5/21/2020 ADVAC3 Quiz III and IV

ADVAC3 Quiz III and IV

Government Accounting and Accounting for NPOs

* Required

Name (Surname, First Name, M.I.) *

Patlunag, Anna Czarina O.

Student Number *

2019001132

1. Presidential Decree No. 1442 generally governs the National Government 1 point

Accounting System. *

True

False

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2. Government Accounting encompasses the process of analyzing, 1 point

recording, summarizing & communicating all transactions involving the

receipt & disposition of government funds. *

True

False

3. The Landbank of the Philippines performs banking functions of the 1 point

National Government. *

True

False

4. The present Chairman of Commission of Audit is Chairperson Michael G. 1 point

Aguinaldo. *

True

False

5. The New Government Accounting System (NGAS) contains the 1 point

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. *

True

False

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6. Under Bicameral Deliberations, both the House/Congress & the Senate 1 point

constitute Bicameral Conference Committee which discusses &

harmonizes conflicting provisions. *

True

False

7. Under GAM, an asset is classified as PPEs if it meets the recognition 1 point

criteria of the item costs P15,000 and below. *

True

False

8. The method allowed in determining the cost of an inventory in 1 point

Government Accounting is Moving Average Method. *

True

False

9. A Department refers to any of the various units of the government, 1 point

including an office, instrumentality or Government-Owned and/or
Controlled Corporation. *

True

False

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10. The COA Revised Chart of Accounts has 8 digits. * 1 point

True

False

11. A nonprofit organization should report a contribution for the 1 point

construction of a building as cash flows from which of the following? *

A. Financing Activities

B. Operating Activities

C. Investing Activities

D. Capital Financing Activities

12. All of the following are classified as financing activities of a nonprofit 1 point
organization, except *

A. Cash contribution to be permanently invested.

B. Cash dividend and interest to be used for the acquisition of computer equipment

C. Cash contribution restricted by donor for faculty development.

D. Cash contribution from a donor who stipulated that the money be spent in
accordance with the decision of the governing board.

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13. What would result to reclassification of the net assets of a nonprofit 1 point
organization? *

A. Expiration of donor-imposed condition

B. Expiration of donor-imposed restriction

C. Both A and B

D. Neither expiration of donor-imposed condition nor expiration of donor-imposed

restriction

14. The assets in quasi-endowment fund should be included in which of the 1 point
following classification? *

A. Temporarily restricted net assets

B. Unrestricted net assets

C. Permanently restricted assets

D. Either temporarily or permanently restricted net assets depending upon the term of
the quasi endowment

15. For private nonprofit organization, when is a donor’s conditional 1 point

promise to give considered unconditional? *

A. Only when the condition is subsequently met

B. When the possibility that the condition will not be met is remote

C. When the conditional promise is made

D. When the cash or other asset promised is received

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16. Which of the following private nonprofit entities is required to prepare a 1 point
statement of functional expenses meaning by function and by natural
classification? *

A. Hospital

B. University

C. Performing arts organization

D. Voluntary Health and welfare organization

17. In the statement of activities for nonprofit organization, expenses 1 point

should be deducted from *

A. Unrestricted revenue

B. Temporarily restricted revenue

C. Permanently restricted revenue

D. Unrestricted net assets

18. How should nonprofit organization report depreciation in the statement 1 point
of activities? *

A. It should not be included

B. It should be included as decrease in in unrestricted net assets

C. It should be included as increase in temporarily restricted net assets

D. It should be reclassified from unrestricted net assets to temporarily restricted net

assets, depending on donor-imposed restriction on the assets

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19. An entity is a nongovernmental not-for-profit organization involve in 1 point

research. The statement of functional expenses should classify which of
the following as support services? *

A. Salaries of staff researchers involved in research

B. Costs of equipment involved in research

C. Salaries of fund-raisers for fund used in research

D. Costs of laboratory supplies used in research

20. A storm broke the glass windows in the building of a religious 1 point
organization. A member of the organization replaced the windows at no
charge. In the statement of activities of the religious organization, the
breakage and replacement of the windows should *

A. Not be reported

B. Be reported by note disclosure only

C. Be reported as an increase in both expenses and contribution

D. Be reported as an increase in both net assets and contributions

21. PUP Campus purchased office supplies from a VAT-registered company 1 point
for P212,800. The agency also paid P44,800 for MERALCO bill and PLDT bill
of P33,600. How much is the total amount remittance to the BIR through
Tax Remittance Advice for EWT (BIR Form 1601-E)? *

3,300

13,000

14,560

16,300

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22. Using the data in #21, how much is the net amount paid to PLDT? * 1 point

31,800

33,600

31,248

31,500

Use the data for items 23-25. Department of Public Works and Highways 1 point
(DPWH) purchased Construction Equipment from a supplier on March 10,
2017 and was available for use only on April 05, 2017. The invoice price
(exclusive of VAT) amounted to P2,500,000. The estimated useful life of
the asset is 10 years. Depreciation is to be considered as one month if
available for use on or before the 15th of the month, however, if it is
available for use after the 15th of the month, depreciation is for the
succeeding month. Assume that the company estimates 5% salvage value
for the construction equipment. #23. How much is the depreciation
expense for 2017? *

178,125

197,917

237,500

199,500

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24. How much is the book value of the equipment on December 31, 2018? * 1 point

2,312,333

2,334,500

2,084,375

2,064,583

25. How much is the total amount to be credited Due to BIR if the 1 point
equipment paid on April 10, 2017? *

133,929

156,250

175,000

150,000

Use the data for items 26-28. On November 09, 2017, Mr. Abillonar granted 1 point
cash advance worth P30,000 to defray expenses in connection with his
official travel to Da Nang, Vietnam, as member of the Philippine Delegation
for APEC Summit from Nov. 10 – 13, 2017. On November 23, 2017, he
submitted liquidation report worth P25,000. #26. The journal entry to
record the liquidation of cash advance on Nov. 23, 2017 includes *

Debit to Cash – Collecting Officers P5,000

Credit Cash, MDS Regular P30,000

Debit to Traveling Expense – Foreign P25,000

Credit to Advances to Officers & Employees P30,000

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27. The journal entry to record the refund of excess cash advance includes 1 point
*

Debit to Cash MDS Regular P5,000

Debit to Advances to Officers and Employees P5,000

Debit to Traveling Expense – Foreign P5,000

Debit to Cash Collecting Officers P5,000

28. Assuming Mr. Abillonar submits liquidation report on January 15, 2018, 1 point
the journal entry to record the liquidation of cash advance includes *

Debit to Advances to Officers and Employees P30,000

Debit to Accumulated Surplus/Deficit P25,000

Debit to Cash – MDS Regular P30,000

Debit to Traveling Expense Foreign P25,000

29. The following are the selected transactions of a national government 1 point
agency for the month of March 2017: Total Allotment for MOOE -
P10,000,000; Total NCA for MOOE - 7,500,000; Total Obligation for MOOE
- 8,000,000; Total Obligations liquidated (disbursement) for MOOE -
7,000,000. What is the total amount of unliquidated obligation for MOOE?
*

2,000,000

1,500,000

1,000,000

2,500,000

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30. Using the data in #29, What is the total amount of unobligated 1 point
allotment for MOOE? *

1,000,000

2,500,000

1,500,000

2,000,000

31. Psalm Hospital, a private nonprofit hospital, earned P500,000 revenues 1 point

from its gift shop located at the lobby and spent P100,000 on research
during the year ended December 31,2020. The P100,000 spent on
research was part of a P150,000 contribution received during December
of 2018 from a donor who stipulated that the donation be used for medical
research. None of the gift shop revenues were spent in 2020. What was the
increase in unrestricted net assets from the events that occurred during
2020? *

a. 600,000

b. 400,000

c. 500,000

d. 550,000

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* 1 point

a. 50,000

b. 150,000

c. 200,000

d. 500,000

* 1 point

a. 580,000

b. 586,000

c. 594,000

d. 600,000

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* 1 point

a. 0

b. 25,000

c. 50,000

d. 75,000

* 1 point

a. 250,000

b. 750,000

c. 1,250,000

d. 2,250,000

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36. In 2020, the board of trustees of TCMC Private University designated 1 point
P250,000 from its current funds for college scholarships. Also in 2020, the
university received bequest of P500,000 from an estate of a benefactor
who specified that the bequest was to be used for hiring teachers to tutor
handicapped students. None of the bequest has been spent. What amount
should be accounted for as restricted net assets? *

a. 0

b. 250,000

c. 500,000

d. 750,000

37. In April 2020, ruth donated P250,000 cash to her church, with the 1 point
stipulation that the income generated from this gift is to be paid to Claire
during her lifetime. The conditions of this donation are that, after Ruth dies,
the principal can be used by the church for any purpose voted on by the
church elders. The church received interest of P20,000 on the P250,000
for the year ended March 31, 2021 and the interest was remitted to Claire.
In the church’s March 31, 2021 financial statements. *

d. The gift and its terms should be disclosed only in notes to the financial statements.

a. P20,000 should be reported under support and revenue in the activity statement.

c. P250,000 should be reported as deferred support in the balance sheet.

b. P230,000 should be reported under support and revenue in the activity statement.

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38. Rizza Foundation, a non profit organization, received following cash 1 point
contributions during the year to support its child care center:a. P50,000
restricted by the donor to be used for meals of children.b. P37,500
received by subscriptions to a monthly child care magazine with a fair
value to subscribe of P25,000c. P25,000 to be used only upon completion
of a new playroom that was 75% complete at current year-endWhat
amount should be recorded as contribution revenue in current year? *

a. 50,000

b. 62,500

c. 25,000

d. 27,500

39. An organization of high school seniors performs services for patients at 1 point
Morong Doctors Hospital. These students are volunteers and perform
services that the hospital would not otherwise provide, such as wheeling
patients in the park and reading to patients. Morong Doctors has no
employer-employee relationship with these volunteers, who donated 500
hours of service. At the minimum wage rate, these services would amount
to P46,875, while it is estimated that the fair market value of these services
was P62,000. In Hospital’s statement of revenues and expenses, what
amount should be reported as nonoperating revenue? *

a. 62,500

b. 46,875

c. 15,625

d. 0

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40. For the summer session of 20x7, Silliman University assessed its 1 point

students P1,700,000 (net if refunds), covering tuition and fees for

education and general purposes. However, only P1,500,000 was expected
to be realized because scholarships totaling P150,000 were granted to
students, and tuition remissions of P50,000 were allowed to faculty
members’ children attending Silliman. What amount should Silliman include
in the unrestricted revenues from student tuition and fees? *

a. 1,500,000

b. 1,550,000

c. 1,650,000

d. 1,700,000

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