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Questions and Answers
What accounting entry is used to recognize the constructive remittance to BIR and BOC of taxes and customs’ duties withheld?
What accounting entry is used to recognize the constructive remittance to BIR and BOC of taxes and customs’ duties withheld?
- Tax Remittance Advice (correct)
- Performance Bond
- Refund of Excess Cash Advances
- Receipt of Subsidy
Which type of cash advance is specifically granted for official travels?
Which type of cash advance is specifically granted for official travels?
- Advances to Officers and Employees (correct)
- Advances for Payroll
- Advances to Special Disbursing Officer
- Advances for Operating Expenses
In the context provided, what document is issued upon receipt of cash subsidy/ assistance?
In the context provided, what document is issued upon receipt of cash subsidy/ assistance?
- Receipt of Subsidy (correct)
- Tax Remittance Advice
- Refund of Excess Cash Advances
- Performance Bond
Which accounting entry is used to recognize the constructive receipt of tax revenue and customs duties in the books of BIR and BOC?
Which accounting entry is used to recognize the constructive receipt of tax revenue and customs duties in the books of BIR and BOC?
What type of cash advance is granted for special purpose/time-bound undertakings?
What type of cash advance is granted for special purpose/time-bound undertakings?
Which category of cash advances is granted for operating expenses of operating/field units and foreign posts not maintaining a complete set of books?
Which category of cash advances is granted for operating expenses of operating/field units and foreign posts not maintaining a complete set of books?
What happens if conditions are attached to a grant?
What happens if conditions are attached to a grant?
In case of a foreign grant for a construction project, when is revenue recognized by the NG?
In case of a foreign grant for a construction project, when is revenue recognized by the NG?
What account is credited when recording the receipt of a subsidy in cash?
What account is credited when recording the receipt of a subsidy in cash?
How does the NG handle the receipt of a performance bond/security deposit?
How does the NG handle the receipt of a performance bond/security deposit?
What account is debited when remitting funds to the Bureau of Treasury through a bank?
What account is debited when remitting funds to the Bureau of Treasury through a bank?
If an excess cash advance needs to be refunded, what action should be taken by the entity?
If an excess cash advance needs to be refunded, what action should be taken by the entity?
Which type of receipt is intended to guarantee the full and faithful performance of a contract?
Which type of receipt is intended to guarantee the full and faithful performance of a contract?
What type of receipt involves the return of excess funds from officers, employees, or creditors?
What type of receipt involves the return of excess funds from officers, employees, or creditors?
Cash received from a central office for implementing specific projects falls under which category of receipts?
Cash received from a central office for implementing specific projects falls under which category of receipts?
Which type of receipt involves remitting income or trust funds to other government agencies or private organizations?
Which type of receipt involves remitting income or trust funds to other government agencies or private organizations?
What type of receipt is in the form of cash or certified checks to ensure contractual obligations are met?
What type of receipt is in the form of cash or certified checks to ensure contractual obligations are met?
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