15 Questions
Which of the following best defines revenue?
The gross inflow of economic benefits or service potential during the reporting period when those inflow result in an increase in equity
According to the fundamental principles for revenue, where should all revenues of an entity be remitted?
To the General Fund of the National Government
When should receipts be recorded as revenue of Special Fiduciary or Trust Funds, or Funds other than the General Fund?
When authorized by law
What action should a collecting officer take upon collecting a payment of any nature?
Immediately issue an official receipt (OR)
What is the general rule regarding amounts received in trust and from business-type activities of the government?
They may be separately recorded and disbursed in accordance with relevant rules
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?
Revenue
Where should all revenues of an entity be remitted, unless another law specifically allows otherwise?
General Fund of the National Government
What should a collecting officer immediately issue upon collecting a payment of any nature?
Official Receipt (OR)
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?
Trust Funds
What is the general rule regarding moneys and property received by a public officer, acting in any capacity or upon any occasion?
Shall be accounted for as government funds and government property
Which of the following is NOT a fundamental principle for revenue?
Receipts shall be recorded as revenue of Special Fiduciary or Trust Funds, or Funds other than the General Fund only when authorized by law.
What is the definition of revenue according to the given text?
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 rule regarding the recording of receipts as revenue of Special Fiduciary or Trust Funds, or Funds other than the General Fund?
Receipts shall be recorded as revenue of Special Fiduciary or Trust Funds, or Funds other than the General Fund only when authorized by law.
According to the given text, what should a collecting officer immediately issue upon collecting a payment of any nature?
An official receipt (OR)
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?
As government funds and government property
Learn about the sources of revenue for government entities and the recognition and measurement of revenue. Understand the concept of revenue and its impact on the equity of the entity.
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