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Revenues and Other Receipts

This document discusses revenues and receipts for government and non-profit organizations. It outlines the sources of revenue as either exchange transactions like sales of goods and services, or non-exchange transactions like taxes, fines, and donations. All revenues must be deposited in the General Fund unless a specific law allows otherwise, and receipts must be properly acknowledged through pre-numbered official receipts, which can include checks. The learning objectives are to state the sources of revenue for a government entity and explain the recognition and measurement of revenue.

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Wawex Davis
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248 views4 pages

Revenues and Other Receipts

This document discusses revenues and receipts for government and non-profit organizations. It outlines the sources of revenue as either exchange transactions like sales of goods and services, or non-exchange transactions like taxes, fines, and donations. All revenues must be deposited in the General Fund unless a specific law allows otherwise, and receipts must be properly acknowledged through pre-numbered official receipts, which can include checks. The learning objectives are to state the sources of revenue for a government entity and explain the recognition and measurement of revenue.

Uploaded by

Wawex Davis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Government Accounting

&
Accounting for non-profit
by: ZEUS organizations
VERNON B. MILLAN
Chapter 4
Revenues and Other Receipts
 
Learning Objectives
1.State the sources of revenue of a
government entity.
2.State the recognition and measurement
of revenue.

GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Millan


Fundamental Principles for Revenue  
• All revenues shall be remitted to the BTr and
included in the General Fund, unless
another law specifically allows otherwise.
Recording in other types of funds (e.g.,
Special Fund) shall be made only when
authorized by law.
• Receipts shall be properly acknowledged
through pre-numbered ORs. Receipts can be
in the form of checks.

GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Millan


Sources of Revenue  
Revenues may arise from exchange and non-
exchange transactions.
• Exchange transaction - examples: sale of
goods and rendering of services.
• Non-exchange transactions - examples: tax
revenue, fines and penalties and donations.

GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Millan

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