Accounting Principles and Financial Statements Quiz
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Questions and Answers

Which qualitative characteristic is violated when an entity deliberately overstated the loss?

  • Relevance
  • Faithful representation
  • Materiality
  • Prudence (correct)

    • Which financial statement is peculiar to a government entity?

  • Statement of Comparison of Budget and Actual Amounts (correct)
  • Income Statement
  • Balance Sheet
  • Statement of Cash Flows

    • Which is not a source of revenue for the government?

  • Grants and donations from other government
  • Taxes
  • Proceeds from government investments (correct)
  • Fees collected by the gov't agencies

    • What is money generated by the business through its primary operations?

    <p>Revenue</p> Signup and view all the answers

    Which entity is not charged with government accounting responsibility under the GAM for NGAs?

    <p>BIR</p> Signup and view all the answers

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