final-13-august-CMPC 311 Final Comprehensive Exam - questions-and-answers Mountain Province State Polytechnic College AE 313

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CMPC 311 Final Comprehensive Exam MULTIPLE CHOICE QUESTIONS Identify the letter of choice that completes the statement or answers the question. The following are prerequisites before an agency can ... make payments out of the national government funds except: * 1 point Availability of funds for payment of obligation has been certified None of the choices There must be a valid obligation Obligation incurred must have been approved by the agency head There must be a lawful and sufficient allotment for the obligation incurred This fund grouping of hospitals compose of current resources that, while available for current purposes, are subject to certain limitations in their use * 1 point General/current fund Plant fund Endowment fund Temporary fund It is the allotment released by the DBM to Barangays. * 1 point Barangay Social Fund Income from grants and donations Internal Revenue Allotment Subsidy income from national government. What is the legal basis of the Commission on Audit in prescribing the New Government accounting system manual? * Downloaded by Japhrelle Wayyas (wayyasuchayya@gmail.com) lOMoARcPSD|6425125 1 point PD 1445 and the constitution of the Republic of the Philippines. PD 1445 Constitution of the republic of the Philippines COA circular No. 2002-003 The analytical and systematic examination and verification of financial transactions, operations, accounts and reports of any government agency for the purpose of determining their accuracy, integrity and authenticity and satisfying the requirements of law, rules and regulations. * 1 point Government Accounting Government Auditing Standards Government Auditing Auditing Which of the following statements is true? Statement 1: Non-profit organization is an entity that is operated for the benefit of society as a whole rather than for the benefit of an individual proprietor or a group of partners or shareholders. Statement 2: Special fund includes all the assets of a nonprofit organization that are available for use as authorized by the governing board and are not restricted for specific purposes * 1 point Statement 1 is true Both are true Statement 2 is true Both are false These are the two kinds of assets commonly accounted for by professional organizations * 1 point Downloaded by Japhrelle Wayyas (wayyasuchayya@gmail.com) lOMoARcPSD|6425125 Common and specific General and specific Unrestricted and restricted Current and non-current Which of the following classifications is required for reporting of expenses by all not-for-profit organizations? * 1 point Natural classification in the statement of activities or notes to the financial statements. Functional classification in the statement of activities and natural classification in the notes to the financial statements. Functional classification in the statement of activities or notes to the financial statements. Functional classification in the statement of activities and natural classification in a matrix format in a separate statement. Which of the following statements is true? Statement 1: Endowment fund is one for which the principal must be maintained indefinitely in revenue producing investments and only the revenue from the investments may be expanded. Statement 2: Life Income fund is used to account for stipulated payments to a named beneficiary during the beneficiary’s lifetime. * 1 point Statement 2 is true Statement 1 is true Both are true Both are false For Guiding Light, a nongovernmental nonprofit religious organization, net assets that can be expended in accordance with the wishes of the governing board of the organization should be reported as I. Unrestricted. II. Temporarily restricted. III. Permanently restricted. * 1 point I, II, and III. Downloaded by Japhrelle Wayyas (wayyasuchayya@gmail.com) lOMoARcPSD|6425125 Both I and II. Either I or II. I only. On December 31, 2020, Hope Haven, a private not-for-profit voluntary health and welfare organization, received a pledge from a donor who stipulated that P1,000 would be given to the organization each year for the next five years, starting on December 31, 2021. Present value factors at 6% for five periods are presented below. Present value of an ordinary annuity for 5 periods at 6% 4.21236 Present value of an annuity due for 5 periods at 6% 4.46511 For the year ended December 31, 2020, Hope Haven should report, on its statement of activities, * 1 point Temporarily restricted revenues of P4,465. Unrestricted revenues of P5,000. Temporarily restricted revenues of P4,212. Unrestricted revenues of P4,465. The final output of the regular audit conducted by the auditor assigned to audit the accounts and operations of a government agency and basically consists of the Auditor’s Certificate, the audited financial statements and the audit observations and recommendations. * 1 point Audit Observation M [Show More]

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