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Questions and Answers
All revenues accruing to an entity must be deposited in the National treasury or any duly authorized government depository?
All revenues accruing to an entity must be deposited in the National treasury or any duly authorized government depository?
True
Money and property officially received by a public officer must be accounted for as government funds and government property?
Money and property officially received by a public officer must be accounted for as government funds and government property?
True
Amounts received in trust and from business-type activities of government must be recorded as revenue of Special, Fiduciary or Trust Funds, or Funds other than the General Fund only when authorized by law?
Amounts received in trust and from business-type activities of government must be recorded as revenue of Special, Fiduciary or Trust Funds, or Funds other than the General Fund only when authorized by law?
True
A collecting officer is not required to issue an official receipt upon collecting payment of any nature?
A collecting officer is not required to issue an official receipt upon collecting payment of any nature?
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All receipts shall be recorded as revenue of Special, Fiduciary or Trust Funds, or Funds other than the General Fund when authorized by law?
All receipts shall be recorded as revenue of Special, Fiduciary or Trust Funds, or Funds other than the General Fund when authorized by law?
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Study Notes
Government Revenue Management
- All revenues accruing to an entity must be deposited in the National treasury or any duly authorized government depository.
Public Officer Accountability
- Money and property officially received by a public officer must be accounted for as government funds and government property.
Special Funds Revenue Recording
- Amounts received in trust and from business-type activities of government must be recorded as revenue of Special, Fiduciary or Trust Funds, or Funds other than the General Fund only when authorized by law.
- All receipts shall be recorded as revenue of Special, Fiduciary or Trust Funds, or Funds other than the General Fund when authorized by law.
Official Receipts
- A collecting officer is not required to issue an official receipt upon collecting payment of any nature.
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Description
Test your knowledge of fundamental principles for revenue, public accounting, and budgeting with this quiz. Explore the rules and regulations governing the deposit and remittance of revenues into the National treasury, as well as the allocation to the General Fund of the NG. Sharpen your understanding of the legal provisions and competent authority for handling money and property.
