Scribd Logo
Upload

Welcome to Scribd!

  • 75 views

    1 Government Accounting

    Uploaded by

    John Karl Mabini
    The document discusses the objectives of government accounting which include producing information on the financial condition of government, providing a basis for future operations, and providing control over public funds and assets. It also summarizes the key Philippine government agencies involved in budgeting, accounting, and auditing like the Department of Budget and Management, Commission on Audit, and Bureau of Treasury. The accounting process and typical accounts for assets, liabilities, revenues and expenses of government are also outlined.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    1 Government Accounting

    Uploaded by

    John Karl Mabini
    75 views28 pages
    The document discusses the objectives of government accounting which include producing information on the financial condition of government, providing a basis for future operations, and providing control over public funds and assets. It also summarizes the key Philippine government agencies involved in budgeting, accounting, and auditing like the Department of Budget and Management, Commission on Audit, and Bureau of Treasury. The accounting process and typical accounts for assets, liabilities, revenues and expenses of government are also outlined.

    Original Title

    1-Government-Accounting

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document discusses the objectives of government accounting which include producing information on the financial condition of government, providing a basis for future operations, and providing control over public funds and assets. It also summarizes the key Philippine government agencies involved in budgeting, accounting, and auditing like the Department of Budget and Management, Commission on Audit, and Bureau of Treasury. The accounting process and typical accounts for assets, liabilities, revenues and expenses of government are also outlined.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    75 views28 pages

    1 Government Accounting

    Uploaded by

    John Karl Mabini
    The document discusses the objectives of government accounting which include producing information on the financial condition of government, providing a basis for future operations, and providing control over public funds and assets. It also summarizes the key Philippine government agencies involved in budgeting, accounting, and auditing like the Department of Budget and Management, Commission on Audit, and Bureau of Treasury. The accounting process and typical accounts for assets, liabilities, revenues and expenses of government are also outlined.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 28

    Government

    Accounting
    Objectives
    1. To produce information concerning past and present
    condition
    2. To provide a basis for guidance for future operations
    3. To provide for control of the acts of public bodies and
    officers in the receipt, disposition and utilization of
    funds and property.
    4. To report on the financial position and the results of
    operation of government agencies for the information
    of all persons concerned
    Philippine Budget Cycle
    Budget
    Preparation and
    Presentation

    Budget Legislation
    or Authorization

    Budget Execution
    or Implementation

    Budget
    Accountability
    Government Accounting Manual
    Purpose Objective of the Manual
    It shall be used by all National The Manual aims to update the
    Government Agencies in the: following:
    a.) preparation of the general a.) standards, policies, guidelines
    purpose financial statements in and procedures in accounting for
    accordance with the PPSAS and government funds and property
    other financial reports as may be
    required by laws, rules and
    regulations. b.) coding structure and accounts

    b.) reporting of budget, revenue and c.) accounting books, registries,


    expenditure in accordance with laws, records, forms, reports and
    rules and regulations. financial statements.
    Accounting Responsibility
    Accounting responsibility emanates from the Constitution,
    laws, policies, rules, and regulations. The Constitution of the
    Philippines the fundamental Law of the land, mandates keeping
    of the general accounts of the government, promulgation of
    accounting rules and the submission of reports covering the
    financial condition and operation of the government.
    COMMISSION ON AUDIT (COA)
    The Commission on Audit, abbreviated as COA, is an independent constitutional
    commission established by the Constitution of the Philippines. It has the primary
    function to examine, audit and settle all accounts and expenditures of the funds and
    properties of the Philippine government.
    Chairperson Michael G.
    Aguinaldo 
    • Appointed to head the Supreme Audit
    Institution on March 24, 2015.

    Commissioner Jose A. Fabia


    • Appointed to the Commission on Audit (COA)
    on May 2, 2014

    Commissioner Roland Café


    Pondoc
    • Nominated to the Commission on Audit (COA)
    on 6 February 2018.
    DEPARTMENT OF BUDGET AND
    MANAGEMENT
    -Executive body under the Office of the President of
    the Philippines.
    -National Budget
    -Country’s development goals

    Sec. Wendel Avisado


    • The Acting Secretary of the Department of
    Budget and Management (DBM).
    BUREAU OF THE TREASURY

    • Sufficiency of Government financial resources


    • Quality management systems
    DEPUTY TREASURERS OF THE PHILIPPINES

    Atty. Gisela F. Lood


    Supervises and directly controls the
    functions of Administrative and Legal
    Services

    Sharon P. Almanza
    Supervises and directly controls the
    functions of Bureau Budget Division, Asset
    Management Service, Accounting Service
    and Research Service.

    Atty. Edwin D. Sta. Ana


    Supervises and directly controls the
    functions of Liability Management Service
    and Management Information System
    Service.
    Manages also the Regional, Provincial
    and District offices of the Bureau.
    Government Agencies
    Three (3) types of governmental organizational units:

    1. National Government Unit (NGA)


    2. Local Government Unit (LGU)
    3. Government Owned or Controlled Corp(GOCC)
    Government Agencies

    Department of Budget and Management

    Commission on Audit

    Department of Finance
    Government Agencies

    Bureau of Treasury

    Bureau of Internal Revenue

    Department of Public Works and


    Highways
    Government Agencies

    Department of Transportation

    National Economic Development


    Authority
    Purpose of Government Accounting
     To make expenditures according to the appropriate act,
    rules and legal provisions of the government.

     To provide reliable financial data and information about


    the operation of public fund.

     To prevent misappropriation of government properties


    by maintaining the systematic records of cash and store
    items.
    Purpose of Government Accounting
     To record financial transactions of revenues and expenditures
    related to the government organizations.

     To avoid the excess expenditures beyond the limit of the


    budget approved by the government.

     To serve as the control mechanism for the receipt, disposition


    and utilization of government funds and properties.

     To come up with financial reports pertaining to the results of


    operations of various government agencies that are for
    dissemination to the public.
    Purpose of Government Accounting
     To facilitate for making auditing of the books of
    accounts.

     To help for preparing different financial statements and


    reports.

     To facilitate for estimating the annual budget by


    providing historical financial data of government
    revenues and expenditures.
    Application of Government Accounting

     Department of Budget and Management


     Department of Finance
     Commission on Audit
     Bureau of Internal Revenue
     Bureau of Treasury
    Cash and Cash Equivalents (PPSAS 2, 28, 29
    & 30)
     Cash on Hand
     Cash in Bank-Local Currency
     Cash in Bank-Foreign Currency
     Treasury/Agency Cash Accounts
     Cash Equivalents
    Investments (PPSAS 28, 29 & 30)
     Financial Assets at Fair Value Through Surplus or
    Deficit
     Financial Assets-Held to Maturity
     Financial Assets-Other
     Investments in GOCCs
     Investments in Joint Venture
     Investments in Associates
     Sinking Fund
    Receivables (PPSAS 28, 29 & 30) Inventories (PPSAS 12)
     Loans and Receivable  Inventory Held for Sale
    Accounts  Inventory Held for Distribution
     Lease Receivable  Inventory Held for
     Inter-Agency Receivables Manufacturing
     Inventory Held for
     Intra-Agency Receivables
    Consumption
     Other Receivables  Semi-Expendable Machinery
    and Equipment
     Semi-Expendable Furniture,
    Fixtures and Books
    PPE (PPSAS 17 & 21)
     Land
     Land Improvements
     Infrastructure Assets
     Buildings & Other Structures
     Machinery & Equipment
     Transportation Equipment
     Furniture, Fixtures & Books
     Heritage Assets (17)
     Other PPE (17)
     Leased Assets (PPSAS 13)
     Leased Assets Improvements
     Construction in Progress (13 & 17)
     Service Concession Tangible Assets (PPSAS 32)
    Investment Property Intangible Assets
    (PPSAS 16) (PPSAS 31)
     Land and Buildings  Intangible Assets
     Construction in Progress  Service Concession –
    Intangible Assets
     Development in
    Biological Assets (PPSAS Progress
     Other Assets
    27)
     Bearer Biological Assets
     Consumable Biological Assets
    Biological Assets (PPSAS 27)
     Bearer Biological Assets
     Consumable Biological Assets

    Intangible Assets (PPSAS 31)


     Intangible Assets
     Service Concession – Intangible Assets
     Development in Progress
     Other Assets
    Financial Liabilities (PPSAS 28,29,30)
     Payables
     Bills/Bonds/Loans Payable
     Tax Refunds Payable
     Other Payable

    Inter – Agency Payables (PPSAS 23)

    Intra – Agency Payable (PPSAS 23)

    Trust Liabilities (PPSAS 23)

    Deferred Credits/Unearned Income (PPSAS 19)

    Provisions (PPSAS 19)


    Tax Revenue (PPSAS 23)
     Tax Revenue – Individual & Corporation
     Tax Revenue – Property
     Tax Revenue – Goods and Services
     Tax Revenue – Others
     Tax Revenue – Fines and Penalties

    Assistance & Subsidy (PPSAS 23)

    Shares, Grants and Donations (PPSAS 23)


    Service & Business Income (PPSAS 9)
     Service Income
     Business Income

    Gains (PPSAS 9)

    Other Non – Operating Income (PPSAS 9)


     Sale of Assets
     Reversal of Impairment Loss
     Miscellaneous Income
    Maintenance & Other Operating Expenses
    (PPSAS 1)
     Traveling Expense
     Training & Scholarship Expense
     Supplies & Materials Expense
     Utility Expense
     Communication Expense
     Awards/Rewards, Prizes & Indemnities

    Survey, Research, Exploration & Development


    Expense (PPSAS 31/17)
    Generation, Transmission & Distribution Expense
    (PPSAS 1)
    Confidential, Intelligence & Extraordinary Expense
    (PPSAS 1)
    Repairs & Maintenance (PPSAS 16 & 17)
    Depreciation (PPSAS 17)
    Amortization (PPSAS 31)
    Impairment Loss (PPSAS 12, 16, 21, 29, 31)
    Loss on FOREX (PPSAS 4)
    Loss on Sale (PPSAS 9)

    You might also like