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Social Studies
Professional Development
Recap of Session 7 Key Point Summary
12 questions
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- 1. Fill in the Blank
The SK Financial Statements and Other Reports have adopted the ______________ of Accounting under the International Public Sector Accounting Standards (IPSAS). Under this basis, readers are provided with information about the sources of cash raised during the period, its purpose of use and balance at the reporting date.
- 2. Multiple Choice
There are three (3) SK Financial Statements in accordance with the Cash Basis Accounting of IPSAS. Which of the following is NOT prescribed by IPSAS and is classified as Other SK Reports?
Statements of Payments and Receipts
Bank Reconciliation Statement
Notes to Financial Statements
Statement of Comparison of Budget and Actual Amounts
- 3. Multiple Choice
There are four (4) Other Reports to be used by the SK, namely: Summary of Budget , Commitments, Payments and Balances (SBCPB); Summary of Specific Purpose Fund, Commitments, Payments and Balances (SSPFCPB); Bank Reconciliation Statement (BRS); and Report of Accountability for Accountable Forms (RAAF).
True
False
I don't know
Either true or false
- 4. Multiple Choice
The _______ and _________ are prepared by the Budget Monitoring Officer (BMO) every quarter. These are based on Registries of Budget, Commitments, Payments and Balances (RBCPB)/ Registries of Specific Purpose Fund, Commitments, Payments and Balances (RSPFCPB), respectively
QSRP and ASRP
RBCPB and RSPFCPB
BRS and RAAF
SBCPB and SSPFCPB
- 5. Fill in the Blank
The Statement of Payments and Receipts (SRP) shows the details of the cash received/paid, increase or decrease in cash as well as the balance of the cash during the period. It is prepared by the ___________ quarterly and annually.
- 6. Multiple Choice
The preparation of Quarterly Statement of Receipts and Payments (QSRP) is based on:
RCRD and RCB
SBCPB and SSPFCPB
RBCPB and RSPFCPB
BRS and RAAF
- 7. Multiple Choice
The ________________________________________ presents the original and final budget SK amounts and the actual SK amounts on a comparable basis. It is prepared by the ____________ annually.
SBCPB; SK Treasurer
SCBAA; BMO
SSPFCPB; SK Chairperson
SCBAA; SK Treasurer
- 8. Multiple Choice
The Cash Inflow” portion and “Actual Amounts” column of the SCBAA does not include ________________________, as such funds are not subject to the usual budgeting process.
Subsidy from Local Government Units
Grants and Donations in Cash with Specific Purpose
Grants and Donations in Cash without Specific Purpose
Miscellaneous Income
- 9. Fill in the Blank
______________________________ provides additional information about receivables, payables and borrowings, and property and equipment. It is prepared by the SK Treasurer annually.
- 10. Multiple Choice
______________________________ is prepared in order to check correctness of both the bank’s and SK’s records. It is prepared monthly by the ___________ based on Bank Statement (BS), Credit Memo (CM), Debit Memo (DM) and Register of Cash in Bank and Other Related Financial Transactions (RCB)
Relief of Accountability for Accountable Forms; SK Treasurer
Bank Reconciliation Statement; BMO
Bank Reconciliation Statement; SK Treasurer
Statement of Receipts and Payments; SK Chairperson
- 11. Multiple Choice
____________________________________________ is prepared to report all requisitions and issuances of accountable forms. It is prepared quarterly by the SK Treasurer.
Report of Accountability in Accounting Forms
Report of Applied Accounts and Forms
Relief on Accounting for Accountable Forms
Report of Accountability for Accountable Forms
- 12. Multiple Choice
Failure on the part of the SK official concerned to submit the documents and reports mentioned herein shall automatically cause:
the suspension of SK official until he/she shall have complied with the requirements of COA
the suspension of payment of any amount due them until they have complied with the requirements of COA
the removal of SK official concerned until he/she have complied with the requirements of COA
the suspension of the entire SK until they have complied with the requirements of COA
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