30 Questions
Temporary receipts can be used to acknowledge the receipt of public funds.
False
A collecting officer can use government funds to encash private checks.
False
Pre-numbered official receipts are issued in random numerical sequence.
False
Receipts of government funds should only indicate the date of receipt.
False
A special fund is a fund available for any purpose.
False
A Special Account in the General Fund (SAGF) is sourced from general tax revenues.
False
The COA may not exempt the use of accountable forms under any circumstances.
False
A Trust fund is a type of Revenue fund.
False
A Depository fund is held in an authorized depository bank.
True
A Special Purpose Fund (SPF) is automatically appropriated for purposes authorized by law.
False
The President allocates Special Account in the General Fund (SAGF) for special programs and projects.
False
Revenue fund comprises all funds derived from the income of any government agency.
True
Revenue from the sale of goods shall be recognized when all of the following conditions are satisfied, including the entity retaining continuing managerial involvement or effective control over the goods sold.
False
Revenue from the supply of services is recognized only at the end of the service period.
False
Royalties are fees paid for the use of the entity's physical assets only.
False
Dividends are a share of the National Government from the earnings of its capital investments in private corporations.
False
Interest income is only from the use of cash.
False
Revenue can be recognized when it is probable that economic benefits will not flow to the entity.
False
When an amount already recognized as revenue becomes uncollectible, it is recognized as an adjustment to the revenue originally recognized
False
The allowance for impairment losses is only provided for known bad debts
False
Receipt of subsidy from the National Government includes receipt of Notice of Cash Allocation (NCA) and Tax Remittance Advice
True
The Collecting Officer issues an unofficial receipt upon receipt of subsidies/assistance
False
Receipt of excess cash advance granted to officers and employees is not considered as Other Receipts
False
Cash and Treasury/Agency Deposit, Trust Cash accounts are not affected when the government receives subsidies or assistance
False
When a lender cancels the debt of a government entity, the debtor recognizes revenue equal to the fair value of the debt forgiven.
False
A bequest that satisfies the recognition criteria for asset is recognized as revenue, at the fair value of the resources given.
False
An asset received under a grant with condition is initially recognized as revenue and recognized as liability when the condition is satisfied.
False
When a controlling entity cancels the debt of a wholly owned controlled entity, the cancelled debt is treated as revenue.
False
If the non-exchange transaction is initially recognized as a revenue, the subsequent reduction in that revenue is recognized as a liability.
False
The grant of ₽10M conditioned on the construction of a flood control system is recognized as revenue immediately.
False
This quiz covers the rules and guidelines for acknowledging cash receipts, including the use of official receipts, temporary receipts, and duplicate copies. It also touches on the acceptance of payments to the government.
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