b.
c.
d.
Journals
Cash Receipts Journal (CRJ)
Cash Disbursements Journal (CDJ)
Check Disbursements Journal (CkDJ)
General Journal (GJ)
Ledgers
General Ledger (GL)
Subsidiary Ledgers (SL) for:
Cash
Receivables
Inventories
Investments
Property, Plant and Equipment
Construction in Progress
Liabilities
Income
Expenses
shall
f.
g.
h.
i.
j.
k.
l.
o.
p.
Depreciation.
The straight-line method of
depreciation shall be used. Depreciation shall start on
the second month after purchase of the property, plant
and equipment, and a residual value equivalent to ten
percent of the purchase cost shall be set-up. Public
infrastructures/reforestation projects as well as
serviceable assets that are no longer being used shall
not be charged any depreciation.
Reclassification of Assets. Serviceable assets no
longer being used shall be reclassified to Other
Assets account and shall not be subject to
depreciation.
q.
r.
s.
t.
u.
v.
w.
x.
THE BUDGET CYCLE: There are four (4) phases in managing the
National Budget:
Budget preparation
Budget legislation/Budget authorization
Budget execution
Budget accountability
1.
2.
3.
4.