Chapter 4 - Seat work/Assignment #4 Receipt of military equipment as donation from a foreign government.

Due Mar 20 at 11:59pm Points 10 Questions 10 Receipt of cash donation from an international organization.
Available Feb 9 at 12am - Mar 20 at 11:59pm about 1 month Time Limit 30 Minutes
Correct!
Receipt of free trainings and seminars regarding process technology on
Instructions farming from an international organization.

Choose the best answer.

Receipt of a bequest from the king of a foreign realm.

Good luck guys.

Question 3 1 / 1 pts
“There is a time for everything, and a season for every activity under the heavens;” (Ecclesiastes 3:1)

This quiz was locked Mar 20 at 11:59pm. According to P.D. 1445, all revenues of an entity shall be remitted to the
National Treasury and included in the

Attempt History Official Fund

Attempt Time Score

National Fund
LATEST Attempt 1 5 minutes 10 out of 10

Special Fund

Score for this quiz: 10 out of 10

Correct! General Fund
Submitted Mar 13 at 11:23pm
This attempt took 5 minutes.

Question 1 1 / 1 pts
Question 4 1 / 1 pts

At the end of the period, the “Cash-Treasury/Agency Deposit, Regular”

account is closed to the According to P.D. 1445,

Cash-Modified Disbursement System (MDS), Regular account.

Where mechanical devices (e.g. electronic official receipt) are used to
Subsidy from National Government account acknowledge cash receipts, the BIR may approve, upon request, the
exemption from the use of accountable forms
Correct! Accumulated Surplus or Deficit account
Correct!
This account is not closed. Amounts received in trust and from business-type activities of the
government may be separately recorded

Question 2 1 / 1 pts All revenues of an entity shall be retained by the entity and included in its
General Fund, unless another law specifically allows otherwise

A government entity recognizes revenue from exchange or non-exchange

transactions. Which of the following may not give rise to revenue by a
government entity?
 A collecting officer shall immediately issue a temporary receipt upon debit to the “Cash – Modified Disbursement System (MDS), Regular”
collecting a payment of any nature account.

credit to the “Cash in Bank-Local Currency, Bangko Sentral ng Pilipinas”

account.

Question 5 1 / 1 pts

credit to the “Subsidy from National Government” account.

According to the GAM for NGAs, revenue includes only those that are
received or receivable by the entity in its own account. Accordingly,
receipts on behalf of another entity are

Question 8 1 / 1 pts
remitted only through the use of the TRA.

recognized as revenue Government entities and business entities use the same accounting
treatment for all of the following except
Correct! recorded as liability

recognizing revenue from dividends

recorded only in the registries but not in the books of accounts

recognizing revenue from royalty agreements

trade discounts allowed to customers

Question 6 1 / 1 pts
Correct! remittance of taxes withheld to the BIR

Remittances of collections to the National Treasury are recorded as a

debit to which of the following accounts

Question 9 1 / 1 pts
Correct! Cash-Treasury/Agency Deposit, Regular

Cash-Modified Disbursement System (MDS), Regular All of the following give rise to the recognition of revenue from non-
exchange transaction except
Cash – Collecting Officers
Correct! sale of goods
Subsidy from National Government

fines and penalties

donation of goods in-kind

Question 7 1 / 1 pts
taxes

The national government received a foreign grant conditioned on the

construction of a public infrastructure. Entity A was chosen as the
implementing agency. When the national government received the grant,
Question 10 1 / 1 pts
the entry in the BTr’s books included a

Correct! credit to the “Other Deferred Credits” account Which of the following does not give rise to revenue from assistance or
subsidy?
 Non-Cash Availment Authority

Tax Remittance Advice

Correct! Inter-agency Fund Transfer

Notice of Cash Allocation

Quiz Score: 10 out of 10