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Chapter 1.
INTRODUCTION
The
Revenue/Income
General Income Accounts
Specific Income Accounts
Expenses
Personal Services
Maintenance and Other Operating Expenses
Financial Expenses
Sec. 6. Classification of Revenue/Income.
income accounts are classified into:
The revenue/
a.
b.
Sec. 8.
Intermediate Accounts. These are accounts which
are closed ultimately to the Government Equity account at the end of the
accounting period. These include Cost of Goods Sold, Income and
Expense Summary, Prior Years Adjustments, Retained Operating
Surplus, Subsidy to Regional Offices/Staff Bureaus and Subsidy to
Operating Units, among others.
Account Codes
Assets
Asset Contra Accounts
Liabilities
Equity
Revenue/Income
General Income Accounts
Specific Income Accounts
Expenses
Personal Services
Maintenance and Other
Operating Expenses
Financial Expenses
100-299
300-399
400-499
500-599
600-799
600-699
700-799
800-960
801-830
831-950
951-960
Chapter 2.
Account Title
ASSETS
Current Assets
103
105
106
107
110
111
112
113
114
115
Cash
Cash in Treasury
Cash National Treasury, Modified Disbursement System
(MDS)
Cash Bangko Sentral ng Pilipinas
Petty Cash Fund
Cash Collecting Officers
Cash Disbursing Officers
Cash in Bank Local Currency, Current Account
Cash in Bank Local Currency, Savings Account
Cash in Bank Local Currency, Time Deposits
Cash in Bank Foreign Currency, Current Account
Cash in Bank Foreign Currency, Savings Account
Cash in Bank Foreign Currency, Time Deposits
121
122
123
124 *
125 *
Receivables
Accounts Receivable
Notes Receivable
Loans Receivable, Current
Real Property Tax Receivable
Special Education Tax Receivable
101
102
CHART OF ACCOUNTS
Account
Code
Account Title
126
127 **
128
129 *
130
131
132
133
134
135
136
137
138
139
301
Interests Receivable
Currency Swap Receivable
Due from Officers and Employees
Due from Other Funds
Due from NGAs
Due from LGUs
Due from GOCCs
Due from NGOs/POs
Due from National Treasury
Due from Central Office
Due from Regional Offices/Staff Bureaus
Due from Operating Units
Receivables Disallowances/Charges
Other Receivables
Allowance for Doubtful Accounts
140
141 *
142 *
143
Marketable Securities
Treasury Bills
Stocks
Bonds
Other Marketable Securities
Inventories
Raw Materials Inventory
Work-In-Process Inventory
Finished Goods Inventory
Merchandise Inventory
Accountable Forms Inventory
Office Supplies Inventory
144
145
146
147
148
149
**
CHART OF ACCOUNTS
Account
Code
Account Title
150
151
152
153
154
155
156
157
158
160
161
162
164
165
Prepaid Expenses
Prepaid Rent
Prepaid Insurance
Prepaid Interest
Other Prepaid Expenses
166
167
168
170
171
172
173
174
175
176
177
178
179
CHART OF ACCOUNTS
Account
Code
201
202
302
203
303
204
304
205
305
206
306
207
307
208
308
209
309
210
310
211
311
212
312
214
314
215
315
Account Title
Property, Plant and Equipment
Land
Land Improvements
Accumulated Depreciation Land Improvements
Leasehold Improvements
Accumulated Depreciation Leasehold
Improvements
Buildings
Accumulated Depreciation Buildings
School Buildings
Accumulated Depreciation School Buildings
Markets and Slaughterhouses
Accumulated Depreciation Markets and
Slaughterhouses
Hospitals and Health Centers
Accumulated Depreciation Hospitals and Health
Centers
Other Structures
Accumulated Depreciation Other Structures
Industrial Machineries
Accumulated Depreciation Industrial Machineries
Other Machineries
Accumulated Depreciation Other Machineries
Firefighting Equipment and Accessories
Accumulated Depreciation Firefighting Equipment
and Accessories
Construction and Heavy Equipment
Accumulated Depreciation Construction and Heavy
Equipment
Technical and Scientific Equipment
Accumulated Depreciation Technical and Scientific
Equipment
IT Equipment and Software
Accumulated Depreciation I T Equipment
9
CHART OF ACCOUNTS
Account
Code
216
316
217
317
218
318
219
319
220
320
221
321
222
322
223
323
224
324
225
325
226
326
227
327
228
229
230
231
232
Account Title
Telegraph, Telephone, Cable, TV and Radio Equipment
Accumulated Depreciation Telegraph, Telephone,
Cable, TV and Radio Equipment
Artesian Wells, Reservoirs, Pumping Stations and Conduits
Accumulated Depreciation Artesian Wells,
Reservoirs, Pumping Stations and Conduits
Motor Vehicles
Accumulated Depreciation Motor Vehicles
Watercrafts
Accumulated Depreciation Watercrafts
Trains
Accumulated Depreciation Trains
Aircrafts/Aircraft Ground Equipment
Accumulated Depreciation Aircrafts/Aircraft Ground
Equipment
Office Equipment
Accumulated Depreciation Office Equipment
Other Equipment
Accumulated Depreciation Other Equipment
Furniture and Fixtures
Accumulated Depreciation Furniture and Fixtures
Ordnance
Accumulated Depreciation Ordnance
Books
Accumulated Depreciation Books
Other Property, Plant and Equipment
Accumulated Depreciation Other Property, Plant
and Equipment
Work/Other Animals
Breeding Stocks
Construction in Progress Agency Assets
Construction in Progress Plaza, Parks and Monuments
Construction in Progress Roads, Highways and Bridges
10
CHART OF ACCOUNTS
Account
Code
Account Title
241
242
243
244
245
249
251
Other Assets
Other Assets
233
234
235
236
237
238
401
402
403
404
406
407
408
409
410
411
Current Liabilities
Accounts Payable
Notes Payable
Loans Payable Current, Domestic
Loans Payable Current, Foreign
Interests Payable
Tax Refunds Payable
Guaranty Deposits Payable
Tax Credit Certificates Payable
Withholding Taxes Payable
GSIS Payable
11
CHART OF ACCOUNTS
Account
Code
412
413
414
427
428
429
430
431
432
433
435
436
437
439
440
441
448
449
450
451
452
453
454
455
46
465
Account Title
PAG-IBIG Payable
PHILHEALTH Payable
Performance/Bidders/Bail Bonds Payable
** Currency Swap Payable
Due to Officers and Employees
* Due to Other Funds
Due to NGAs
Due to LGUs
Due to GOCCs
Due to National Treasury
Due to Central Office
Due to Regional Offices/Staff Bureaus
Due to Operating Units
Retirement Gratuity Benefits Payable
Deferred Credits to Income
Other Deferred Credits
*
Deferred Real Property Tax Income
*
Deferred Special Education Tax Income
Other Payables
12
CHART OF ACCOUNTS
Account
Code
Account Title
EQUITY
501
502
531
532
533
534
537
538
539
540
Government Equity
Project Equity
Intermediate Accounts
Cost of Goods Sold
Income and Expense Summary
Prior Years Adjustments
Retained Operating Surplus
Invested Equity
Subsidy to Regional Offices/Staff Bureaus
Subsidy to Operating Units
Gain or Loss Due to Dormant Accounts
REVENUE/INCOME
601
602
603
604 *
605 *
606 *
611
612
613
621
622
623
624
*
General Income
Subsidy Income from National Government
Subsidy from Central Office
Subsidy from Regional Office/Staff Bureau
Subsidy from Other LGUs
Subsidy from Other Funds
Subsidy from Special Accounts
Income from Government Services
Income from Government Business Operations
Sales Revenue
Rent Income
Insurance Income
Dividend Income
Interest Income
For Use of the LGUs
13
CHART OF ACCOUNTS
Account
Code
625
626
627
628
639
641
Account Title
Gain on Sale of Securities
Gain on Sale of Assets
Sale of Confiscated Goods and Properties
Foreign Exchange (FOREX) Gain
Miscellaneous Operating and Service Income
Fines and Penalties Government Services and Business
Operations
Income from Grants and Donations
651
Specific Income
Tax Revenue
Income Taxes
Income Tax Individuals
Income Tax Partnerships
Income Tax Corporations
701
702
703
711 *
712 *
713 *
714 *
715
716
717
718
719
Property Taxes
Real Property Tax
Property Transfer Tax
Special Education Tax
Special Assessment Tax
Real Property Tax on Idle Lands
Stock Transfers Tax
Capital Gains Tax
Donors Tax
Estate Tax
14
CHART OF ACCOUNTS
Account
Code
Account Title
721
722
723
724
725 **
726 **
727 **
735
736
741
742
743
745
746
747
748
749
750
751
752
753
754
755
759
760
*
*
*
*
*
*
*
*
*
*
*
Other Taxes
Documentary Stamp Tax
Community Tax
Science Stamp Tax
Weights and Measures
Share from Internal Revenue Collections
Share from Tobacco Excise Tax
Share from Economic Zones
Shares from Expanded Value Added Tax (EVAT)
Share from National Wealth
Amusement Tax
Sand and Gravel Tax
Tax on Delivery Trucks and Vans
Tax on Forest Products
Immigration Taxes
Miscellaneous Other Taxes
Fines and Penalties Tax Revenue
For Use of the LGUs
15
CHART OF ACCOUNTS
Account
Code
761
762
763
764
765
766
767
768
769
770
771
772
773
774
775
776
777
778
779
780
781
782
783
784
785
786
787
788
789
*
*
*
*
*
Account Title
Other Specific Income
Registration Fees
Tuition/Affiliation Fees
Hospital Fees
Medical, Dental and Laboratory Fees
Library Fees
Athletic and Cultural Fees
Comprehensive Examination Fees
Transcript of Records Fees
Diploma and Graduation Fees
Inspection Fees
Permit Fees
Garbage Fees
Clearance/Certification Fees
Franchising/Licensing Fees
Fishery Rentals, Fees and Charges
Printing and Publication Income
Income from Canteen Operations
Income from Dormitory Operations
Receipts from Lease of Properties
Receipts from Communication Facilities
Receipts from Waterworks Systems
Receipts from Transportation Systems
Receipts from Markets
Receipts from Slaughterhouses
Receipts from Cemeteries
Toll Fees
Landing and Parking Fees
Other Income from School Services
Other Income from School Business Operations
16
CHART OF ACCOUNTS
Account
Code
790
791
792 *
799
Account Title
Other Income from Hospital Services
Other Income from Hospital Business Operations
Other Specific Income of LGUs
Fines and Penalties Other Specific Income
EXPENSES
801
802
803
804
805
806
807
808
809
810
811
812
813
814
815
816
817
818
819
820
821
822
823
Personal Services
Salaries and Wages Regular Pay
Salaries and Wages Part Time Pay
Salaries and Wages Casual/Contractual
Personnel Economic Relief Allowance (PERA)
Additional Compensation (ADCOM)
Representation Allowance (RA)
Transportation Allowance (TA)
Clothing Allowance
Honoraria
Hazard Pay
Overtime and Night Pay
Holiday Pay
Christmas Bonus
Cash Gift
Productivity Incentive Benefits
Other Bonuses and Allowances
Life and Retirement Insurance Contributions
PAG-IBIG Contributions
PHILHEALTH Contributions
ECC Contributions
Pension and Retirement Benefits
Terminal Leave Benefits
Health Workers Benefits
* For Use of the LGUs
17
CHART OF ACCOUNTS
Account
Code
Account Title
824
825
830
831
832
833
834
835
836
837
838
839
840
841
842
843
844
845
846
847
848
849
850
851
852
853
854
855
856
857
CHART OF ACCOUNTS
Account
Code
858
859
860
861
862
863
864
865
866
867
868
869
870
871
872
874
875
876
877
878
879
880
881
882
883
884
885
886
887
888
889
Account Title
Security and Janitorial Services
Taxes, Duties and Licenses
Tax Credit Subsidy
Tax Exemption Expenses
Public Infrastructure Repairs and Maintenance
Reforestation Project Maintenance
Buildings Maintenance
School Buildings Maintenance
Markets and Slaughterhouses Maintenance
Hospitals and Health Centers Maintenance
Other Structures Maintenance
Industrial Machineries Maintenance
Other Machineries Maintenance
Firefighting Equipment and Accessories Maintenance
Construction and Heavy Equipment Maintenance
Technical and Scientific Equipment Maintenance
IT Equipment Maintenance
Telegraph, Telephone, Cable, TV and Radio Equipment
Maintenance
Artesian Wells, Reservoirs, Pumping Stations and Conduits
Maintenance
Motor Vehicles Maintenance
Watercrafts Maintenance
Trains Maintenance
Aircrafts/Aircraft Ground Equipment Maintenance
Office Equipment Maintenance
Other Equipment Maintenance
Furniture and Fixtures Maintenance
Ordnance Maintenance
Other Repairs and Maintenance
Awards and Indemnities
Rewards and Other Claims
Grants and Donations
19
CHART OF ACCOUNTS
Account
Code
890
891
892
893
894
895
896
897
898
901
902
903
904
905
906
907
908
909
910
911
912
914
915
916
*
*
917
918
919
920
*
Account Title
Representation Expenses
Extraordinary and Miscellaneous Expenses
Confidential and Intelligence Expenses
Anti-Insurgency/Contingency Expenses
Subsidy to National Government Agencies
Subsidy to Local Government Units
Subsidy to Government Corporations
Subsidy to Other Funds
Subsidy to Special Funds
Membership Dues to International Institutions
Depreciation Land Improvements
Depreciation Leasehold Improvements
Depreciation Buildings
Depreciation School Buildings
Depreciation Markets and Slaughterhouses
Depreciation Hospitals and Health Centers
Depreciation Other Structures
Depreciation Industrial Machineries
Depreciation Other Machineries
Depreciation Firefighting Equipment and Accessories
Depreciation Construction and Heavy Equipment
Depreciation Technical and Scientific Equipment
Depreciation IT Equipment
Depreciation Telegraph, Telephone, Cable, TV and
Radio Equipment
Depreciation Artesian Wells, Reservoirs, Pumping
Stations and Conduits
Depreciation Motor Vehicles
Depreciation Watercrafts
Depreciation Trains
20
CHART OF ACCOUNTS
Account
Code
Account Title
937 *
938 *
947
948
950
951
952
953
954
955
956
957
958
Financial Expenses
Bank Charges
Interest Expenses
Commitment Charges
Documentary Stamps Expenses
Other Financial Charges
Foreign Exchange (FOREX) Loss
Debt Service Subsidy to GOCCs
Loss on Guaranty
921
922
923
924
925
926
927
928
929
*
*
21
Chapter 3.
DESCRIPTION OF ACCOUNTS
ASSETS
Current Assets
Cash
Sec. 12. Cash in Treasury (101). This account is used to
record collections of the Bureau of the Treasury (BTr) pending deposits.
Debit this account for:
Treasuries collections
Credit this account for:
Deposits of collection to Bangko Sentral ng Pilipinas or
Authorized Government Depository Banks (AGDBs).
Sec. 13. Cash National Treasury, Modified Disbursement
System (MDS) (102). This account is used to record in the Regular
Agency (RA) books the receipt of Notice of Cash Allocation (NCA)
from the Department of Budget and Management (DBM) and the
corresponding withdrawals of National Government Agencies (NGAs)
against the NCA received thru the issuance of MDS checks, and other
modes of disbursements.
Debit this account for:
Receipt of NCA from DBM
Receipt of Notice of Transferred Allocation to
Agency/Regional Offices (ROs)/Operating Units (OUs)
from the Central Office (CO)
22
26
27
28
29
Sec. 30. Due from LGUs (131). This account is used to record
the amount due from provinces, cities, municipalities, barangays and
other LGUs.
Debit this account for:
Advances granted to LGUs
Subsidies granted to LGUs subject to liquidation
Overpayment to LGUs
Credit this account for:
Submission of liquidation reports by LGUs
Collections of receivables from LGUs
Authorized write-off of accounts
Sec. 31. Due from GOCCs (132). This account is used to
record the amounts of short-term loans granted by the National
Government to Government-Owned and/or Controlled Corporations
(GOCCs) and Government Financial Institutions (GFIs).
Debit this account for:
Amount paid for the account of GOCCs/GFIs
Insurance claim from General Insurance Fund of GSIS
Overpayment to GOCCs/GFIs
Short-term loans granted to GOCCs/GFIs
Credit this account for:
Collection of receivables from GOCCs/GFIs
Authorized write-off of accounts
Sec. 32. Due from NGOs/POs (133). This account is used to
record the release of funds entrusted to Non-Governmental
Organizations/Peoples Organizations (NGOs/POs) for the implementation
of government projects.
Debit this account for:
Release of funds entrusted to NGOs/POs
30
31
33
Marketable Securities
Sec. 40. Treasury Bills (140). This account is used to record
the authorized purchase/acquisition by NGAs of short-term debt
instruments issued by the National Government thru the BTr.
Debit this account for:
Cost of treasury bills purchased
Credit this account for:
Resale or disposition of treasury bills
Sec. 41. Other Marketable Securities (143). This account is
used to record the cost of other marketable securities acquired as
temporary investments by agencies.
Debit this account for:
Purchase of other types of authorized marketable securities
Credit this account for:
Sale or disposition of other types of marketable securities
Inventories
Sec. 42. Raw Materials Inventory (144). This account is used
to record the value of raw materials purchased for use in production.
Debit this account for:
Raw materials purchased for use in production
Credit this account for:
Raw materials issued for use in production
Inventory shortage/loss
Sec. 43. Work-In-Process Inventory (145). This account is
used to record the cost and/or other appropriate value of job or work
34
orders which have been started but unfinished or still in the process of
manufacture as of the end of the accounting period.
Debit this account for:
Raw materials, labor and overhead put into production
Credit this account for:
Cost or value of the finished products
Inventory shortage/loss
Sec. 44. Finished Goods Inventory (146). This account is
used to record the cost of completed job or work orders and goods
manufactured/produced/processed.
Debit this account for:
Cost or value of the finished products
Credit this account for:
Finished products transferred to Merchandise Inventory
account
Finished products issued
Inventory shortage/loss
Sec. 45. Merchandise Inventory (147). This account is used
to record the cost or other appropriate value of merchandise and other
property, which have been purchased or produced for sale. It includes
but not limited to drugs and medicines for hospitals/sanitaria and
finished products fabricated/manufactured/produced out of agency/
schools manufacturing operations which are intended for sale.
Debit this account for:
Articles purchased for sale
Goods or merchandise for sale which have been
manufactured or produced, conversion cost of which
have been charged to appropriations
Cost of drugs and medicines of hospitals/sanitaria for sale
to patients
35
36
37
38
39
Prepaid Expenses
Sec. 58. Prepaid Rent (161). This account is used to record
the advance payment and deposit for lease/rental of buildings, land,
equipment, office space, vehicles and other property, plant and
equipment for use in government operations.
Debit this account for:
Advance payment and deposit for lease/rental of buildings,
land, office space, equipment, vehicles and other
properties for use in government operations
Credit this account for:
Expired or expense portion at the end of the accounting
period
Sec. 59. Prepaid Insurance (162). This account is used to
record the advance payment for fidelity bond premiums of accountable
officers and insurance premiums of government properties.
Debit this account for:
Advance payment for Fidelity bond premiums of accountable officers
Insurance premiums of government properties
Credit this account for:
Expired or expense portion at the end of the accounting
period
Sec. 60. Prepaid Interest (164). This account is used to record
advance payment of interest for loans contracted/guaranteed by the
government.
Debit this account for:
Interest payments made in advance for loans contracted/
guaranteed by the government
41
43
44
46
47
Leasehold
Improvements (303). This account is used to record the cumulative
reduction in value of leasehold improvements due to use in the course of
operation or in production of income.
Debit this account for:
Accumulated amount of depreciation charged against the
leasehold improvements upon demolition or
termination of the lease
Credit this account for:
Periodic charges as depreciation expense for leasehold
improvements (Depreciable life is the life of the
leasehold improvement or the lease agreement
whichever is shorter.)
48
49
50
51
Hospitals
Health Centers
52
53
Involuntary destruction
Donation
Sec. 91. Accumulated Depreciation Industrial Machineries
(309). This account is used to record the cumulative reduction in value of
industrial machineries due to use in the course of operation or in
production of income.
Debit this account for:
Cumulative amount of depreciation charged against
industrial machineries upon retirement, sale or
destruction.
Credit this account for:
Periodic charges as depreciation expense for industrial
machineries
Sec. 92. Other Machineries (210). This account is used to
record the cost or appraised value of other machineries and equipment
acquired.
Debit this account for:
Purchase of other machineries and equipment
Additions, improvements, alterations, replacements, major
repairs, etc. which are capitalized when it extends the
life, increase the capacity or improve the efficiency or
safety of the property
Transfer from government/agencies, private entities and
individuals
Items found at station
Free acquisition/Donation
Credit this account for:
Sale
Transfer to government agencies
Involuntary destruction
Donation
55
Firefighting Equipment
Accessories
56
Involuntary destruction
Donation
Sec. 97. Accumulated Depreciation Construction and
Heavy Equipment (312). This account is used to record the cumulative
reduction in value of construction and heavy equipment due to use in the
course of operation or in production of income.
Debit this account for:
Cumulative amount of depreciation charged against
construction equipment upon retirement, sale or
destruction
Credit this account for:
Periodic charges as depreciation expense for construction
and heavy equipment
Involuntary destruction
Donation
Sec. 98. Technical and Scientific Equipment (214). This
account is used to record the cost or appraised value of technical and
scientific equipment acquired.
Debit this account for:
Purchase of technical and scientific equipment
Additions, improvements, alterations, replacements, major
repairs, etc. which are capitalized when it extends the
life, increase the capacity or improve the efficiency or
safety of the property
Transfer from government agencies, private entities and
individuals
Items found at station
Free acquisition/Donation
Credit this account for:
Sale
Transfer to government agencies
Involuntary destruction
Donation
58
Technical Equipment
Scientific Equipment
60
01
02
03
04
05
Telegraph
Telephone
Cable
TV
Radio Equipment
61
01
02
03
04
05
Artesian Wells
Reservoirs
Pumping Stations
Conduits
62
01
02
03
04
63
66
expense
for
67
68
69
Work Animals
Other Animals
73
Leasehold Improvements
Buildings
School Buildings
Markets and Slaughterhouses
Hospitals and Health Centers
Other Structures
74
Plaza
Parks
Monuments
75
Ports
Lighthouses
Harbors
Seawalls
River Walls
Others
Airports
Runways
76
Aqueducts
Waterways
Others
77
Irrigation
Canals
Laterals
Electrification
Power
Energy Structures
78
79
80
Art Collections
Literary Masterpieces
Archeological Specimens
Other Exhibits
81
Current Liabilities
Sec. 144. Accounts Payable (401). This account is used to
record obligations/indebtedness to contractors/suppliers arising from the
purchase of goods and services and other obligations in connection with
the agencies operation/trade/business.
Debit this account for:
Payment/liquidation/settlement of obligations
Settlement thru authorized offsetting of transactions
Reversions
Credit this account for:
Amount of liabilities arising from goods delivered or
services rendered
Excess payments received from private entities
Liabilities arising from the cancellation of checks issued
for which replacement shall be made
For the purpose of identifying the accounts, the following subaccounts shall be used:
401-01 Trade
401-02 Non-Trade
Sec. 145. Notes Payable (402). This account is used to record
liabilities arising from promissory notes and trade acceptances.
Debit this account for:
Payments made to settle promissory notes and trade
acceptances
Reversions
82
84
85
410-20
Not-Subject to TRA
410-21 Individual Withholding Tax
410-22 Contractors Tax
410-23 Franchise Tax
410-24 VAT
410-29 Other Taxes
87
88
89
91
92
Long-Term Liabilities
Sec. 169. Loans Payable Long-Term, Domestic (451).
This account is used to record long-term indebtedness (loans in cash or
in kind) from domestic creditors evidenced by a contract or an
agreement.
Debit this account for:
Settlement/Payment of matured portion of the loan
Credit this account for:
Receipt of the proceeds of long-term loans from domestic
sources
Sec. 170. Loans Payable Long-Term, Foreign (452). This
account is used to record long-term indebtedness/loans (in cash or in
kind) from foreign governments or international financial institutions
evidenced by a contract or an agreement.
Debit this account for:
Settlement/Payment of matured portion of the loan
Decrease in liability due to FOREX gain upon revaluation
Credit this account for:
Receipt of the proceed of long-term loans from foreign
sources
Increase in liability due to FOREX loss upon revaluation
Sec. 171. Mortgage Payable (453). This account is used to
record long-term indebtedness covered by a contract and secured by a
collateral to guarantee payment.
Debit this account for:
Settlement/Payment of the loan
Credit this account for:
Amounts received in exchange of the collateral
94
95
Other Liabilities
Sec. 175. Other Liabilities (465). This account is used to
record the other liabilities which cannot be classified under specific
liability accounts like Backpay Certificates of the BTr.
Debit this account for:
Payment of liabilities
Credit this account for:
Incurrence of liabilities not classified under specific
liability accounts
EQUITY
Sec. 176. Government Equity (501). This account represents
the difference between the assets and liabilities of national government
agencies.
Debit this account for:
Transfer of Public Infrastructures/Reforestation Projects
account to the Registry of Public Infrastructures/
Reforestation Projects
Year-end closing of the debit balance of Retained
Operating Surplus account
Credit this account for:
Year-end closing of the credit balance of Retained
Operating Surplus account
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Intermediate Accounts
Sec. 177. Cost of Goods Sold (531). This account is used to
record the cost of goods or merchandise sold in the course of business
operation of government agency such as drugs and medicines, supplies
and materials, accountable forms with face value, etc.
Debit this account for:
Cost of merchandise/accountable forms sold
Credit this account for:
Year-end closing to Income and Expenses Summary
account
Sec. 178. Income and Expense Summary (532). This
account is used as a summary account for all subsidies received,
revenues earned and expenses incurred during the year.
Debit this account for:
Year-end closing of the balances ofExpenses incurred during the year
Cost of Goods Sold
Subsidy to Regional Offices/Staff Bureaus
Subsidy to Operating Units
Year-end closing of the credit balance (net result) of this
account to Retained Operating Surplus account
Credit this account for:
Year-end closing of the balances ofSubsidy Income from National Government
Revenue earned during the year
Subsidy from Central Office
Subsidy from Regional Offices/Staff Bureaus
Year-end closing of the debit balance (net result) of this
account to Retained Operating Surplus account
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SPECIFIC INCOME
TAX REVENUE
(For recording only in the NG Books)
Income Taxes
Sec. 201. Income Tax Individuals (701). This account is
used to record income taxes imposed on individual taxpayers including
citizens, resident aliens, non-resident citizens for income in and outside
the Philippines, non-resident aliens for income earned in the Philippines,
aliens employed by Regional or Area Headquarters and Regional
Operating Headquarters of multi-national corporations.
Sec. 202. Income Tax Partnerships (702). This account is
used to record taxes imposed on income from partnerships business
operations during the year or period covered by the return.
Sec. 203. Income Tax Corporations (703). This account is
used to record taxes imposed on income from business operations during
the year or period by domestic corporations, private educational
institutions, resident foreign corporations, international carriers, and nonresident foreign corporations.
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Property Taxes
Sec. 204. Stock Transfers Tax (716). This account is used to
record taxes imposed on the transfer of stock from one person to another
as recorded in the Stock and Transfer Book of the corporation pursuant
to Section 127, National Internal Revenue Code (NIRC) of the
Philippines.
Sec. 205. Capital Gains Tax (717). This account is used to
record taxes imposed on gains realized by the seller from the sale,
exchange, or other disposition of capital assets located in the Philippines,
including pacto de retro sales and other forms of conditional sale.
Sec. 206. Donors Tax (718). This account is used to record
taxes on a donation or gift imposed on the gratuitous transfer of property
between two or more persons who are living at the time of the transfer.
Sec. 207. Estate Tax (719). This account is used to record
taxes imposed on the right of the deceased person to transmit his/her
estate to his/her lawful heirs and beneficiaries at the time of death and on
certain transfers which are made by law as equivalent to testamentary
disposition.
Taxes On Goods And Services
Sec. 208. Excise Taxes on Articles (721). This account is
used to record taxes imposed on goods manufactured or produced in the
country for domestic sale or consumption or for any other disposition
and items imported (Section 129, NIRC of the Philippines). The excise
tax is in addition to the value added tax. Articles subject to excise tax
include alcohol products, wines, fermented liquor, tobacco products,
cigar and cigarettes, films, saccharine, mineral products, automobiles,
and certain non-essentials like jewelry, perfumes, yachts and other
vessels intended for pleasure or sports.
Sec. 209. Value Added Tax (722). This account is used to
record taxes levied, assessed and collected on every sale, barter or
exchange of goods, properties and services payable by the seller, lessor,
or transferor. It is imposed at every stage of distribution process on the
sale, barter, exchange (including any other transaction deemed by law as
sale), or lease of goods or properties and on the performance of service
in the course of trade or business, or on the importation of goods,
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compensation shall not exceed ten per centum of the fines imposed upon
the convicts; and other expressly authorized confidential expenses for
which appropriations have been approved specifically for the purpose.
Sec. 330. Anti-Insurgency/Contingency Expenses (893).
This account is used to record unforeseen expenses arising from the
occurrence of insurgency/natural calamities or financial dislocation on
account thereof.
Sec. 331. Subsidy to National Government Agencies (894).
This account is used by the Bureau of the Treasury (BTr) for the cash
equivalent of the used Notice of Cash Allocation upon replenishment to
head office of Authorized Government Servicing Banks (AGSBs)
including those paid by the BTr for the account of national government
agencies.
Sec. 332. Subsidy to Local Government Units (895). This
account is used to record financial assistance granted to LGUs for the
purpose of pursuing government programs or projects of public interest.
Sec. 333. Subsidy to Government Corporations (896).
This account is used to record financial assistance granted to GOCCs to
cover operational expenses that are not supported by corporate revenues
or to cover corporate deficit and losses as authorized by law.
Sec. 334. Membership Dues to International Institutions
(899). This account is used to record membership dues, contributions/or
cost of approved participation in international organizations.
Sec. 335. Depreciation Land Improvements (902). This
account is used to record depreciation of land improvements due to wear
and tear, and deterioration.
Sec. 336. Depreciation Leasehold Improvements (903).
This account is used to record depreciation of leasehold improvements
due to wear and tear, and deterioration.
Sec. 337. Depreciation Buildings (904). This account is
used to record depreciation of buildings used in government operations
due to wear and tear, and deterioration.
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