Rizal Technological University

College of Business and Entrepreneurial Technology

Department of Accountancy

REFLECTION ON CHAPTER 2 , 3, 4.
1. What needs to be remembered and Why?

Under the explanation of Government Accounting (ARCSC) PD 1445 Sec

109 it is Analyzing, Recording, Classifying, Summarizing and Communicating
and transactions involving the receipt and distribution of government fund and
property and interpreting the results thereof and the objectives of government
accounting are Information concerning past operations and present conditions,
basis for guidance of future operation, controls acts of public bodies, Reports
financial position and results of operations.
RESPONSIBILITY ACCOUNTING system that relates financial results to a
responsibility center, which provides access to cost and revenue information
under the supervision of manager having direct responsibility for its performance.
Responsibility accounting aims to: Ensure that all cost and revenues are properly
charged/ credited to the correct responsibility center, to Provide a basis for
making decisions for future operations, to Facilitate review activities, monitoring
performance of each responsibility center and evaluation of effectiveness of
agency’s operations Responsibility Center past of a gov’t agency headed by a
manager who is accountable.

2. What is your take away from these chapters? Why?

Budgetary management is the process of managing and tracking income

and expenses. Companies often have budgets for individual departments as well
as an overall company budget. Departmental managers are frequently
responsible for managing their department’s budget. New managers can use a
variety of skills and resources to quickly become adept at budgetary
management. Preparing a budget for the coming year is a vital skill for
managers. When preparing your annual budget, consider things like business
objectives and departmental goals. Begin by identifying overhead costs that must
be paid for the department to function. Then you can consider capital
investments that could improve the department. Taking the time to prepare a
detailed and functional budget will make its management much simpler. 

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Betita, Lowell Jay