2122 2nd AcctgGov Act.

02
1. The statement is false. All revenues shall to be remitted to the National Treasury and included in the
General Fund of the National Government unless another law specifically allows otherwise.
2. The statement is false, it is allowed to pay government entities in the form of checks upon proper
endorsement and identification of the payee and endorsee.
3. The statement is false, government entities also gain revenues from non-exchange transactions like tax
revenues and penalties.
4. The statement is false. Revenue from exchange transactions shall be measured at the fair value of the
consideration received.
5. The statement is true.
6. The statement is true
7. The statement is true.
8. The statement is false. Taxable events are any action or transaction that may result in taxes owed to the
government.
9. The statement is false. Taxes are charged by the government on their citizens to make income for
undertaking projects to raise the standard of living of its citizens and to enhance the economy of the
country.
10. The statement is true.

PROBLEM 4-3
PROBLEM 4-2
1. B 1. D
2. B 2. B
3. A 3. D
4. A 4. C
5. D 5. C
6. B 6. D
7. C 7. B
8. D 8. A
9. C 9. A
10. A 10. D