A increase in temporarily restricted net assets by

Info icon This preview shows pages 28–30. Sign up to view the full content.

View Full Document Right Arrow Icon
A. Increase in temporarily restricted net assets by P100,000. B. Increase in unrestricted net assets by P1,000,000. C. Increase in unrestricted net assets by P16,000. D. Decrease in temporarily restricted net assets by P20,000. 85. In the statement of activities of the NPO for the year ended December 31, 2021, which of the following is the proper effect of the transactions? A. Increase in temporarily restricted net assets by P100,000. B. Increase in unrestricted net assets by P1,000,000. C. Increase in unrestricted net assets by P16,000. D. Decrease in temporarily restricted net assets by P100,000. 86. How should the cash flows be reported in NPO’s Statement of Cash Flows for the year ended December 31, 2020? A. Cash receipts from operating activities by P100,000. B. Cash receipts from financing activities by P1,100,000. C. Cash disbursements for investing activities by P50,000. D. Cash disbursements for financing activities by P1,000,000 87. How should the cash flows be reported in NPO’s Statement of Cash Flows for the year ended December 31, 2021? A. Cash receipts from operating activities by P100,000. B. Cash receipts from financing activities by P1,100,000. C. Cash disbursements for investing activities by P20,000. D. Cash disbursements for investing activities by P100,000.
Image of page 28

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Page 29 Number 88 Government Accounting Manual On December 31, 2018, the Department of Finance billed its lessee on one of its buildings in the amount of P10,000. On January 31, 2019, the Department of Finance collected all of the accounts receivable. On February 28, 2019, the Department of Finance remitted the entire collected amount to the Bureau of Treasury. What is the journal entry to record the remittance by the Department of Finance to the Bureau of Treasury? A. Debit – Accounts Receivable P10,000 and Credit – Rent Income P10,000 B. Debit – Accounts Receivable P10,000 and Credit – Retained Earnings P10,000 C. Debit – Cash Collecting Officers P10,000 and Credit – Accounts Receivable P10,000 D. Debit – Cash – Treasury/Agency Deposit, Regular – P10,000 and Credit Cash – Collecting Officer – P10,000 Numbers 89 and 90 On January 1, 2018, the Department of Public Works and Highways (DPWH) received a P10,000,000 appropriation from the national government for the acquisition of machinery. On February 1, 2018, DPWH received the allotment from the Department of Budget and Management. On March 1, 2018, DPWH entered into a contract with CAT Inc. for the acquisition of the machinery with a price of P8,000,000. On April 1, 2018, DPWH received the Notice of Cash Allocation from Department of Budget and Management net of 1% withholding tax for income tax of supplier and 5% withholding of Final Tax on VAT of supplier. On May 1, 2018, CAT Inc. delivered the machinery to DPWH. On June 1, 2018, DPWH paid the obligation to CAT Inc. On July 1, 2018, DPWH remitted the withheld income tax and final VAT to BIR. 89. What is the journal entry on March 1, 2018? A. No entry but just posting to appropriate RAPAL B. No entry but just posting to appropriate RAPAL and to RAOD C. No entry but just posting of ORS (Obligation Request and Status) to appropriate RAOD D. Debit Machinery P8,000,000 and credit Accounts Payable P8,000,000 90. What is the journal entry on April 1, 2018?
Image of page 29
Image of page 30
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern