The Chief Accountant 1.

The person who shall maintain separate registries for appropriation, allotment and obligations and books of accounts
for SEF.
a direct credit to Special Education Tax Income account 2. What account should be credited in payment of delinquencies for special education
taxes prior to CY 2002.

3-7. What are the purposes of proceeds from the Additional One Percent (1%) Special Education Fund Tax which shall be allocated as
determined and approved by the local school boards.
1.
2.
3.
4.
5.

Operation and maintenance of public schools;

Construction and repair of school buildings, facilities and equipment;
Educational research;
Purchase of books and periodicals; and
Sports development.

assessed value of real property 8. The Special Education Fund (SEF) consist of the proceeds of one percent (1%) tax on the
_______________________ in addition to the basic real property tax, which a province or city, or a municipality within the Metropolitan Manila
Area, may levy and collect

The Notes to the Financial Statements 9. the accountants means of amplifying or explaining the items presented in the main body of the
statements.
The Statement of Cash Flows 10. It reports cash receipts and cash payments and net change in cash resulting from operating, investing and
financing activities of an agency during a period, in a format that reconciles the beginning and ending cash balances.

The Statement of Income and Expenses 11. It shows the income and expenses of the agency at the end of a particular
period. It presents the detailed information of the income and expenses recognized during the period covered.
The Balance Sheet 12. It shows the financial condition of the agency at a specific date
Statement of Management Responsibility for Financial Statements 13. It shows the agencies responsibility for the preparation and presentation
of its financial statements.

A worksheet14. It is the accountants informal device for accumulating and sorting information needed for the financial statements.
15-16. Purpose of the Trial Balance.
a.
b.

To prove the mathematical equality of the debits and credits after posting;
To uncover errors in journalizing and posting; and As basis for the preparation of the financial statements

Trial balance 17. It is a list of all the general ledger accounts and their balances at a given time..
Accruals 18. It refers to revenues earned and expenses incurred in the current accounting period that have not yet been recorded.

Unearned revenues 19. It is recorded as a liability when received and considered earned upon rendition of service or the passage of time.

Prepaid expenses 20. It refers to expenses paid in cash and recorded as assets before they are used or consumed.

Prepaid expenses 21. It expire either with the passage of time or through use and consumption.
Prepayments 22. It refers to expenses paid or revenues received before they are incurred or earned.

23.24 What are the two types of adjusting entries?

a.
b.

Prepayments;
Accruals

Adjusting entries 25. It refers to accounting journal entries made in order to ensure that revenues and expenses are
recorded in the period when they are earned or incurred following the revenue recognition and the matching principles.

26. What is the entry to take up Cash shortage of the Disbursing Officer?
27. What is the entry to take up Cash shortage of the treasurer?

a. Cash shortage of the of the Disbursing Officer

To take up cash shortage

Due from Officers and Employees

128

50

Cash Disbursing Officers

107

50

b. Cash Shortage of the Treasurer

To take up cash shortage

Due from Officers and Employees

128
Cash in Treasury

101

50
50

Spoiled Checks. 28. A check that is torn, mutilated, defaced or with erasures/errors affecting the genuineness of any
material information contained therein.
Stale check, 29. A check that has been outstanding for over six months from date of issue or as prescribed by the depository bank.

. Dishonored Checks. 30. Payment of this check is refused or cannot be obtained upon its being duly presented for
payment
31-35. Give 5 examples of miscellaneous transactions.
1. Loss of Cash and Property Accountability
2. Cash Overage
3. Dishonored Check
4. Lost/Destroyed/Stale/Obsolete and Fraudulently Encashed Check
5. Settlement of Suspensions/Disallowances/Charges
Refund of Overpayments

Public Infrastructures account 36. What account shound the Construction in Progress account be transferred to upon completion of the public
infrastruction.

imprest system 37. What system shall Petty cash fund be maintained?.
Disbursement Voucher 38. What document should be prepared in case the amount of cash advance is less than the travel
expenses incurred to liquidate the previous cash advance and serve as a claim for reimbursement of the deficiency in amount.
Liquidation Report form 39. What document should be prepared for liquidation of travel where the amount of cash advance is equal to or more
than the travel expenses incurred.

40. The person who is responsible to Record check in the Check Register and release check to claimant.
a.

Record check in the

Check Register and release check to claimant.
Record disbursement in Cashbook Cash in
Bank. Prepare Report of Checks Issued.
Forward RCI with DV and supporting documents
to Accounting Unit.

Treasurer

Modified Accrual 41. What method of accounting shall be used for real property taxes?

Accrual Method 42. What method of accounting shall be used to record Share from Internal Revenue Collections in the books of accounts

43-46. What are the major classification comprise the specific income accounts for LGUs?

1.
2.
3.
4.

Property Taxes
Taxes on Goods and Services
Other Taxes
Other Specific Income

47-49. What are the main sources of income of LGUs?

a.
b.
c.

Tax revenues, fees and charges

Share from Internal Revenue Collections
Share from National Wealth

50-53. What are the registries maintained for the four classes of expenditures per responsibility center?

a. Registry of Appropriations, Allotments and Obligations - Capital Outlays (RAAOCO)

b. Registry of Appropriations, Allotments and Obligations - Maintenance and Other Operating Expenses (RAAOMO)
c. Registry of Appropriations, Allotments and Obligations - Personal Services (RAAOPS)
d. Registry of Appropriations, Allotments and Obligations - Financial Expenses (RAAOFE)

Appropriations. 54. It refers to authorization made by ordinance, directing the payment of goods and services from local government funds
under specified conditions or for specific purposes.

The General Accounting Plan 55. It shows the overall accounting cycle in the Local Government Unit.

local sanggunian 56. The body that approves the annual budget thru the issuance of appropriation ordinance
Public infrastructures 57. It refers to assets for use of the general public, such as roads, bridges, waterways, railways, plazas,
monuments, etc.
The Treasurers/Collectors58. The authorized person who shall prepare the Report of Collections and Deposits
(RCD) daily and the Report of Accountability for Accountable Forms (RAAF) monthly.
Budgetary accounts 59. It is composed of appropriations, allotments and obligations.

a.

Liability 60. It shall be recognized at the time goods and services are accepted or rendered and supplier/creditor bills
are received.