
Intro to Govt Acctng
Authored by Ashley Manalo
Business
University
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40 questions
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1.
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1 min • 1 pt
transactions/events are recognized when they occur, not
necessarily when cash or its equivalent is received or paid.
2.
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20 sec • 1 pt
resources controlled by an entity as a result of past events and from which future economic benefits are expected (right of use, owned or not)
3.
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1 min • 1 pt
future economic benefits or service potential contributed to the entity by partners external to the entity, not resulting to the liabilities of the entity, conveys entitlement, can be sold, exchanged, transferred or redeemed
4.
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1 min • 1 pt
future economic benefits or service potential distributed by the entity to all or some of its owners either return on investment or as return of investment.
5.
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1 min • 1 pt
refers to a government agency, department or operating/ field unit. Referred to in the GAM as “Agency”
6.
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1 min • 1 pt
decreases in economic benefits or service potential due to outflows or consumption of assets, incurrence of liabilities resulting to decreases in net assets/equity, other than those relating to distribution to owners.
7.
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1 min • 1 pt
financial plan of a government for a given period, usually a fiscal year for promoting socio-economic objective.
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