acct

1 Statement: Payment to government entities in the form of checks are not allowed. 2nd Statement: Imposition and collection of tax revenue is considered a non-exchange transaction.

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OFF

Answer explanation

both statements are correct

1* Statement: When goods are sold or services are rendered in exchange for dissimilar goods or services, the exchange is not regarded as a transaction which generated revenue. and

2 Statement: When goods or services are exchange or swapped for a goods. Or services are of a similar nature and value, the exchange is regarded a transaction which generates revenue.

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OFF

Answer explanation

both statement are wrong

According to the GAM for NGAs, all of the following criteria must be met before a government entity recognizes revenue from the sale of goods, except

Gifts, donations and goods in-kind with condition are recognized

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OFF

Answer explanation

Initially as liability and recognized as revenue only when the condition is satisfied.

According to GAM for NGAs, which of the following may never give rise to revenue for a government entity?

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OFF

Answer explanation

service in kind

A government entity recognizes revenue from exchange and non-exchange transaction. Which of the following may NOT give rise to the revenue by a government entity?

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OFF

Answer explanation

Receipt of a bequest from an international organization.

Which of the following does not give rise to the revenue from assistance or subsidy?

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OFF

Answer explanation

NCAA

Which of the following best describes the Notice of Cash Allocation (NCA)?

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OFF

Answer explanation

It is a form of authorization to a government agency to make disbursement on behalf of the government.

Ist Statement: Government entities are allowed by law to make purchases using credit card. 2nd Statement: Due to strict internal control measures, a government entity can only disburse

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OFF

Answer explanation

only 1st statement is correct

Which of the following shall certify the availability of funds and completeness of supporting documents before the Head of the Agency or his/her authorized representative can enter into a contract that obligate the government for the eventual payment of a government fund?

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OFF

Answer explanation

chief accountant