The Chief Accountant 1. The person who shall maintain separate registries for appropriation, allotment and obligations and books of accounts for SEF. a direct credit to Special Education Tax Income account 2. What account should be credited in payment of delinquencies for special education taxes prior to CY 2002.

3-7. What are the purposes of proceeds from the Additional One Percent (1%) Special Education Fund Tax which shall be allocated as determined and approved by the local school boards.

1. Operation and maintenance of public schools; 2. Construction and repair of school buildings, facilities and equipment;3. Educational research;4. Purchase of books and periodicals; and5. Sports development.

assessed value of real property 8. The Special Education Fund (SEF) consist of the proceeds of one percent (1%) tax on the _______________________ in addition to the basic real property tax, which a province or city, or a municipality within the Metropolitan Manila Area, may levy and collect

The Notes to the Financial Statements 9. the accountants means of amplifying or explaining the items presented in the main body of the statements.The Statement of Cash Flows 10. It reports cash receipts and cash payments and net change in cash resulting from operating, investing and financing activities of an agency during a period, in a format that reconciles the beginning and ending cash balances.

The Statement of Income and Expenses 11. It shows the income and expenses of the agency at the end of a particular period. It presents the detailed information of the income and expenses recognized during the period covered.

The Balance Sheet 12. It shows the financial condition of the agency at a specific date

Statement of Management Responsibility for Financial Statements 13. It shows the agencies responsibility for the preparation and presentation of its financial statements.

A worksheet14. It is the accountants informal device for accumulating and sorting information needed for the financial statements.

15-16. Purpose of the Trial Balance.

a. To prove the mathematical equality of the debits and credits after posting;b. To uncover errors in journalizing and posting; and As basis for the preparation of the financial statements

Trial balance 17. It is a list of all the general ledger accounts and their balances at a given time..

Accruals 18. It refers to revenues earned and expenses incurred in the current accounting period that have not yet been recorded.

Unearned revenues 19. It is recorded as a liability when received and considered earned upon rendition of service or the passage of time.

Prepaid expenses 20. It refers to expenses paid in cash and recorded as assets before they are used or consumed.

Prepaid expenses 21. It expire either with the passage of time or through use and consumption. Prepayments 22. It refers to expenses paid or revenues received before they are incurred or earned.

23.24 What are the two types of adjusting entries?

a. Prepayments;b. Accruals

Adjusting entries 25. It refers to accounting journal entries made in order to ensure that revenues and expenses are recorded in the period when they are earned or incurred following the revenue recognition and the matching principles.

26. What is the entry to take up Cash shortage of the Disbursing Officer?27. What is the entry to take up Cash shortage of the treasurer?

a. Cash shortage of the of the Disbursing Officer

To take up cash shortageDue from Officers and Employees12850

Cash Disbursing Officers10750

b. Cash Shortage of the Treasurer

To take up cash shortageDue from Officers and Employees12850

Cash in Treasury10150

Spoiled Checks. 28. A check that is torn, mutilated, defaced or with erasures/errors affecting the genuineness of any material information contained therein.

Stale check, 29. A check that has been outstanding for over six months from date of issue or as prescribed by the depository bank.

. Dishonored Checks. 30. Payment of this check is refused or cannot be obtained upon its being duly presented for payment

31-35. Give 5 examples of miscellaneous transactions.1. Loss of Cash and Property Accountability2. Cash Overage3. Dishonored Check4. Lost/Destroyed/Stale/Obsolete and Fraudulently Encashed Check5. Settlement of Suspensions/Disallowances/ChargesRefund of Overpayments

Public Infrastructures account 36. What account shound the Construction in Progress account be transferred to upon completion of the public infrastruction.

imprest system 37. What system shall Petty cash fund be maintained?.Disbursement Voucher 38. What document should be prepared in case the amount of cash advance is less than the travel expenses incurred to liquidate the previous cash advance and serve as a claim for reimbursement of the deficiency in amount.

Liquidation Report form 39. What document should be prepared for liquidation of travel where the amount of cash advance is equal to or more than the travel expenses incurred.

40. The person who is responsible to Record check in the Check Register and release check to claimant. a. Record check in the Check Register and release check to claimant. Record disbursement in Cashbook Cash in Bank. Prepare Report of Checks Issued. Forward RCI with DV and supporting documents to Accounting Unit.

Treasurer

Modified Accrual 41. What method of accounting shall be used for real property taxes?

Accrual Method 42. What method of accounting shall be used to record Share from Internal Revenue Collections in the books of accounts

43-46. What are the major classification comprise the specific income accounts for LGUs?

1. Property Taxes 2. Taxes on Goods and Services 3. Other Taxes 4. Other Specific Income

47-49. What are the main sources of income of LGUs?

a. Tax revenues, fees and chargesb. Share from Internal Revenue Collectionsc. Share from National Wealth

50-53. What are the registries maintained for the four classes of expenditures per responsibility center?

a. Registry of Appropriations, Allotments and Obligations - Capital Outlays (RAAOCO)b. Registry of Appropriations, Allotments and Obligations - Maintenance and Other Operating Expenses (RAAOMO)c. Registry of Appropriations, Allotments and Obligations - Personal Services (RAAOPS)d. Registry of Appropriations, Allotments and Obligations - Financial Expenses (RAAOFE)

Appropriations. 54. It refers to authorization made by ordinance, directing the payment of goods and services from local government funds under specified conditions or for specific purposes.

The General Accounting Plan 55. It shows the overall accounting cycle in the Local Government Unit.

local sanggunian 56. The body that approves the annual budget thru the issuance of appropriation ordinancePublic infrastructures 57. It refers to assets for use of the general public, such as roads, bridges, waterways, railways, plazas, monuments, etc.The Treasurers/Collectors58. The authorized person who shall prepare the Report of Collections and Deposits (RCD) daily and the Report of Accountability for Accountable Forms (RAAF) monthly. Budgetary accounts 59. It is composed of appropriations, allotments and obligations.

a. Liability 60. It shall be recognized at the time goods and services are accepted or rendered and supplier/creditor bills are received.