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undertaking of a taxable activity. b. earning of taxable income. in the revenue reported by a government entity in its movement of dutiable goods or services across the 5. Which of the following would result to an increase or decrease 4. The taxable event for Value added tax (VAT) is the a. C. customs boundary. d. any of these statement of financial performánce? 1 Impairment loss on an amount already recognized as a. revenue. b. Receipt of a pledge. e Receipt of donation in the form of services in kind. d. The repayment of a loan payable is forgiven. It is a type of fund held by a government entity that is designated for special purposes. a. General fund c. Trust fund b. Special fund d. Fiduciary fund

undertaking of a taxable activity. b. earning of taxable income. in the revenue reported by a government entity in its movement of dutiable goods or services across the 5. Which of the following would result to an increase or decrease 4. The taxable event for Value added tax (VAT) is the a. C. customs boundary. d. any of these statement of financial performánce? 1 Impairment loss on an amount already recognized as a. revenue. b. Receipt of a pledge. e Receipt of donation in the form of services in kind. d. The repayment of a loan payable is forgiven. It is a type of fund held by a government entity that is designated for special purposes. a. General fund c. Trust fund b. Special fund d. Fiduciary fund

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me to answer number 1-7. thank you

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
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
d. when the entity's right to receive payment is established. PROBLEM 4-2: MULTIPLE CHOICE - THEORY 1. Which of the following is a non-exchange transaction? a. Leasing b. Collection of taxes c. Rendering of legal services d. Collection of tuition fees 2. Entity A enters into a long-term contract to provide services. The outcome of the transaction can be estimated reliably and the progress on the contract can be measured with sufficient reliability. According to the PPSAS, how should Entity A recognize revenue from the contract? a. On a straight line basis over the contract term. b. By reference to the stage of completion of the contract at the reporting date. c. Full recognition of contract price upon completion of the contract. d. Only to the extent of costs that are expected to be recovered. 3. According to the GAM for NGAS, interest revenue is recognized a. on a time proportion basis using the effective interest method. b. on a straight line basis. in accordance with the substance of the relevant loạn C. agreement.
Transcribed Image Text:d. when the entity's right to receive payment is established. PROBLEM 4-2: MULTIPLE CHOICE - THEORY 1. Which of the following is a non-exchange transaction? a. Leasing b. Collection of taxes c. Rendering of legal services d. Collection of tuition fees 2. Entity A enters into a long-term contract to provide services. The outcome of the transaction can be estimated reliably and the progress on the contract can be measured with sufficient reliability. According to the PPSAS, how should Entity A recognize revenue from the contract? a. On a straight line basis over the contract term. b. By reference to the stage of completion of the contract at the reporting date. c. Full recognition of contract price upon completion of the contract. d. Only to the extent of costs that are expected to be recovered. 3. According to the GAM for NGAS, interest revenue is recognized a. on a time proportion basis using the effective interest method. b. on a straight line basis. in accordance with the substance of the relevant loạn C. agreement.
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