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Questions and Answers
Where should all revenues accruing to the NGAs be deposited or remitted?
Where should all revenues accruing to the NGAs be deposited or remitted?
- In the General Fund (GF) of the NG
- In the National Treasury (NT) (correct)
- In any duly authorized government depository
- In authorized agent banks
What are the fundamental principles for revenue according to the text?
What are the fundamental principles for revenue according to the text?
- All revenue must be deposited in the General Fund (GF)
- All revenue must be deposited in authorized agent banks
- All revenue must be remitted to the AGDB
- All revenue must be remitted to the treasury (correct)
Which accounting standards are applicable to accounting for revenue and other receipts?
Which accounting standards are applicable to accounting for revenue and other receipts?
- PPSAS 1-Financial Statements Presentation and PPSAS 15-Investments in Associates
- PPSAS 3-Accounting Policies, Changes in Accounting Estimates and Errors and PPSAS 12-Inventories
- PPSAS 9-Revenue from Exchange Transactions and PPSAS 23-Revenue from Non-exchange Transactions (correct)
- PPSAS 5-Borrowing Costs and PPSAS 17-Property, Plant and Equipment
What does AGDB stand for according to the text?
What does AGDB stand for according to the text?
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Where should revenue be deposited if not specifically provided by law, orders, or regulations?
Where should revenue be deposited if not specifically provided by law, orders, or regulations?
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