Reference no: EM132889170
Questions -
Q1. Entity A, a government entity, grants a 10,000 cash advance for the travelling an employee. The employee liquidates 8,000 of the cash advance and remits the excess cash advance of 2,000. After recording the grant of cash advance and the liquidation thereof but before adjustment for the collection of the excess cash advance, how much is the recorded expense in the books of accounts?
a. 0
b. 2,000
c. 8,000
d. 10,000
Q2. All of the above involves the physical transfer of cash except
a. Remittance of taxes through the Tax Remittance Advice
b. Remittance of collections of revenue to the National Treasury
c. Remittance of employee contributions to GSIS, Pag-IBIG and PhilHealth
d. Remittance of excess cash advance by an officer
Q3. Which of the following transactions is not recorded through a credit to the "Cash-Modified Disbursement System (MDS), Regular" account?
a. Reversion of unused NCA at the end of the period.
b. Payment of accounts payable wherein the tax portion is withheld.
c. Granting of cash advance for payroll.
d. Constructive remittance of taxes withheld to the BIR.
Q4. This refers to charges for the use of cash or cash equivalents, or amounts due to the entity.
a. Financial expenses
b. Personnel services
c. Interest income
d. Capital outlays
Q5. Which of the following statements best describes the various registries maintained by gov entities:
a. The registries primarily serve as an internal control for controlling and monitoring the conformance of actual results with the approved budget
b. All of these
The registries serve as ledgers...
c. The registries serve as ledgers to classify the effects of accountable events on the fs elements. This allows the reconcilable of assets liab equity revenues and expenses in the general purpose fs of gov entities
d. The registries support the journals and ledgers in a way that they authenticate the validity and legality of gov transactions. This enhances the transparency in the financial reporting of the gov
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