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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

MANILA

ACCO 3123-MID TERM DEPARTMENTAL EXAMINATION


JANUARY 10, 2016

TEST I. MULTIPLE CHOICE-THEORY. (1 POINT EACH) Select the letter of the best possible answer.

1. The approved budget for 2016 is:


a. P3.005 trillion b. P3.000 trillion c. P3.002 trillion d. P3.006 trillion

2. The 2016 budget was signed into law on:


a. December 22, 2015 c. November 26, 2013
b. December 20, 2015 d. December 15, 2015

3. Which of the following sector got the biggest slice of the 2016 budget?
a. Economic Services c. General Public Services
b. Defense d. Social Services

4. Which of the following government agencies got the biggest slice of the 2016 budget?
a. Department of Education c. Department of National Defense
b. Department of Public Works and Highways d. Department of Health

5. It contains the accounting policies in accordance within the PPSAS as well as the guidelines and procedures
to be adopted by the accountants, budget officers, cashiers, property officers, accountable officers and
other finance personnel in recording and reporting government financial transactions.
a. NGAS b. GAM c. IFRS d. IPSAS

6. What is the legal basis of the COA for the performance of its function?
a. PD 1445 b. 1987 Constitution c. IPSAS d. GAM

7. The phase in the budget process which involves review, deliberations, separate hearings conducted by the
Congress and the Senate to approve the annual national budget.
a. Budget Preparation and Presentation c. Budget Execution
b. Budget Authorization d. Budget Accountability

8. Corporations created by special law or incorporated and organized under the Corporation Code and in which
the government, directly or indirectly, has ownership of the majority of the capital stock.
a. Government Owned and Controlled Corporations (GOCCs)
b. National Government Agencies (NGAs)
c. Local Government Units (LGUs)
d. Government Agencies

9. A memorandum issued by the DBM to all government agencies which serves as the basis in the preparation
of its budget proposal.
a. Budget Call b. GAM c. PPSAS d. NCA

10. The following Cash account titles are included in the Trial Balance of a national government agency, except
a. Cash on hand c. Cash-Collecting Officer
b. Cash in Bank-Local Currency, Current Account d. Cash-MDS, Regular

11. This account is debited to recognize deposit with AGDBs of income received for which the agency has
authority to use; trust receipts authorized under specific contracts and agreements; Revolving Fund under
specific laws; and cedit advices/memos received from the AGDBs.
a. Petty Cash c. Cash-Collecting Officer
b. Cash in Bank-Local Currency, Current Account d. Cash-MDS, Regular

12. All of the following are national government agencies except:


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a. Polytechnic University of the Philippines (PUP)
b. Government Service Insurance System (GSIS)
c. Commission on Audit (COA)
d. Bureau of Internal Revenue (BIR)

13. The account group object code of Subsidy from National Government using the Revised Chart of Accounts
(RCA) is:
a. 1 b. 2 c. 3 d. 4 e. 5

14. The account group object code of Advances to Officers and Employees using the RCA is:
a. 1 b. 2 c. 3 d. 4 e. 5

15. The debit entry to record the cash collections in a national government agency is:
a. Cash-MDS, Regular c. Cash-Collecting Officer
b. Cash-in Vault d. Cash in Bank-Local Currency, Current Account

16. The credit entry to close the unused NCA on the books of a national government agency is
a. Subsidy from National Government
b. Cash- Modified Disbursement System (MDS), Regular
c. Due to National Treasury
d. Cash in Vault

17. The third phase of the budgetary process.


a. budget authorization c. budget preparation and presentation
b. budget accountability d. budget implementation

18. Unreasonable and immoderate expenses incurred in violation of ethics and morality by one who does not
have any feeling of guilt for the violation.
a. extravagant b. irregular c. unnecessary d. unconscionable

19. It refers to authorizations made by law for payments to be made with government funds under specified
conditions for specified purposes.
a. appropriations b. allotments c. allocation d. obligation

20. Expenditures for supplies and materials in quantities beyond that is required and needed by the agency
for a determinable period resulting in overstocking.
a. Excessive expenditures c. Extravagant expenditures
b. Unnecessary expenditures d. Irregular expenditures

21. Checks issued by the government agencies chargeable against the account of the Treasurer of the
Philippines.
a. Commercial Checks c. Personal Checks
b. MDS checksl d. Managers checks

22. Expenditures for purchases from middlemen of a government agency is considered:


a. Irregular b. Unconscionable c. Excessive d. Unnecessary

23. The credit journal entry to record the receipt of notice of cash allocation from DBM on the books of a
national government agency is:
a. Cash-Modified Disbursement System (MDS), Regular
b. Subsidy from National Government
c. Cash in Bank-Local Currency, Current Account
d. no entry

24. This account is debited to record the amount advanced to officers and employees for official travel.
a. Advances for Operating Expenses c. Advances to Officers and Employees
b. Due from Officers and Employees d. Advances to Special Disbursing Officer

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25. This account is debited to record the amount of claims from agency’s officers and employees for
overpayment, cash shortage, loss of assets and other bills issued by the agency.
a. Advances to Officers and Employees c. Receivables-Disallowances/Charges
b. Due from Officers and Employees d. Advances to Special Disbursing Officer

26. Authorizations made annually or for some other period prescribed by law, by virtue of standing
legislation, which do not require periodic action by the Congress.
a. Automatic Appropriations c. General Appropriations
b. Continuing Appropriations d. Supplemental Appropriations

27. Authorizations to support obligations for a specified purposes or project, even when these obligations are
incurred beyond the budget year.
a. Automatic Appropriations c. General Appropriations
b. Continuing Appropriations d. Supplemental Appropriation

28. These are expenditures which could not pass the test of prudence or the required diligence of a good father
of a family, thereby not responsive to the exigencies of the service. These expenditures are not supportive
of the objective and mission of the agency relative to the nature of its operations.
a. Irregular b. Excessive c. Unnecessary d. Extravagant

29. Cash received from domestic and foreign loans of NGAs will be included in the Statement of Cash Flows
under
a. Cash inflow from operating activities
b. Cash inflow from investing activities
c. Cash inflow from financing activities
d. Cash outflow from investing activities

30. The current chairman of the Commission on Audit (COA) is:


a. Emilio Aguinaldo c. Michael Aguinaldo
b. Ma. Gracia Tan Pulido d. Butch Abad

31. This special journal is used to record the disbursements through checks made by the Disbursing Officer in
the Accounting Division/Unit.
a. Cash Disbursements Journal c. Check Disbursements Journal
b. Cash Receipts Journal d. General Journal

32. The local government units are also required to follow the UACS in 2015.
a. TRUE b. FALSE

33.

Test II. MULTIPLE CHOICE PROBLEMS- (2 POINTS EACH). Select the letter of the correct answer and
show computations on a worksheet.

A national government agency purchased office supplies from a VAT-registered company for P212,800.
The agency also paid P44,800 MERALCO bill and PLDT bill of P33,600.
41. How much is the total amount remitted to the BIR thru the tax remittance advice (TRA) for EWT
(BIR Form 1601-E)?
a. P14,560 b. P3,696 c. P3,300 d. P13,000
42. How much is the net amount paid to MERALCO?
a. P42,000 b. P41,664 c. P31,500 d. P73,500

Department of ABC, a national government agency, purchased office equipment on January 6 of the
current year, 2014. The invoice price amounted to P300,000. The estimated life of the asset is 5 years.
43. How much is the book value of the equipment on December 31, 2014?
a. P220,500 b. P246,000 c. P245,000 d. P250,500

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44. Assuming that the asset will be sold at the end of its useful life for P20,000, How much is the loss
or gain on sale of PPE?
a. P20,000 loss b. P20,000 gain c. P10,000 loss d. P10,000 gain

A government agency ordered an office equipment for P1,000,000 on August 2, 2015. The equipment
was delivered to the government agency on September 1, 2016. The asset has an estimated useful life
of 10 years. (Salvage value is 5% of cost).

45. The book value of the equipment on December 31, 2016 is:
a. P787,500 b. P977,500 c. P887,500 d. P857,500

During the year 2014, a national government agency, had the following transactions related to its
construction project:
a. Signed a contract for the construction of its building, P100,000,000.
b. Advances of 15% of the contract price were made.
c. Received progress billings equivalent to 40% stage of completion.
d. Paid the amount due to the contractor, net of total advances, less EWT and final VAT on GMP.

46. How much is the balance in the Construction in Progress-Buildings and other Structures
account?
a. P100M b. P40M c. P15M d. P25M

47. How much is total amount credited to Cash-MDS, Regular account?


a. P31.25M b. P22.2M c. P22.5M d. P23.4375M

The following are the selected transactions of a national government agency:


a. Signed a contract for the construction of building, Contract Price-P100 Million.
b. Advances to contractors were made, P15% of the contract price.
c. Received the progress billings from the contractor, 30% completion.
d. Paid the amount due the contractor. Deductions are as follows:
Recoupment of the advances, 20% of the billings
Retention, 10% of the billings
Withholding tax, 2%, 5%

Answer item nos. 50-52 based on the above information:

50. The entry to record the advances includes a:


a. debit to Due from Contractors, P4.5M
b. debit to Advances to Contractors, P15M
c. debit to Due from Contractors, P30M
d. credit to Cash-Modified Disbursement System (MDS), Regular, P14,062,500

51. The net amount paid to the contractor was:


a. P10,125,000 b. P22,125,000 c. P13,125,000 d. P19,125,000

52. The entry to record the billings includes a


a. debit to Construction in Progress-Buildings and Other Structures, P30M
b. debit to Construction in Progress-Buildings and Other Structures, P15M
c. credit to Accounts Payable, P15M
d. credit to Advances to Contractors, P15M

A national government agency received its Notice of Cash Allocation (NCA) from DBM for P20M covering
the operating requirements for the period January 1 to March 31, 2015. The following selected
transactions took place:
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a. Paid the electricity bills, P2.5M, less tax.
b. Paid the telephone bills, P200,000, less tax.
c. Advances for local travel were paid to Officers and employees, P300,000. Reports submitted
showed a total of P260,000 were liquidated.
d. Disbursements were made for equipment with a total invoice price of P525,000 less tax.
e. Office supplies were purchased as follows:
VAT registered supplier, P224,000.
Non-VAT registered supplier, P100,000
f. Paid the account for office supplies, net of tax.
g. Remitted the withholding taxes thru the Tax Remittance Advice (TRA).

Based on the transactions given above, answer item nos. 53-57.

53. The entry to record the NCA for the quarter includes a:
a. debit to Cash-in bank, Local Currency, Current Account, P20M
b. debit to Subsidy from National Government, P20M
c. credit to Cash-Modified Disbursement System (MDS), Regular, P20M
d. debit to Cash-Modified Disbursement System (MDS), Regular, P20M

54. The entry to record the refund of excess cash advances for travel includes a:
a. debit to Advances to Officers and Employees, P300,000
b. debit to Traveling Expenses-Local, P260,000
c. credit to Subsidy from National Government, P40,000
d. credit to Advances to Officers and Employees, P40,000

55. The total amount paid to suppliers for the purchase of office supplies was:
a. P308,000 b. P306,642.86 c. P308,428.57 d. P306,000

56. The entry for the payment of telephone bill includes a:


a. debit to Telephone Expenses, P200,000
b. credit to Cash-Modified Disbursement System( MDS), Regular, P187,500
c. Due to BIR, P10,714.29
d. both a and b
e. both a and c

57. The total amount remitted to the BIR thru the TRA was:
a. P212,446.43 b. P212,875 c. P214,232.14 d. P217,562.50

On January 1, 2014, a national government agency revised the estimated useful life of its equipment from
10 years to 5 years. The equipment was originally purchased and delivered on September 11, 2012 costing
P500,000.

58. Determine the depreciation expense in 2014.


a. P88,750 b. P105,000 c. P106,500 d. P104,000

Use the following information for item nos. 68-69:


A government agency had the following items for disbursements:

Electricity Expenses 500,000


Rent/Lease Expenses 246,400
Telephone Expenses 120,000
Office Supplies Inventory 67,200
Office Equipment 224,000
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68. Assuming that the government agency is a state university, entry to remit the tax includes a
a. debit to Subsidy from National Government, P69,750
b. debit to Due to BIR, P69,750
c. credit to Subsidy from National Government, P76,350
d. credit to Cash-Modified Disbursement System, Regular, P76,350

69. Assuming that the government agency is an LGU, the entry to remit the tax includes a
a. credit to IRA, P76,350
b. debit to Due to BIR, P69,750
c. credit to Cash in Vault, P69,750
d. credit Cash in Bank, Local Currency, Current Account, P76,350

70. The entry to record the advances relating with payroll in a national government agency includes
a. a debit to Due from Officers and Employees
b. a debit to Advances for Payroll
c. a debit to Advances to Officers and Employees
d. a credit to Cash in Bank, Local Currency, Current Account
**********end of examination**********