Old and New Government Accounting Distinguished

Topics: General ledger, Generally Accepted Accounting Principles, Expense Pages: 2 (573 words) Published: November 21, 2012
OLD AND NEW GOVERNMENT ACCOUNTING SYSTEM DISTINGUISHED

| OLD| NEW|
Accounting Entries| * Manual * Maintains numerous special journals with several wide columns| * Computerized * Simplified and updated accounting system| Commission on Audit| Journalizes the appropriation and allotment released by the Department of Budget & Management | No longer journalizes the appropriation and allotment released by the Department of Budget & Management | Bureau of Treasury| Accounting rules & regulations pertaining to cash operations, collections, remittances and disbursements are issued by the COA, jointly or with the concurrence of Department of Finance and the Department of Budget & Management.| Bureau of Treasury maintains the Registry of NCA & Replenishments (RENREP) for control & monitoring of NCA bank transfers released by the Department of Budget & Management.| Government Agency| * Does not journalize the Notice of Cash Allocation (NCA) it receives which in effect, identifies the share of agency in the income of the national government. * Journalizes its appropriations and allotments.| * Now journalizes the Notice of Cash Allocation (NCA) it receives which in effect, identifies the share of agency in the income of the national government. * No longer journalize its appropriations and allotments; instead it shall maintain the ff.: Registry of Allotments and Obligations- Personal Services (RAOPS), Registry of Allotments and Obligations- Maintenance and other Operating Expenses (RAOMO), Registry of Allotments and Obligations- Capital Outlay (RAOCO), Registry of Allotments and Obligations- Financial Expenses (RAOFE).| Basis of Accounting * Expenses * Income and Revenue| Accrual & Cash Basis shall be taken up in the accounts of that year recognized when earned except in case of taxes, where revenues that remain unrealized at the close of the fiscal year shall not be recognized| Modified...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • old and new government accounting distinguished Essay
  • NEW AND OLD GOVERNMENT ACCOUNTING SYSTEM Essay
  • Government Accounting Essay
  • accounting Essay
  • Essay about Government Accounting
  • Accounting Government Essay
  • Government Essay
  • New Government Accounting Systems Essay

Become a StudyMode Member

Sign Up - It's Free