. All revenues shall be remitted to the BTr and included in the Special Fund, unless another law specifically requires otherwise. 2. Payments to government entities in the form of checks are not allowed. 3. Revenues of a government entity arise from exchange transactions only. 4 According to the GAM for NGAS, revenue from exchange transactions are measured at the amount of cash received. 5. When cash flows are deferred, the fair value of the consideration receivable is its present value. 6. The constructive remittance of taxes withheld through the TRA gives rise to the recognition of revenue. 7. According to the GAM for NGAS, the receipt of concessionary loans by government entities may give rise to revenue recognition.
. All revenues shall be remitted to the BTr and included in the Special Fund, unless another law specifically requires otherwise. 2. Payments to government entities in the form of checks are not allowed. 3. Revenues of a government entity arise from exchange transactions only. 4 According to the GAM for NGAS, revenue from exchange transactions are measured at the amount of cash received. 5. When cash flows are deferred, the fair value of the consideration receivable is its present value. 6. The constructive remittance of taxes withheld through the TRA gives rise to the recognition of revenue. 7. According to the GAM for NGAS, the receipt of concessionary loans by government entities may give rise to revenue recognition.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me to answer 1-10. thank you
Transcribed Image Text:PROBLEM 4-1: TRUE OR FALSE
AIl revenues shall be remitted to the BTr and included in the
Special Fund, unless another law specifically requires
otherwise.
til
2. Payments to government entities in the form of checks are not
allowed.
3. Revenues of a government entity arise from exchange
transactions only.
4. According to the GAM for NGAS, revenue from exchange
transactions are measured at the amount of cash received.
5. When cash flows are deferred, the fair value of the
consideration receivable is its present value.
6. The constructive remittance of taxes withheld through the
TRA gives rise to the recognition of revenue.
7. According to the GAM for NGAS, the receipt of concessionary
loans by government entities may give rise to revenue
recognition.
Transcribed Image Text:Chapter
10. The main source of revenue for the government is taxes.
government. Taxes include fees, fines and penalties.
9. Taxes are compulsory payments, imposed on perSoNs,
8. The taxable event for income tax is the passage of the time
properties or activities, intended to provide revenue to the
period for which the tax is levied.
9. Taxes are compulsory payments, imposed
10. The main source of revenue for the government is taxes
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