Government Accounting

1. As a list of general ledger accounts consisting of real and nominal
accounts prepared for the use of national and local government
units. Chart of Accounts
2. This account classification encompasses all types of revenue/income
generated by government agencies in the exercise of their
administrative and regulatory function, income from public
enterprise/investments, and income from grants and donations
including subsidies. General income accounts
3. This account classification encompasses all taxes imposed on
taxable income, properties, and use or sale of goods and services,
taxes on international trade and transactions and their taxes
including fines and penalties. Tax revenue accounts
4. These are accounts which are closed ultimately to the Government
Equity account at the end of the accounting period. These include
Cost of Goods Sold, Income and Expense Summary, Prior Years’
Adjustments, Retained Operating surplus, Subsidy to Regional
Offices/Staff Bureaus and Subsidy to Operating Units among orders.
Intermediate accounts
5. Enumerate the elements of financial statements.
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6.

Asset
Liabilities
Equity
Revenue/Income
Expenses
It is one expense of the government which includes basic pay, all
authorized allowances, bonus, cash gifts, incentives and other
personnel benefits of officials and employees of the government.
Personal services
Account Codes
7. Assets
100 - 299
8. Tax Revenue
National Taxes
550 - 579
Local Taxes
580 - 599
9. Expenses
Personal Services
700 – 749
Maintenance and Other O.E
750 - 969
Financial Expenses
970 - 999
10.
Complete name of the Reporter.