Revenue and Receipts Concepts

Revenue is the gross inflow of economic benefits or service potential during the reporting period when those inflows result in an increase in equity, other than increases relating to contributions from owners. It includes only those that are received or receivable by the entity in its own account. Receipts refer to actual cash collections from all sources during a period. All revenues of an entity shall be remitted to the National Treasury and included in the General Fund of the National Government, unless another law specifically allows otherwise. Amounts received in trust and from business-type activities of the government may be separately recorded and disbursed in accordance with relevant rules. General fund- a fund which is available for any purpose other than those which other funds have been designated to. Special fund- a fund designated for special purposes. Trust fund (Fiduciary fund)- fund held by a government agency or public officer acting as trustee, agent, administrator for the fulfillment of a condition. Revenue fund- comprises all funds derived from the income of any government agency and available for appropriation or expenditure in accordance with the law. Depository fund- fund held in an authorized depository bank over which the recipient agency retains control for the lawful purposes for which the fund was received. Special Account in the General Fund (SAGF)- established to facilitate the funding of priority activities of the government.

All revenues of an entity shall be remitted to the ______ Treasury and included in the General Fund of the National Government

Amounts received in trust and from business-type activities of the government may be separately recorded and disbursed in accordance with relevant ______

General fund- a fund which is available for any purpose other than those which other funds have been ______ to

Special fund- a fund designated for ______ purposes

Trust fund (Fiduciary fund)- fund held by a government agency or public officer acting as trustee, agent, administrator for the fulfillment of a ______

Revenue fund- comprises all funds derived from the income of any government agency and available for appropriation or expenditure in accordance with the ______

Depository fund- fund held in an authorized depository bank over which the recipient agency retains control for the lawful purposes for which the fund was ______

Special Account in the General Fund (SAGF)- established to facilitate the funding of priority activities of the ______