Compared to the accounting for business entities, government accounting places greater emphasis on the sources and utilization of government funds and the management's stewardship over government resources.

Taxes are the main source of funds of the government.

Other sources of funds of the government include fees, borrowings, and grants from other governments and international bodies,

Currently, the financial reporting of government entities is based on NGAS.

The principles used in the financial reporting of government entities are very unique that only a very few of these principles are similar to those that are applied to business entities

The principles in the GAM for NGAs are similar to the principles in the PFRSs

The GAM for NGAs is promulgated by the Philippine Congress under the authority conferred to it under the Philippine Constitution.

A unique financial reporting requirement of government entities is the use of fund cluster accounting. Under fund cluster accounting, separate books and reports are prepared for each type of fund held by a government entity.

The GAM for NGAs is promulgated primarily to harmonize government accounting standards with the U.S. GAAP

An item is recognized as an asset if it meets both the "probable future economic benefits" and "reliable measurement" criteria, regardless of whether the item is a resource controlled arising from past events.

Which of the following is a unique requirement of government accounting that is not required in the accounting for business entities?

What is the legal basis of the COA in promulgating the GAM for NGAs?

Which of the following is tasked in keeping the general accounts of the government, supporting vouchers, and other documents

The Bureau of Treasury (BTR) is responsible for

According to the GAM for NGAs, the basis of accounting to be applied by government entities is the

Government resources must be utilized efficiently and effectively in accordance with the law. According to P.D. No. 1445, who is directly responsible in implementing this policy?

The transfer of government funds from one officer to another requires the prior authorization of the

Mr. A, a government employee entrusted with the custody of government funds, was instructed by Mr. B (a politician) to release funds for the acquisition of a car as a birthday gift for Mr. B's daughter who will be having her 18th birthday next week. To relieve Mr. A from any liability, what should Mr. A do?

Mr. C, a government employee entrusted with the custody of government funds, has lost the goved Ment funds entrusted to Row in a force majeure. What should Mr. C do to relieve him from liability?

These refer to the attributes that make information useful to users

Information loses this qualitative characteristic if it is not reported on a timely basis

Which of the following qualitative characteristics does an entity most likely would need to make some trade-offs?

An entity recognizes an estimated loss from the decline in value of a property. Which of the following is most likely the qualitative characteristic being applied by the entity?

Which of the following is not one of the fund clusters of a government entity?

To achieve a proper balance between relevance and reliability, the overriding consideration is

How does government accounting differ from the accounting for business entities?

Which of the following is not a source of revenue for the government?

Entity A (a government agency) is entrusted with government resources. According to P.D. 1445, who is directly responsible for the efficient and effective utilization of these resources?

Which of the following is not charged with government accounting responsibility under the GAM for NGAs?

The Department of Budget and Management (DBM) is responsible for

Which of the following is not one of the objectives of the GAM for NGAs?

All of the following are requirements peculiar to a government entity. Which is not?

Which of the following qualitative characteristics is improved when information is reported on a timely basis?

The best estimate for a loss is P100,000. However, the entity deliberately overstated the loss to P200,000. Which of the following qualitative characteristics is violated?

Which of the following financial statements is peculiar to a government entity?

encompasses the processes of analyzing, recording, classifying, summarizing communicating all transactions involving the receipt and disposition of government funds and property, and interpreting the results thereof.

Promulgated accounting and auditing rules and regulations

Responsible for the formulation and implementation of national budget

Cash Custodian of the government

11 Qualitative Characteristics of Financial Reporting