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119 > Chapter 4 (REVENUES AND OTHER RECEIPTS) > Flashcards

Chapter 4 (REVENUES AND OTHER RECEIPTS) Flashcards

1
Q

gross of inflow of economic benefits or services: increase in equity; received or receivable by the entity

A

Revenue

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2
Q

fund available for any purpose other than designated funds

A

a) General fund

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3
Q

fund designated for special purposes

A

b) Special funds

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4
Q

held by government agency or public officer (trustee, agent, or administrator)

A

c) Trust fund (fiduciary fund)

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5
Q

all funds from income gov agency: avail to spend

A

d) Revenue fund

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6
Q

held in authorized depository bank; recipient agency retains control

A

e) Depository fund

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7
Q

– facilitate funding of priorities activities: sourced from specific fees, grants and donations.

A

f) Special Account in the General fund

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8
Q

president allocates for special programs: not accountability of any gov agency

A

g) Special purpose funds (SPFs)

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9
Q
  • entity receives assets or services: gives directly approximately equal value in exchange (ex. Sale of goods)
A

Exchange transactions (reciprocal transfers)

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10
Q

Measurement of Exchange transactions (reciprocal transfers)

A

Fair value

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11
Q

a. Service Income
b. Business Income

A

Sales of Goods or provisions of services

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12
Q

permit, registration, franchising, licensing, legal fees.

A

Service Income

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13
Q

school, examination, rent/lease income, hospital fees

A

Business Income

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14
Q

a. Sales of Goods or provisions of services
b. Interest, Royalties, and dividends

A

kinds of Exchange transactions (reciprocal transfers

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15
Q

charge for the use of cash

A

Interest Income

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16
Q

fees paid use of trademarks, patents

A

Royalties

17
Q

share of national gov from GOCCs

A

Dividends

18
Q
  • receives value w/o directly approximately equal value in exchange.
A

Non-exchange transactions (nonreciprocal transfers)

19
Q

Measurement of Non-exchange transactions (nonreciprocal transfers)

A

Cash basis

20
Q

compulsory payments; do not include fines & penalties

A

Taxes

21
Q

monetary sanctions from breach of laws

A

Fines & penalties

22
Q

voluntary transfers of asses/services; free

A

Gifts, Donations and Goods/Services in-kind

23
Q

Revenue is recognized when significant risks and rewards are transferred; control is not retained; inflow of economic benefits is probable; and revenue and related costs can be measured reliably.

A

Sale of goods

24
Q

Revenue is recognized on a
straight line basis.

However, revenue is recognized by reference to the stage of completion if this can be measured reliably.

When the outcome cannot be estimated reliably, revenue is recognized only to the extent of recoverable costs.

A

Rendering of Services

25
Q

Recognized on a time. proportion basis using effective interest method.

A

Interest

26
Q

Recognized based on the substance of the agreement

A

Royalties

27
Q

Recognized when right to receive payment is established.

A

Dividends

28
Q

If similar, no revenue is recognized.

If dissimilar, revenue is recognized at the (1) FV of asset received or (2) FV of asset given up. Any cash paid or received is adjusted to the FV.

A

Exchanges of goods or services

29
Q

If without condition, recognized immediately.
If with condition, initially recognized as liability until condition is satisfied.

A

Gifts, Donations and Goods In-kind

30
Q

Not recognized as revenue.

A

Services In-kind

31
Q

Carrying amount of debt forgiven is recognized as revenue.

A

Debt Forgiveness

32
Q

Recognized as revenue measured at fair value, if asset recognition criteria are met.

A

Bequests

33
Q

initially recognized as liability until condition is satisfied.

A

Grant with Condition

34
Q

Not recognized.

A

Pledges

35
Q

Difference between fair value and transaction prior is recognized as revenue, non-exchange transaction

A

Concessionary Loans

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