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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2dceb9b-e17b-418a-8f27-53c0fc0d32e5%2Fb5f6a59a-1e1e-4d20-b4bb-8bc1c748a5ab%2Fwwrk3g_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
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2dceb9b-e17b-418a-8f27-53c0fc0d32e5%2Fb5f6a59a-1e1e-4d20-b4bb-8bc1c748a5ab%2Fhvr2jxa_processed.jpeg&w=3840&q=75)
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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