Podcast
Questions and Answers
Which of the following best defines revenue?
Which of the following best defines revenue?
- The net inflow of economic benefits or service potential during the reporting period when those inflow result in an increase in equity
- The gross outflow of economic benefits or service potential during the reporting period
- The gross inflow of economic benefits or service potential during the reporting period when those inflow result in an increase in equity (correct)
- The net inflow of economic benefits or service potential during the reporting period
According to the fundamental principles for revenue, where should all revenues of an entity be remitted?
According to the fundamental principles for revenue, where should all revenues of an entity be remitted?
- To the General Fund of the National Government (correct)
- To the entity's own account
- To a separate account designated by the entity
- To the Special Fiduciary or Trust Funds
When should receipts be recorded as revenue of Special Fiduciary or Trust Funds, or Funds other than the General Fund?
When should receipts be recorded as revenue of Special Fiduciary or Trust Funds, or Funds other than the General Fund?
- When authorized by law (correct)
- At the discretion of the collecting officer
- When requested by the entity's management
- When deemed necessary for operational purposes
What action should a collecting officer take upon collecting a payment of any nature?
What action should a collecting officer take upon collecting a payment of any nature?
What is the general rule regarding amounts received in trust and from business-type activities of the government?
What is the general rule regarding amounts received in trust and from business-type activities of the government?
What is the gross inflow of economic benefits or service potential during the reporting period when those inflow result in an increase in equity, other than increases relating to contributions from owners?
What is the gross inflow of economic benefits or service potential during the reporting period when those inflow result in an increase in equity, other than increases relating to contributions from owners?
Where should all revenues of an entity be remitted, unless another law specifically allows otherwise?
Where should all revenues of an entity be remitted, unless another law specifically allows otherwise?
What should a collecting officer immediately issue upon collecting a payment of any nature?
What should a collecting officer immediately issue upon collecting a payment of any nature?
According to the fundamental principles for revenue, where should amounts received in trust and from business-type activities of the government be separately recorded and disbursed?
According to the fundamental principles for revenue, where should amounts received in trust and from business-type activities of the government be separately recorded and disbursed?
What is the general rule regarding moneys and property received by a public officer, acting in any capacity or upon any occasion?
What is the general rule regarding moneys and property received by a public officer, acting in any capacity or upon any occasion?
Which of the following is NOT a fundamental principle for revenue?
Which of the following is NOT a fundamental principle for revenue?
What is the definition of revenue according to the given text?
What is the definition of revenue according to the given text?
What is the rule regarding the recording of receipts as revenue of Special Fiduciary or Trust Funds, or Funds other than the General Fund?
What is the rule regarding the recording of receipts as revenue of Special Fiduciary or Trust Funds, or Funds other than the General Fund?
According to the given text, what should a collecting officer immediately issue upon collecting a payment of any nature?
According to the given text, what should a collecting officer immediately issue upon collecting a payment of any nature?
Where should all moneys and property received by a public officer, acting in any capacity or upon any occasion, be accounted for according to the given text?
Where should all moneys and property received by a public officer, acting in any capacity or upon any occasion, be accounted for according to the given text?
