Government Accounting: Quiz #2

Name: _____________________________

Direction: Identification. Write the answer on the space provided before each number. Choose
your answer from the box below.

________________________ 1. Depreciation is computed using this method

________________________ 2. Residual value shall be equivalent to what percentage

________________________ 3. The petty cash fund shall be kept using what method?

________________________ 4. The official document used as basis in the release of the

obligational authority

________________________ 5. Encompasses all taxes imposed on taxable income, properties,

and use or sale of goods and services

Direction: True or False. Write T if the statement is true and F otherwise.

_____ 6. Foreign currency adjustment shall be computed at the exchange rate prescribed by the
BSP at the balance sheet date.

_____ 7. Government agency cannot pay its payables/obligations without the NCA

_____ 8. The agency is authorized to incur obligations only in the performance of activities
which are in pursuits of its functions and programs authorized

_____ 9. The NCA may not be used for payment of personal services, maintenance and
operating expenses, financial expenses, capital outlay, and other miscellaneous transactions

_____ 10. The government can still use contingent asset.