Acctg 3120 - Chapter 4

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Revenue

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is the gross inflow of economic benefits or service potential during reporting period when those inflows results an increase in equity, other than increases relating to contributions from owners

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National Treasury, General Fund of the National Government

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All revenues of an entity shall be remitted to the? and included in the?

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Government funds and Government property

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All moneys and property received by a public officer, shall be accounted for as?

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General Fund

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a fund which is available for any purpose other than those which other funds have been designated to.

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Special Fund

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a fund designated for special puposes.

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Trust Fund (Fiduciary fund)

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fund held by a government agency or public officer acting as trustee, agent, or administrator for the fulfilment of a condition.

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Revenue funds

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comprises all funds derived from the income of any government agency and available for appropriation or expenditure in accordance with the law.

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Depository Fund

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fund held in an authorized depository bank over which the recipient agency retains control for the lawful purposes for which the fund was received

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Special account in the General Fund (SAGF)

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established to facilitate the funding of priority activities of the government.

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Special Account in the General Fund

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All income and collections for Special and Fiduciary funds shall be remitted to the treasury and treated as?

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Special Pupose Funds

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are funds that the president allocates for special programs and projects.

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Special Fund

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All money collected on any tax levied for a secial purpose shall be treated as a?

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Gebneral Funds

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If the pupose for which a special fund was created has been fulfilled or abandoned, the balance, if any, shall be transferred to the?

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Exchange transactions

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are transactions in which one entity receives assets or services, or has liabilities extinguished, and directly gives approximately equal value to another entity in exchange

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Non-exchange transactions

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are transacations in which an entity either receives value from another entity without directly giving approximatelt equal value in exhange, or gives value to another entity without directly receiving, approximately equal value in exchange

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Exchange Transactions

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Sales of goods and rendering services are examples of what trabsactions?

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Non-exchange transactions

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Tax revenue, fines, and penalties, and donations are example of what transactions?

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Service Income and Business Income

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Sales of goods or provisions of services include what income?

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Interest Income

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charges for the use of cash or cash equivalents, or amounts due to the entity

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Royalties

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fees paid for the use of the entity's assets such as trademarks, patents, software, and copyrights

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Dividends

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share of the national government from the earnings of its capacity/equity investments in Government owned or controlled corporations and other entities

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Straight line basis

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Revenue from the supply of services is recognized on a?

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Stage of Completion

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Revenue is recognized by reference to what if the outcome of the transactio can be estimated reliably

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Straight line basis

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When services are performed by an indeterminate number of acts over a specified time frame, revenue is recognized on a?

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Interest

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Revenue that is recognized on a time proportion basis that takes into account the effective yield on the asset

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Royalties

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Revenue that are recognized as they are earned in accordance with the substance of the relevant agreement

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Dividends

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Revenue that are recognized when the entity's right to receive payment is established

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Fair Value

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Revenue from exchange transactions are measured at the?

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Fair Value

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is the amount for which an asset could be exchnaged, or a liability settled, between knowledgeable, willing parties in an arm's lenght transaction.

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Interest Revenue

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The difference between the fair value and the nominal account of consideration is recognized as?

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True

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Similar nature and value do not give rise to revenue (T/F)

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False

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Dissimilar nature and value do not give rise to revenue T/F

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Taxes

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are compulsory payments intented to provide revenue to the government

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Fines and Penalties

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are monetary sanctions received as a consequence of breach of laws

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Gifts, Donations, and Goods/Services in kind

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are voluntary transfers of assets and services that one entity makes to another, normally, free from stipulations

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Cash Basis

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Revenue from non-exchnage transactions are recognized on a?

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Tax Revenue

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is recognized at a gross amount not reduced for expenses paid through the tax system

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True

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Tax revenue shall not be grossed up for the amount of tax expenditures. T/F

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Expenses paid through the tax system

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are those expenses which should be paid irrespective of whether the taxpayer pays taxes, or uses a particular mechanism to pay taxes

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Tax expenditures

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are preferential provisions of the tax law that provides certain taxpayers with concessions that are not available to others.

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Type of Tax: Income tax

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Taxable event: earning of taxable income

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Type of Tax: Value added tax

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Taxable event: Undertaking of taxable activity

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Type of Tax: Goods and services tax

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Taxable event: purchase or sale of taxable goods or services

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Type of tax: Customs duty

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Taxable event: movement of dutiable goods or services across the customs boundary

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Type of Tax: death duty

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Taxable event: death of the owner of the taxable property

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Type of Tax: Property tax

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Taxable event: passage of thetime period for which the tax is levied

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Transfers

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are inflows of future economic benefits or service potential from non-exchnage transactions, other than taxes

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TRUE

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Fines and penalties are recognized as income in the year they are collected.T/F

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TRUE

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Gift, donations and goods in kinds are recognized as revenue when it is probable that future economic benefits or service potential will flow to the entity. T/F

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Revenue

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Gifts, donations and goods in kinds that are received without conditions are recognized immediatelt as?

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Liability -> Revenue

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Gifts, donations and goods in kind that have conditions are initially recorded as ? and only recognized as what when the conditions are satisfied?

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TRUE

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Services in kind are not recognized as revenue due to the uncertainties affecting the entity's ability to control those services and measure them at fair value. T/F

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aquisition-date fair value

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Assets arising from non-exchanfge transactions are measured at?

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Present value, when the effect of time value of money is material

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Liabilities arising from non-exchanfge transactions are measured at?

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The amount of increase in net assets

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Revenue arising from non-exchanfge transactions are measured at?

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Bequests

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are transfer made according to the provisions of a deceased person's will

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Pledges

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are unenforceable undertakings to transfer assets to the recipient entity

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Concessionary Loans

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are loans received by an entity at below market terms

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Expense (Impairment Loss)

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When an amount already recognized as revenue becomes uncollectible, it is recognized as?

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Performance bond

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is a security deposit required from a contractor or supplier to guaranty the full and faithful performance of a contract