 The main source of revenue for the government is taxes.

 * TRUE
 When cash flows are deferred, the fair value of the consideration receivable is its
present value. TRUE
 According to GAM for NGAs, revenue from exchange transactions are measured at the
amount of cash received FALSE
Revenue from exchange transaction shall be measured at fair value of the
consideration received or receivable.
 According to the GAM for NGAs, the receipt of concessionary loans by government
entities may give rise to revenue recognition. TRUE
 All revenues shall be remitted to the BTR and included in the Special Fund, unless
another law specifically requires otherwise. *FALSE
Unless otherwise specifically provided by law, all revenue (income) accruing to the
departments, offices and agencies by virtue of the provisions of existing laws, orders
and regulations shall be deposited in the Bureau
of the Treasury (BTr) or in the duly authorized depository of the Government and shall
accrue to the General Fund (GF) of the Government
 The constructive remittance of taxes withheld through the TRA gives rise to the
recognition of revenue. *TRUE
 Payments to government entities in the form of checks are not allowed. * FALSE
Checks drawn in favor of the government in payment of any such indebtedness shall
likewise be accepted by the officer concerned.
 Revenues of a government entity arise from exchange transactions only. *FALSE
provides that revenues received by NGAs may arise
from:
1. Exchange Transactions, and
2. Non-exchange Transactions
 Taxes are compulsory payments, imposed on persons, properties or activities,
intended to provide revenue to the government. Taxes include fees, fines and
penalties. *FALSE
Taxes are economic benefits or service potentials compulsory paid or payable to
public sector agencies, in accordance with laws and or regulations, established to
provide revenue to the government. Taxes do not include fines or other penalties
 imposed for breaches of the law. (PPSAS 23)

 The taxable event for income tax is the passage of the time period for which the tax is
levied. *FALSE
Property tax is the passing of the date on which the tax is levied, or the period for
which the tax is levied, if the tax is levied on a periodic basis.