Old and New Government Accounting Distinguished

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 Accrual Basis recognized when incurred & reported in the F/S shall be recognized on accrual basis except for transactions where accrual basis is impractical or when other methods are required by law| Fund| All income accruing to the agencies shall accrue to the General Fund of the government and all money collected on any tax levied for a special purpose shall be treated as Special Fund. | Adopts one fund concept and that is the General Fund| Chart of Accounts & Coding Structure| * Six-digit account numbering system * There are contingent accounts. * Expenditures charged to capital outlay are classified as expenses. | * Three-digit account numbering system * There are no longer contingent accounts. * Expenditures charged to capital outlay are classified as expenses. Books of Original Entries| Journal of Collections & Deposits, Journal of Disbursements, Journal of Checks, Issued, Journal & Analysis of Obligations & Journal of Bills are being used| – no longer used, only the General Journal shall be used namely (1) Cash Receipt Journal, (2) Cash Journal, (3) Check Disbursements Journal and (4) Cash Disbursements Journal| Trial Balance| Four-money column listings of all general ledger accounts used in the operations of the agency, whether, the accounts are with or without balance| Two-money column| Financial Expenses| Recognized as components of Maintenance & Other Operating Expenses (MOOE)| Shall be separately classified from Maintenance & Other Operating Expenses (MOOE)| Contingent Accounts| Used to record claims for accounts in dispute| No longer be used, all financial transactions shall be recorded using the appropriate accounts| Corollary Entry & Negative Journal Entries| Being used| Discontinued | Journals used| Cash Journal and General Journal are used together with the ledgers by both books. | With the implementation of the computerized agency accounting system, only the General Journal shall be used together with the ledgers by both books. |

Don't use plagiarized sources. Get Your Custom Essay on
Old and New Government Accounting Distinguished
Just from $13/Page
Order Essay
My Essay Gram
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

Live Chat+1(405) 367-3611Email