Overview of Government Accounting System & Essential

Features of Government Accounting Manual (GAM)

Multiple Choice.
 
1. 1st Statement: All circulars, memo and existing rules inconsistent with the
provisions of the GAM are amended/revoked. 2nd Statement: Volume III of the GAM
contains the forms, reports and instructions *
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a. Only the 1st statement is true.
 
b. Only the 2nd statement is true.
c. Both statements are true.
d. Both statements are false.
 
2. Aggregate term for tangible items below the capitalization threshold of P15,000.00 *
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a. Inventory Custodian Slip
b. Property, Plant and Equipment
c. Semi-Expendable Properties
 
d. Property Acknowledgment Receipt
 
3. 1st Statement: Government Accounting Manual (GAM) is composed of three (3)
volumes. 2nd Statement: The GAM took effect on January 1, 2016. *
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a. Only the 1st statement is true.
b. Only the 2nd statement is true.
c. Both statements are true.
 
d. Both statements are false.
 
4. Which report is NOT included in the Financial Statements prepared under the
GAM? *
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a. Statement of Financial Position
b. Statement of Receipt
 
c. Statement of Financial Performance
d. Statement of Comparison of Budget and Actual amounts.
 
5. This form is used to pay an obligation and is always with the Obligation Request
and Status (ORS) Form. *
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a. Itinerary of travel
b. Disbursement Voucher
 
c. Payroll
d. Liquidation Report
 
6. This is formerly known as the Invoice Receipt of Property and is used to convey
accountability from one accountable officer to another. *
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a. Property Transfer Receipt
 
b. Property Acknowledgment Receipt
c. Requisition Issue Slip
d. Purchase Request
 
7. This account is used to recognize the additional compensation to government
officials and employees based on years of service rendered to the government. *
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a. Representation Allowance
b. Transportation Allowance
c. Subsistence Allowance
d. Longevity Pay
 
 
8. Account used to recognize the cost incurred for authorized services rendered by
private lawyers. *
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a. Auditing Services
b. Consultancy Services
c. Legal services
 
d. Special Counsel Allowance
 
9. Maximum SHOULD BE cost of repairs of property, plant and equipment (except
land and buildings) *
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a. 10%
b. 5%
c. 50%
d. 30%
 
 
10. Account used to recognize the cost incurred in the movement/transport of
government officers and employees within the country. *
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a. Travelling Expenses-Foreign
b. Miscellaneous expense
c. Travelling Expense-local
 
d. Training Expense
 
11. Account where 22K may be charged: *
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a. Scholarship Expense
 
b. Travelling Expenses
c. Training Expenses
d. Miscellaneous expense
 
12. Account used to recognize the cost of goods issued/distributed to people affected
by calamities/disasters/ground conflicts. *
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a) Welfare Goods Expenses
 
b) Food Supplies Expense
c) Ground Conflict Expense
d) Other Supplies Expense
 
13. Term for the minimum lifespan of assets: *
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a) Estimated total life
b) Estimated useful life
 
Identification.
 
14. The new account name of Petroleum, Oil and Lubricants Expense is.
______________ *
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Fuel, Oil and Lubricants Expense
 
 
15. Account charged for the value of bond paper, ink, staple wire and the like. *
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Office Supplies Expense
 
 
16. Account used to recognize the cost of water consumed in government
operations/projects. *
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Water Expense
 
Correct answer
Water Expenses
True or False
 
17. The Obligation Request is used by the Requesting/ Originating Offices in the
utilization of their approved budget allocations.  *
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False
 
Correct answer
False-Obligation Request and Status
 
18. The Report of Supplies and Materials Issued (RSMI) is used to report/ summarize
all issues of inventories.  *
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True
 
 
19. The Inventory Custodian Slip is used to issue inventory Items amounting to more
than P15,000.00.  *
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False
 
Correct answer
False- less
 
20. Postage and Courier Expenses is used to recognized the cost of internet services
in government operations. *
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False
 
Correct answer
False - Internet Subscription Expense