Recitation:

Definition of Government Accounting

“Government accounting encompasses the processes of analyzing,
recording, classifying, summarizing and communicating all transactions
involving the receipt and disposition of government funds and property, and
interpreting the results thereof.” (State Audit Code of the Philippines, P.D.
No. 1445, Sec. 109)

Objectives of Government Accounting

1. To produce information concerning task operation and present
condition
2. To provide a basis for guidance for future operations
3. To provide for control of the acts of public bodies and offices in the
receipts, disposition and utilization of funds and property
4. To report all financial position and the results of operations of
government agencies for the information of all persons concerned

Accounting Responsibility
The following offices are charged with government accounting
responsibility:
1. Commission on Audit (COA)
a. Promulgate accounting and auditing rules
b. Keep the general accounts
c. Submit financial reports to the President and Congress
2. Department of Budget and Management (DBM)
a. Implementation of the national budget
3. Bureau of Treasury (BTr)
a. Cash custody and control of disbursements
4. Government agencies
a. Maintain accounting books and budget registries which are
reconciled with the cash records of the BTr and the budget
records of the COA and DBM