permits. The processing of a permit would normally take a 9. A government entity collects fees for the processing of certain few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize a revenue from permit fees on a straight line basis. b. by reference to the stage of completion. a. C. upon collection of the fee. d. when the significant risks and rewards are transferred to the customer.
permits. The processing of a permit would normally take a 9. A government entity collects fees for the processing of certain few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize a revenue from permit fees on a straight line basis. b. by reference to the stage of completion. a. C. upon collection of the fee. d. when the significant risks and rewards are transferred to the customer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please help me to answer 8-10
![8. The receipt of which of the following may not give rise to
in the revenue reported by a government entity in its
movement of dutiable goods or services across the
135
statement of financial performance?
undertaking of a taxable activity.
b. earning of taxable income.
5. Which of the following would result to an increase or decrease
4. The taxable event for Value added tax (VAT) is the
persons,
a.
e to the
C.
customs boundary.
d. any of these
Impairment loss on an amount already recognized as
a.
revenue.
b. Receipt of a pledge.
c Receipt of donation in the form of services in kind.
d. The repayment of a loan payable is forgiven.
ices.
and
6 It is a type of fund held by a government entity that is
designated for special purposes.
ient
A
c. Trust fund
a. General fund
b. Special fund
d. Fiduciary fund
7. The national government receives a foreign grant conditioned
on the construction of a public infrastructure. According to the
GAM for NGAS, when does the national government
recognize revenue from the grant (i.e., credit to the 'Income
from Grants and Donations in Cash' account)?
at
e
a. Upon receipt of the grant.
b. When the grant becomes receivable, provided there is
reasonable assurance that the attached condition will be
satisfied.
d. When the related expenses for which the grant is intended
to compensate are incurred.
C. When the condition is met.
revenue by a government entity?
me](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2dceb9b-e17b-418a-8f27-53c0fc0d32e5%2Fb03e14d0-be51-4e35-946f-41b76b8a093a%2Fa5tdotb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:8. The receipt of which of the following may not give rise to
in the revenue reported by a government entity in its
movement of dutiable goods or services across the
135
statement of financial performance?
undertaking of a taxable activity.
b. earning of taxable income.
5. Which of the following would result to an increase or decrease
4. The taxable event for Value added tax (VAT) is the
persons,
a.
e to the
C.
customs boundary.
d. any of these
Impairment loss on an amount already recognized as
a.
revenue.
b. Receipt of a pledge.
c Receipt of donation in the form of services in kind.
d. The repayment of a loan payable is forgiven.
ices.
and
6 It is a type of fund held by a government entity that is
designated for special purposes.
ient
A
c. Trust fund
a. General fund
b. Special fund
d. Fiduciary fund
7. The national government receives a foreign grant conditioned
on the construction of a public infrastructure. According to the
GAM for NGAS, when does the national government
recognize revenue from the grant (i.e., credit to the 'Income
from Grants and Donations in Cash' account)?
at
e
a. Upon receipt of the grant.
b. When the grant becomes receivable, provided there is
reasonable assurance that the attached condition will be
satisfied.
d. When the related expenses for which the grant is intended
to compensate are incurred.
C. When the condition is met.
revenue by a government entity?
me
![permits. The processing of a permit would normally take a
few minutes. The processing fee is collected upon issuance of
9. A government entity collects fees for the processing of certain
the permit. This government entity would normally recognize
136
Chapter4
a. Notice of Cash Allocation
b. Tax Remittance Advice
c. Subsidy from another government entity
d. Inter-agency fund transfer
9. A
government entity collects fees for the processing of co
al
the permit. This government entity would normally recognize
revenue from permit fees
on a straight line basis.
b. by reference to the stage of completion.
a.
upon collection of the fee.
d. when the significant risks and rewards are transferred to
C.
the customer.
10. The receipt of a performance bond or a security deposit is
credited to a
a. liability account
C. cash account
b. revenue account
d. a and c](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2dceb9b-e17b-418a-8f27-53c0fc0d32e5%2Fb03e14d0-be51-4e35-946f-41b76b8a093a%2Fvj26wqt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:permits. The processing of a permit would normally take a
few minutes. The processing fee is collected upon issuance of
9. A government entity collects fees for the processing of certain
the permit. This government entity would normally recognize
136
Chapter4
a. Notice of Cash Allocation
b. Tax Remittance Advice
c. Subsidy from another government entity
d. Inter-agency fund transfer
9. A
government entity collects fees for the processing of co
al
the permit. This government entity would normally recognize
revenue from permit fees
on a straight line basis.
b. by reference to the stage of completion.
a.
upon collection of the fee.
d. when the significant risks and rewards are transferred to
C.
the customer.
10. The receipt of a performance bond or a security deposit is
credited to a
a. liability account
C. cash account
b. revenue account
d. a and c
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