. 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
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