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The Commission on Audit (COA; Filipino: Komisyon sa Awdit [2]) is an independent constitutional commission established by the Constitution of the Philippines.It has the primary function to examine, audit and settle all accounts and expenditures of the funds and properties of the Philippine government.
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. [1] It emphasizes accountability rather than profitability , and is used by nonprofit organizations and by governments.
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
The Department of Finance (DOF; Filipino: Kagawaran ng Pananalapi) is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local government units, the review, approval and management of all public ...
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though ...
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Accrual accounting is more costly than cash accounting, as new IT systems and more qualified accountants are usually needed. [ 2 ] : 7 Introduction of the system is also a long process. [ 10 ] : 44–45 The cost of moving to accrual accounting in Germany was estimated at €3.1 billion, [ 17 ] and France spent some $1.7 billion to switch from ...