1.Which of the following shall certify the availability of allotment before obligations can be incurred and disbursements are made?

a.Budget Officer

b.Head of Agency

c.Chief Accountant

d.COA Auditor

2.Which of the following shall certify the availability of funds and completeness of supporting documents before the Head of Agency or his/her authorized representative can enter into contracts that obligate the government for the eventual payment of government funds?

a.BTr

b.Budget Officer

c.Chief Accountant

d.COA Auditor, jointly with DBM

3.All Disbursement Vouchers (DVs) or Payroll shall be approved by the

a.Budget Officer

b.Head of Agency

c.Chief Accountant

d.COA Auditor

4.Which of the following is not one of the modes of disbursements by a government entity?

a.check

b.credit card

c.online payment

d.payment through Short Messaging System (SMS)

5.Payments of checks that are chargeable against the Treasury Account are credited to the

a.Modified Disbursement System Checks

b.Commercial Checks

c.Advice to Debit Account

d.Cash-Modified Disbursement System (MDS) account

6.According to the GAM for NGAs, cash disbursements are made through

a.cash advances to authorized personnel

b.direct cash payments by the Head of Agency to the payees

c.direct cash payment by Collecting Officers to payees

d.any of these

7.Which of the following statements regarding the disbursement of government funds is incorrect?

a.No additional cash advance shall be given to any official or employee unless the previous cash advance given to him is first liquidated.

b.Transfer of cash advance from one officer to another is prohibited.

c.A cash advance shall not be used to encash checks or to liquidate a previous cash advance.

d.Officials and employees authorized to travel shall be granted cash advance to cover traveling expenses. The amount granted shall be accounted for as "Due to Officers and Employees."

8.It is an authority issued by an agency's Central Office to its regional and operating units to cover the latter's cash requirements.

a.Notice of Cash Allocation (NCA)

b.Tax Remittance Advice (TRA)

c.Cash Disbursement Ceiling (CDC)

d.Notice of Transfer of Allocation (NTA)

9.Which of the following reflects a Non-Cash Availment Authority (NCAA) mode of disbursement?

a.

Accounts Payable

Cash-Constructive Income

Remittance

xxx

xxx

b.

Accounts Payable

Cash - Modified Disbursement

System (MDS), Regular

xxx

xxx

c.

Accounts Payable

Subsidy from National Government

xxx

xxx

d.

None of these.

10.Entity A makes payment through bank transfer. This mode of disbursement is most likely through the use of a(an)

a.MDS check

b.Commercial check

c.Advice to Debit Account

d.Credit Card

11.Which of the following qualifies for classification as an investment property?

a. Property that is currently being developed for future use as investment property

b. Investment property that is currently being developed for future use as owner-occupied property

c. Property that is leased out to another entity under a finance lease

d. Building being rented from another entity under an operating lease and leased out under various operating leases.

12.Select the correct statement.

a. A leasing company should treat all assets used in providing lease services as investment property.

b. Investment properties that are to be disposed of without further development are treated as investment property until they are derecognized.

c. All investment properties held for capital appreciation will be classified as held for sale in the long run.

d. Investment properties being redeveloped as investment properties on behalf of third parties are investment properties.

13.Select the incorrect statement regarding impairments of investment properties.

a. Investment properties are subject to impairment.

b. Impairments of investment properties of government entities are recognized in surplus or deficit.

c. Compensation from third parties for investment property that was impaired or lost shall be recognized in surplus or deficit when the compensation becomes receivable and not offset with the amount of loss.

d. Impairment losses on investment properties measured under the cost model are never reversed.

14.Derecognition of investment property is not required when

a. it becomes the subject of an operating lease.

b. it is sold.

c. the property is assessed to have no future economic benefits.

d. it becomes the subject of a finance lease.

15.Which of the following assets may be classified as investment property?

a.Land held for long-term capital appreciation

b.Equipment held for lease

c.Intangible asset held for lease

d.Building held for lease

e.a and d only

16.Which of the following properties falls under the definition of investment property?

I. Land held for long-term capital appreciation

II. Property occupied by an employee paying market rent

III. Property being constructed on behalf of third parties

IV. A building owned by an entity and leased out under an operating lease

a. I, II

b. II, IV

c. I, IV

d. II, III, IV

17.Which of the following measurement bases is acceptable for the subsequent measurement of an investment property held by a government entity?

a.fair value

b.fair value less costs to sell

c.cost less accumulated impairment losses

d.none, all of these are unacceptable.

18.The distinguishing characteristic that identifies an investment property from the other assets of an entity is?

a. Changes in fair value of the asset is recognized in surplus or deficit.

b. The property does not derive cash flows separate from the other assets of the entity.

c. Generates separately identifiable cash flows from the other assets of the entity.

d. Earns rental as part of the ordinary operations of the entity.

19.Which of the following statements is correct regarding investment property?

a.An entity may classify assets other than land and/or building as investment property.

b.During the period, Entity A, a government entity, reclassifies a building that was previously used as office space to investment property. Entity A will recognize a gain if the fair value of the asset exceeds its carrying amount on the date of transfer.

c.When a government entity applies the fair value model to account for its investment properties subsequent to initial recognition, changes in fair values are recognized in surplus or deficit rather than a direct adjustment to equity.

d.Transfers to or from investment property shall be made when, and only when, there is a change in use.

20.Under this model, investment properties are measured at cost less accumulated depreciation and accumulated impairment losses.

a.Impairment loss model

b.Cost model

c.Fair value model

d.Gorgeous model