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acc. for gov't - midterm > Revenues and Other Receipts > Flashcards

Revenues and Other Receipts Flashcards

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1
Q

All revenues shall be remitted to the BTr and included in the Special Fund, unless another law specifically requires otherwise. T/F

A

FALSE

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2
Q

Payments to government entities in the form of checks are not allowed.

A

FALSE

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3
Q

Revenues of a government entity arise from exchange transactions only

A

FALSE

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4
Q

According to the GAM for NGAs, revenue from exchange transactions are measured at the amount of cash received.

A

FALSE

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5
Q

When cash flows are deferred, the fair value of the consideration receivable is its present value

A

TRUE

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6
Q

The constructive remittance of taxes withheld through the TRA gives rise to the recognition of revenue

A

TRUE

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7
Q

According to the GAM for NGAs, the receipt of concessionary loans by government entities may give rise to revenue recognition

A

TRUE

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8
Q

The taxable event for income tax is the passage of time period for which the tax is levied.

A

FALSE

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9
Q

Taxes are compulsory payments, imposed on persons, properties or activities, intended to provide revenue to the government. Taxes include fees, fines and penalties.

A

FALSE

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10
Q

The main source of revenue for the government is taxes

A

TRUE

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11
Q

Which of the following is a non-exchange transaction?
a. Leasing
b. Rendering of legal services
c. Collection of taxes
d. Collection of tuition fees

A

c. Collection of taxes

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12
Q

Entity A enters into a long-term contract to provide services. The outcome of the transaction can be estimated reliably and the progress on the contract can be measured with sufficient reliability. According to the PPSAS, how should Entity A recognize revenue from the contract?
a. On a straight-line basis over the contract term.
b. By reference to the stage of completion of the contract at the reporting date.
c. Full recognition of contract price upon completion of the contract.
d. Only to the extent of recovered costs that are expected to be recognized.

A

b. By reference to the stage of completion of the contract at the reporting date.

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13
Q

According to the GAM for NGAs, recognized interest revenue is on a time proportion basis using the effective interest method.
b. on a straight-line basis.
c. in accordance with the substance of the agreement.
d. when the entity’s right to receive payment is established.

A

d. when the entity’s right to receive payment is established.

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14
Q

The taxable event for value added tax (VAT) is the
a. undertaking of a taxable activity.
b. earning of taxable income.
c. movement of dutiable goods or services across the customs boundary.
d. any of these

A

a. undertaking of a taxable activity.

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15
Q

Which of the following would result to an increase or decrease in the revenue reported by a government entity in its statement of financial performance?
a. Impairment loss on an amount already recognized as revenue.
b. Receipt of a pledge.
c. Receipt of donation in the form of services in kind.
d. The repayment of a loan payable is forgiven.

A

d. The repayment of a loan payable is forgiven.

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16
Q

A type of fund held by a government entity that is designated for special purposes. a. General fund
b. Special fund
c. Trust fund
d. Fiduciary fund

A

b. Special fund

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17
Q

The national government receives a foreign grant conditioned on the construction of a public infrastructure. According to the GAM for NGAs, when does the national government recognize revenue from the grant (i.e., credit to the Income from Grants and Donations in Cash’ account)?
a. Upon the receipt of the grant. b. When the grant becomes receivable, provided there is reasonable assurance that the attached condition will be satisfied.
c. When the condition is met.
d. When the related expenses for which the grant is intended to compensate are incurred.

A

c. When the condition is met.

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18
Q

The receipt of which of the following may not give rise to revenue by a government entity? a. Notice of Cash Allocation
b. Tax Remittance Advice
c. Subsidy from another government entity
d. Inter-agency fund transfer

A

d. Inter-agency fund transfer

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19
Q

A government entity collects fees for the processing of certain permits. The processing of a permit would normally take a few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize revenue from permit fees
a. on a straight line basis.
b. by reference to the stage of completion.
c. upon collection of the fee.
d. when the significant risks and rewards are transferred to the customer.

A

c. upon collection of the fee.

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20
Q

The receipt of a performance bond or a security deposit is credited to a
a. liability account
b. revenue account
c. cash account
d. a and c

A

a. liability account

21
Q

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

A

REVENUE

22
Q

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

23
Q

All revenues accruing to the National Government Agencies (NGAs) shall be governed by the following fundamental principles

A

REVENUE FUNDS

24
Q

According to PPSAS 9 and PPSAS 23, the ff. accounting standards shall apply for revenue and receipts of government entities

A

Accounting Standard for Revenue

25
Q

includes only the gross inflow of economic benefits or service potential received and receivable by the entity in its own account.

A

Revenue

26
Q

shall refer to all cash actually received from all sources during a given accounting period.

A

Receipts/Cash

27
Q

shall include economic benefits or service potential received or receivable 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

28
Q

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

A

GIFTS AND DONATIONS

29
Q

are tangible assets transferred to an agency in a non-exchange transaction, without charge, but may be subject to stipulations.

A

Goods in-lind

30
Q

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

31
Q

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

A

Transfers

32
Q

Unless otherwise specifically provided by law, all revenue (income) accruing to the departments, offices and agencies by virtue of the provisions of existing laws, orders, and regulations shall be deposited in the National treasury (NT) or in the duly authorized depository of the Government and shall accrue to the General Fund (GF) of the Government.

A

Accrual of Revenue to the General Fund

33
Q

Are transactions in which one entity receives assets or services, or has liabilities extinguished and directly gives appropriately equal value (primarily in the form of cash, goods, services or use of assets) to another entity in exchange.

A

Exchange Transactions

34
Q

Revenue from supply of services shall be recognized on a straight-line basis over the specified period of the services unless an alternative method better represents the stage of completion of the transaction.

A

Supply of Services

35
Q

It shall be recognized as they are earned in accordance with the substance of the relevant agreement.

A

ROYALTIES

36
Q

It shall be recognized when the shareholder’s or the entity’s right to receive payment is established.

A

Dividends or Similar Distributions

37
Q

When bills are rendered for the conduct of inspection by authorized government official or if not practicable, when fees are collected.

A

Inspection Fees

38
Q

When fees are billed upon issuance of the passport and visa or if not practicable, when fees are collected.

A

Passport and Visa Fees

39
Q

Cash advances for local travel shall be liquidated within 30 days upon return to the Philippines.
t/f

A

false

40
Q

The authorized credit card company for Cashless Purchase Card System is Citibank
t/f

A

true

41
Q

Disbursements thru ____ is also known as Direct Payment Method
a. NCAA
b. NCA
c. CPC System
d. MDS

A

a. NCAA

42
Q

Tax Remittance advice is used for actual remittance of taxes withheld to the BIR.
t/f

A

false

43
Q

If the disallowance pertains to a prior period overstatement of office supplies expense, the journal entry would include a credit to
a. accumulated surplus/deficit
b. retained earnings
c. office supplies expense

A

a. accumulated surplus/deficit

44
Q

___ fund is a fund held by a government agency or public officer acting as an administrator for the fulfillment of a condition.

A

fiduciary

45
Q

As a general rule, when services are performed by an independent number of acts over a specified time frame, revenue is recognized on a straight line basis over the specified time frame. t/f

A

true

46
Q

revenue from non exchange transactions are recognized on a cash basis. t/f

A

true

47
Q

as a general rule, a government entity recognized revenue from service income when services fees are collected.

A

false

48
Q

tax revenue is recognized at a gross amount and not reduced for expenses paid through the tax system. t/f

A

true

49
Q
A

acc. for gov't - midterm (3 decks)

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