Ramon Magsaysay Technological UniversityCollege of Accountancy and Business AdministrationName:Course/Section:

1. The objectives NGAS include all of the following, excepta. To simplify government accounting and its eventual computerizationb. To adopt a system that is conformity with Philippine Financial Reporting Standards (PFRS)c. To keep close tabs on erring officers that misappropriate government fundsd. To generate periodic and relevant financial reports for better monitoring of performance2. It is the government body that keeps the general accounts of the government and prepares the annual financial statement of the national government, local government agencies and government-owned or controlled operations (GOCCs)?a. Commission on Audit( CoA)c. Department of Budget and Managementb. Bureau of Treasuryd. Department of Finance3. What are the components of the financial statements (FS) under NGAS?a. Balance sheet, statement of income and expenses and notes to the FS b. Balance sheet, statement of income and expenses and cash flow statementc. Balance sheet, statement of income and expenses and statement of government equityd. Balance sheet, statement of income and expenses, cash flow statement, statement of government equity and notes to the FS4. It is a system of prescribing the procedures for recording appropriations, allotments and obligations.a. Fund accountingc. Obligation accountingb. Budgetary accountingd. Treasury disbursement coding system 5. It is an authorization made by law or other legislative enactment, directing payments of goods and services out government funds under specifiedcondition or for specific purposes.a. Allotmentc. Appropriationb. Obligationd. Malversation