Chapter 4 – Government Revenues AND Other Receipts PDF

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ACCOUNTING FOR GOVERNMENT AND NON-PROFITORGANIZATIONChapter 4 – GOVERNMENT REVENUES AND OTHER RECEIPTS All of the following give rise to the recognition of revenue from non- exchange transaction except: - Sale of Goods Government entities and business entities use the same accounting treatment for a...

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ACCOUNTING FOR GOVERNMENT AND NON-PROFIT ORGANIZATION Chapter 4 – GOVERNMENT REVENUES AND OTHER RECEIPTS 1. All of the following give rise to the recognition of revenue from nonexchange transaction except: - Sale of Goods 2. Government entities and business entities use the same accounting treatment for all of the following except: - Remittance of Taxes withheld to the BIR 3. According to the GAM for NGAs, revenue includes only those that are received or receivable by the entity in its own account. Accordingly, receipts on behalf of another entity are: - Recorded as liability 4. A government entity recognizes revenue from exchange or nonexchange transactions. Which of the following may not give rise to revenue by a government entity? - Receipt of free trainings and seminars regarding process technology on forming from an international organization. 5. The national government received a foreign grant conditioned on the construction of a public infrastructure. Entity A was chosen as the implementing agency. When the national government received the grant, the entry in the BTr’s books included a - Credit to the “Other Deferred Credits account” 6. At the end of the period, the “Cash-Treasury/Agency Deposit, Regular” account is closed to the: - Accumulated Surplus 7. According to P.D. 1445, all revenues of an entity shall be remitted to the National Treasury and included in the - General Fund 8. According to P.D. 1445. - Amounts received in trust and from business-type activities of the government may be separately recorded.

ACCOUNTING FOR GOVERNMENT AND NON-PROFIT ORGANIZATION 9. Remittances of collections to the National Treasury are recorded as a debit to which of the following accounts - Cash Treasury/ Agency Deposit, Regular 10. Which of the following does not give rise to revenue from assistance or subsidy? - Inter-agency Fund Transfer...