Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Gov Accy > Chapter 6 > Flashcards

Chapter 6 Flashcards

You may prefer our related Brainscape-certified flashcards:
U.S. Government Basics flashcards AP® U.S. Government flashcards
1
Q

This is the gross inflow of economic benefits or service potential during the reporting period when those inflows results in an increase in net assets/equity, other than increases relating to contributions from owners.

A

Revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

This comprise all funds derived from the income of any agency of the government and available for appropriation or expenditure in accordance with law.

A

Revenue funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Permanent Committee is composed of:

A
  1. Secretary of Finance as Chairman
  2. Secretary of DBM
  3. Chairman of COA
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

It includes economic benefits or service potential received or receivalbe by a public sector agency, as determined by a court or other law enforcement body, as a consequence of the breach of laws or regulations.

A

Fines

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

It consist of voluntary transfers of assets including cash or other monetary assets, goods in-kind and services in-king that one agency makes to another, normally free from stipulations.

A

Gifts and donations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

These are tangible assets transferred to an agency in a non-exchange transaction, without charge, but may be subject to stipulations. External assistance provided by multilateral or bilateral development organizations often includes a component of goods in-kind.

A

Goods in-kind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

These are economic benefits or service potentials compulsory paid or payable to public sector agencies, in accordance with laws and/or regulations, established to provide revenue to the government.

A

Taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

These are inflows of future economic benefits or service potential from non-exchange transactions other than taxes.

A

Transfers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Revenues received by NGAs may arise from:

A
  1. Exchange transactions
  2. Non-exchange transactions
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

These are transactions in which on entity receives assets or services, or has liabilities extinguished, and directly gives approximately equal value to another entity in exchange.

A

Exchange transactions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

This is a transfer made according to the provisions of a deceased person’s will. The past event giving rise to the control of resources embodying future economic benefits or service potential for a bequest occurs when the entity has an enforceable claim, for example on the death of the testator, or the granting of probate, depending on the laws of the jurisdiction.

A

Bequest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

These are loans received by an entity at below market terms.

A

Concessionary loans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

These unenforceable undertakings to transfer assets to the recipient entity.

A

Pledges

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

These are services provided by individuals to public sector agencies in a non-exchange transaction.

A

Services in-kind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

They issue rules and regulations on special, fiduciary, and trust funds. They also monitor and evaluate the activities and balances of all funds of the NG other than the GF.

A

Permanent Committee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Permanent Committee recommend the reversion to the General Fund of amounts that are (3):

A
  1. no longer necessary for the attainment of the purpose for which said funds were established,
  2. needed by the GF in time of emergency, or
  3. violative of the rules and regulations adopted by the Committee.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Sources of Revenue and Other receipts are monitored through _______ per fund cluster.

A

Registry of Revenue and Other Receipts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Revenues from Exchange Transactions are derived from:

A

A. Sale of goods or provisions of services to third parties or to other NGAs
B. Use by other entity of assets yielding interest, royalties and dividends or similar distributions.

19
Q

How is revenue recognized and measured?

A

Measured at Fair Value of the consideration received or receivable

20
Q

If the revenue cannot be measured reliably, it is measured at the

A

FV of goods given up

21
Q

Revenue from the sale of goods shall be recognized when all of the following conditions have been satisfied: (5)

A

*entity has transferred the significant risks and rewards of ownership of the goods
*entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
*the amount of revenue can be measured reliably;
*it is probable that the economic benefits or service potential associated with the transaction will flow to the entity; and
*the costs incurred or to be incurred in respect of the transaction can be measured reliably

22
Q

When services are performed by an indertiminate number of acts over a specified time frame, revenue is recognized on a ________

A

straight-line basis over the specified time frame unless there is evidence that some other method better represents the stage of completion.

23
Q

When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue should be recognized _____

A

only to the extent of the expenses recognized that are recoverable

24
Q

Interest shall re recognized on a ________

A

time proportion basis that takes into account the effective yield on the asset

25
Q

Royalties shall be recognized as ____

A

they are earned in accordance with the substance of the relevant agreement

26
Q

Dividends or similar distribution shall be recognized _______

A

when the shareholder’s or the entity’s right to receive the payment is established

27
Q

When the inflow of cash or cash equivalents received or receivable is deferred, _____

A

the FV of the consideration may be less than the nominal amount of cash received or receivable.

28
Q

The difference between the FV and the nominal amount of the consideration is recognized as _________

A

interest revenue

29
Q

Exchanges of goods or services for similar nature and value are _____

A

not regarded as a transaction which generates revenue

30
Q

Exchanges of goods or services of dissimilar nature or value _____

A

regarded as a transaction that generates revenue.

31
Q

Non-Exchange Transactions (4)

A
  1. Taxes/Tax Revenue
  2. Gifts and Donations/Shares, grants and donations
  3. Goods(Service)-in-kind
  4. Fines and penalties
32
Q

Taxes (4)

A
  1. Tax Revenue - Individual and Corporation
  2. Tax Revenue - Property
  3. Tax Revenue - Goods and Services
  4. Tax Revenue - Others
33
Q

Fines and Penalties (3)

A
  1. Tax Revenue
  2. Service Income
  3. Business Income
34
Q

Shares, Grants, and Donations (5)

A
  1. Share from National Wealth
  2. Share from Philippine Amusement and Gaming Corporation (PAGCOR)/Philippine Charity Sweepstakes Office (PCSO)
  3. Share from Earnings of GOCCs
  4. Income from Grants and Donations in Cash
  5. Income from Grants and Donations in Kind
35
Q

The _______ shall be applied by all government agencies in the recognition of revenue from non-exchange transactions until a reliable model of measurement of this revenue is developed.

A

Cash basis of accounting

36
Q

Taxation revenue shall be determined at a _______. It shall not be reduced for expenses paid through the tax system.

A

Gross amount

37
Q

Gifts and donations, other than services-in-kind shall be recognized as assets and revenue when ______

A

it is probable that the future economic benefits or service potential will flow to the entity and shall be measured at FV.

38
Q

Goods in-kind shall be recognized as _______

A

revenue immediately

39
Q

Donation in cash or in-kind shall be recognized as

A

revenue

40
Q

The entire proceeds collected by the NGAs and transferred to LGUs through an appropriation. The LGUs will recognize the assets and revenue for the transfer.

A

Internal Revenue Allotment (IRA)

41
Q

These are economic benefits or service potential compulsory paid or payable to public sector agencies, in accordance with laws and/or regulations, established to provide revenue to the government.

A

Taxes

42
Q

Expenses paid through the tax system are _____

A

those expenses which should be paid irrespective of whether the taxpayer pay taxes, or use a particular mechanism to pay taxes.

43
Q

These are preferential provisions of the tax law that provide certain taxpayers with concessions that are not available to others. These are forgone revenue, not expenses, and do not give rise to inflows or outflows of resources that is, they do not give rise to assets, liabilities, revenue, or expenses of the government.

A

Tax expenditures

Gov Accy (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions