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WorksheetsSige Nga!
Total questions: 10
Worksheet time: 4mins
1. (a) are transactions in which an entity either receives value from another entity without directly giving approximately equal value in exchange, or gives value to another entity without directly receiving approximately equal value in exchange.
2. Is the gross inflow of economic benefits or service potential during the reporting period when those inflows result in an increase in net assets/equity, other than increases relating to contributions from owners.
PROFIT
INCOME
REVENUE
EQUITY
ANSWER NOT PROVIDED
3. (a) is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.
4. This account is used or debited to recognize the amount of collections with the Collecting Officers for remittance to the Treasurer of the Philippines (TOP)/deposit to AGDBs.
CASH-TREASURY/AGENCY DEPOSIT
CASH-COLLECTING OFFICER
CASH IN BANK-LOCAL CURRENCY CURRENT ACCOUNT
ACCOUNT NOT PROVIDED
6. Receipts of Allotment do not require Journal Entry but instead recorded in Registry of Appropriation and Allotment or RAPAL only
TRUE
FALSE
DEPENDS ON THE AMOUNT
DEPENDS ON THE SOURCE
6. Pledges do meet the definition of an asset because the recipient entity is able to control the access of the transferor to the future economic benefits or service potential embodied in such item
true
false
depends on the type of pledge
depends on who's pledging
7. This account is used (debited) to recognize in the agency books the amount of collections remitted to the BTr under the General Fund.
(a)
8. Are transactions in which one entity receives assets or services, or has liabilities extinguished, and directly gives approximately equal value (primarily in the form of cash, goods, services, or use of assets) to another entity in exchange.
(a)
9. are economic benefits or service potential received or receivable by NGAs from an individual or other entity, as determined by a court or other law enforcement body as a consequence of the individual or other entity breaching the requirements of laws or regulations
Royalties
Interest Income
Taxes
Fines or penalties
Answer not provided
10. If conditions are attached to a grant, a liability is recognized, which is reduced and revenue recognized as the conditions are satisfied.
true
false
depends to the grantor
depends to the recipient of the grant
