury/ Agency Deposit, Regular” Account to the “Accumulated
    Surplus/ Deficit” Account
    B. Closing of the “Subsidy from National Government” Account to the “Revenue and
    Expense Summary” Account
    C. Closing of Income and Expense Accounts to the “Revenue and Expense Summary”
    Account
    D. Closing of the Net Balance of “Revenue and Expense Summary” Account to the
    “Subsidy from National Government” Account

    _______7. A Government Entity pays an Accounts Payable. The entry to record the payment
    will most likely include a _________.
    A. Debit to the “Cash Modified Disbursement System (MDS), Regular” Account
    B. Credit to the “Due to BIR” Account
    C. Credit to the “Cash Treasury/ Agency Deposit, Regular” Account
    D. None of these. The event only in the registries and the obligation request and status

    _______8. In accordance with the GAM for NGAs, and the Revised Chart of Accounts (RCA),
    how does a government entity recognize the uncollectibility of Account Receivable?
    A. By debiting the “Bad debts expense” Accounts
    B. B
    By debiting the “Impairment Loss Loans and Receivables” Account
    C. By debiting the “Allowance for Impairment Accounts Receivable” Account
    D. B and C

    _______9. The “Subsidy from National Government” Account is credited when recording a
    __________.
    A. Receipt of NCA
    B. Reversion of unused NCA
    C. Constructive Remittance of Customs Duties or Taxes withheld through TRA
    D. A and C

    _______10. Expenditures to acquire long term assets are most likely classified as _________.
    A. Personal Services (PS)
    B. Maintenance and Other Operating Expenses (MOOE)
    C. Financial Expenses (FE)
    D. Capital Outlays (CO)

    Problem. Provide the Journal Entry to record each of the independent transactions or events
    below. If no Journal Entry is needed, state the registry or other document where the transaction
    event is recorded.

    1. Receipt of Php. 1, 000, 000.00 NCA


    2. Remittance to the BIR of Php. 100, 000.00 Taxes Withheld
    3. Receipt of Php. 1, 000, 000.00 Allotment
    4. Receipt of Php. 1, 200, 000.00 Appropriation
    5. Entering into a Purchase Contract for future delivery. The contract price is Php. 500,
    000.00
    6. Entering into employment contracts worth Php. 200, 000.00
    7. Billing of Php. 250, 000.00 Revenue for Affiliation Fees, subsequent collection of Php.
    200, 000.00 therefrom and full remittance of the collection to the BTr
    8. Reversion of Php. 50, 000.00 unused NCA
    9. Receipt of Office Equipment purchase on account for Php. 100, 000.00
    10. Payment of Accounts Payable from Purchase of Office Supplies worth Php. 60,000.00.
    Tax Withheld amount to Php. 3, 000.00

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