Homework Help is Here – Start Your Trial Now!
Business
Accounting
Entity A maintains a petty cash fund. At any given point of time, the cash on hand and the petty cash vouchers must be equal to the ledger balance of the petty cash fund. If these are not equal, the difference is either shortage or overage. This system of handling petty cash fund is called Imprest system Fluctuating balance system Pretty cash system Imprest System According to GAM for NGAs, the establishment of a petty cash fund Requires the approval of the head of the agency Requires the approval of the chief accountant Requires the approval of the office of the president Does not require any formal approval because petty cash funds are likely to be immaterial The “loans Receivable account is most likely to be used in the books of accounts of which of the following government agencies? COA NIA BTr All of these Entity A, a government entity, purchases inventories. To record a purchase, Entity A would most likely debit the (a) Inventory account Purchases account Expenses account a or b Entity A, a government hospital acquires medicines to be sold in its pharmacy. Entity A record the medicines acquired as Semi Expendable Property Inventory Held for consumption Inventory held for distribution Inventory held for sale Entity A, a government entity purchases relief goods which are to be held on standby, ready to be distributed when a calamity strikes. Entity A would most likely classify the goods purchased as Inventory held for consumption Inventory held for distribution Purchases None of these. Only disclosure shall be made According to the GAM for NGAs, this shall be used for large numbers of items of inventory that are ordinarily interchangeable Specific Identification FIFO Weighted average cost applied in a periodic inventory system Weighted average cost applied in a perpetual inventory system Any of these as a matter of accounting policy choice This refers to the cost an entity would incur to acquire assets on a reporting date Net Realizable Value Fair Value Current Replacement cost Present Value Which of the following inventories of a government entity would be subsequently measures at a lower of cost and current replacement cost? Inventories of rice that are held for sale Medicines being sold by a government-owned pharmacy Books to be distributed to students in public schools Forest products held for sale Which of the following events or transactions would not lead to the recognition of the cost of inventory as expense? The inventory is written down The inventory is distributed for free The inventory is exchanged for dissimilar inventory The inventory is consumed in the manufacturing process The accounting division of a government entity uses this record and monitor the movements and balances of inventories. Stock card Stock ledger card Journal entry Special journal This document is prepared when end users request for the issuance of inventories that are available on stock, Purchase requisition form Custodian Inventory Slip Purchase order Requisition and issue slip These refer to financial statements intended to meet the needs of users who are not in the position to demand reports tailored to meet their particular information need All-purpose financial statements General Purpose Financial Statements Managerial Reports Financial Reports Which of the following is not among the other reports required to be submitted by government entities to COA? Pre-closing trial balances Schedule showing the regional breakdowns of income and expenses Post-closing trial balance A completed 14-column worksheet in yellow color Finance lease payments pertaining to the reduction of the outstanding finance lease liability are classified in the statement of cash flows as: Operating activities Investing activities Financing activities Not presented The effect of which is recognized directly in equity rather than in surplus or deficit Correction of current period error Effect of changes in accounting estimates Gair or losses on remeasuring available for sale financial assets All of these According to the GAM for NGAs, the statement of financial position is presented in comparative form and in A condensed format A detailed format A classified format All of these Which of the following is a peculiar general purpose financial statement of government entities? Statement of financial Performance Statement of Appropriations, Allotments, Obligations, Disbursements and Balances Statement of Comparison of Budget and Actual Amounts Statement of Changes in Net Assets/Equity According to the GAM for NGAs, the responsibility over financial statements rests with the entity’s management, particularly Head of the Entity Head of Finance/Accounting COA All of these

Entity A maintains a petty cash fund. At any given point of time, the cash on hand and the petty cash vouchers must be equal to the ledger balance of the petty cash fund. If these are not equal, the difference is either shortage or overage. This system of handling petty cash fund is called Imprest system Fluctuating balance system Pretty cash system Imprest System According to GAM for NGAs, the establishment of a petty cash fund Requires the approval of the head of the agency Requires the approval of the chief accountant Requires the approval of the office of the president Does not require any formal approval because petty cash funds are likely to be immaterial The “loans Receivable account is most likely to be used in the books of accounts of which of the following government agencies? COA NIA BTr All of these Entity A, a government entity, purchases inventories. To record a purchase, Entity A would most likely debit the (a) Inventory account Purchases account Expenses account a or b Entity A, a government hospital acquires medicines to be sold in its pharmacy. Entity A record the medicines acquired as Semi Expendable Property Inventory Held for consumption Inventory held for distribution Inventory held for sale Entity A, a government entity purchases relief goods which are to be held on standby, ready to be distributed when a calamity strikes. Entity A would most likely classify the goods purchased as Inventory held for consumption Inventory held for distribution Purchases None of these. Only disclosure shall be made According to the GAM for NGAs, this shall be used for large numbers of items of inventory that are ordinarily interchangeable Specific Identification FIFO Weighted average cost applied in a periodic inventory system Weighted average cost applied in a perpetual inventory system Any of these as a matter of accounting policy choice This refers to the cost an entity would incur to acquire assets on a reporting date Net Realizable Value Fair Value Current Replacement cost Present Value Which of the following inventories of a government entity would be subsequently measures at a lower of cost and current replacement cost? Inventories of rice that are held for sale Medicines being sold by a government-owned pharmacy Books to be distributed to students in public schools Forest products held for sale Which of the following events or transactions would not lead to the recognition of the cost of inventory as expense? The inventory is written down The inventory is distributed for free The inventory is exchanged for dissimilar inventory The inventory is consumed in the manufacturing process The accounting division of a government entity uses this record and monitor the movements and balances of inventories. Stock card Stock ledger card Journal entry Special journal This document is prepared when end users request for the issuance of inventories that are available on stock, Purchase requisition form Custodian Inventory Slip Purchase order Requisition and issue slip These refer to financial statements intended to meet the needs of users who are not in the position to demand reports tailored to meet their particular information need All-purpose financial statements General Purpose Financial Statements Managerial Reports Financial Reports Which of the following is not among the other reports required to be submitted by government entities to COA? Pre-closing trial balances Schedule showing the regional breakdowns of income and expenses Post-closing trial balance A completed 14-column worksheet in yellow color Finance lease payments pertaining to the reduction of the outstanding finance lease liability are classified in the statement of cash flows as: Operating activities Investing activities Financing activities Not presented The effect of which is recognized directly in equity rather than in surplus or deficit Correction of current period error Effect of changes in accounting estimates Gair or losses on remeasuring available for sale financial assets All of these According to the GAM for NGAs, the statement of financial position is presented in comparative form and in A condensed format A detailed format A classified format All of these Which of the following is a peculiar general purpose financial statement of government entities? Statement of financial Performance Statement of Appropriations, Allotments, Obligations, Disbursements and Balances Statement of Comparison of Budget and Actual Amounts Statement of Changes in Net Assets/Equity According to the GAM for NGAs, the responsibility over financial statements rests with the entity’s management, particularly Head of the Entity Head of Finance/Accounting COA All of these

Pkg Acc Infor Systems MS VISIO CD
Pkg Acc Infor Systems MS VISIO CD
10th Edition
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:Ulric J. Gelinas
Chapter11: The Billing/accounts Receivable/cash receipts (b/ar/cr) Process
Section: Chapter Questions
Problem 2SP
See similar textbooks
icon
Related questions
Question
  1. Entity A maintains a petty cash fund. At any given point of time, the cash on hand and the petty cash vouchers must be equal to the ledger balance of the petty cash fund. If these are not equal, the difference is either shortage or overage. This system of handling petty cash fund is called
    1. Imprest system
    2. Fluctuating balance system
    3. Pretty cash system
    4. Imprest System
  2. According to GAM for NGAs, the establishment of a petty cash fund
    1. Requires the approval of the head of the agency
    2. Requires the approval of the chief accountant
    3. Requires the approval of the office of the president
    4. Does not require any formal approval because petty cash funds are likely to be immaterial
  3. The “loans Receivable account is most likely to be used in the books of accounts of which of the following government agencies?
    1. COA
    2. NIA
    3. BTr
    4. All of these
  4. Entity A, a government entity, purchases inventories. To record a purchase, Entity A would most likely debit the (a)
    1. Inventory account
    2. Purchases account
    3. Expenses account
    4. a or b
  5. Entity A, a government hospital acquires medicines to be sold in its pharmacy. Entity A record the medicines acquired as
    1. Semi Expendable Property
    2. Inventory Held for consumption
    3. Inventory held for distribution
    4. Inventory held for sale
  6. Entity A, a government entity purchases relief goods which are to be held on standby, ready to be distributed when a calamity strikes. Entity A would most likely classify the goods purchased as
    1. Inventory held for consumption
    2. Inventory held for distribution
    3. Purchases
    4. None of these. Only disclosure shall be made
  7. According to the GAM for NGAs, this shall be used for large numbers of items of inventory that are ordinarily interchangeable
    1. Specific Identification
    2. FIFO
    3. Weighted average cost applied in a periodic inventory system
    4. Weighted average cost applied in a perpetual inventory system
    5. Any of these as a matter of accounting policy choice
  8. This refers to the cost an entity would incur to acquire assets on a reporting date
    1. Net Realizable Value
    2. Fair Value
    3. Current Replacement cost
    4. Present Value
  9. Which of the following inventories of a government entity would be subsequently measures at a lower of cost and current replacement cost?
    1. Inventories of rice that are held for sale
    2. Medicines being sold by a government-owned pharmacy
    3. Books to be distributed to students in public schools
    4. Forest products held for sale
  10. Which of the following events or transactions would not lead to the recognition of the cost of inventory as expense?
    1. The inventory is written down
    2. The inventory is distributed for free
    3. The inventory is exchanged for dissimilar inventory
    4. The inventory is consumed in the manufacturing process
  11. The accounting division of a government entity uses this record and monitor the movements and balances of inventories.
    1. Stock card
    2. Stock ledger card
    3. Journal entry
    4. Special journal
  12. This document is prepared when end users request for the issuance of inventories that are available on stock,
    1. Purchase requisition form
    2. Custodian Inventory Slip
    3. Purchase order
    4. Requisition and issue slip
  13. These refer to financial statements intended to meet the needs of users who are not in the position to demand reports tailored to meet their particular information need
    1. All-purpose financial statements
    2. General Purpose Financial Statements
    3. Managerial Reports
    4. Financial Reports
  14. Which of the following is not among the other reports required to be submitted by government entities to COA?
    1. Pre-closing trial balances
    2. Schedule showing the regional breakdowns of income and expenses
    3. Post-closing trial balance
    4. A completed 14-column worksheet in yellow color
  15. Finance lease payments pertaining to the reduction of the outstanding finance lease liability are classified in the statement of cash flows as:
    1. Operating activities
    2. Investing activities
    3. Financing activities
    4. Not presented
  16. The effect of which is recognized directly in equity rather than in surplus or deficit
    1. Correction of current period error
    2. Effect of changes in accounting estimates
    3. Gair or losses on remeasuring available for sale financial assets
    4. All of these
  17. According to the GAM for NGAs, the statement of financial position is presented in comparative form and in
    1. A condensed format
    2. A detailed format
    3. A classified format
    4. All of these
  18. Which of the following is a peculiar general purpose financial statement of government entities?
    1. Statement of financial Performance
    2. Statement of Appropriations, Allotments, Obligations, Disbursements and Balances
    3. Statement of Comparison of Budget and Actual Amounts
    4. Statement of Changes in Net Assets/Equity
  19. According to the GAM for NGAs, the responsibility over financial statements rests with the entity’s management, particularly
    1. Head of the Entity
    2. Head of Finance/Accounting
    3. COA
    4. All of these
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Internal Control Components
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Pkg Acc Infor Systems MS VISIO CD
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:
9781133935940
Author:
Ulric J. Gelinas
Publisher:
CENGAGE L
Auditing: A Risk Based-Approach to Conducting a Q…
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L…
Auditing: A Risk Based-Approach (MindTap Course L…
Accounting
ISBN:
9781337619455
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS