Entity A, a government entity, receives its ₱9M allotment. The journal entry to record this event is

a. No journal entry

b. Cash-Collecting Officers9,000,000
       Subsidy from National Government9,000,000

c. Cash-Tax Remittance Advice9,000,000
        Due to the National Government 9,000,000

d. Cash-Modified Disbursement System (MDS), Regular
        Subsidy from National Government

1. The entry to record the receipt of a disbursement authority in the form of Cash Disbursement Ceiling (CDC) is

a. Cash-Constructive Income Remittance                                              xxx
                        Subsidy from National Government                                       xxx

b. Cash-Modified Disbursement System (MDS), Regular                       xxx
                        Subsidy from National Government                                                  xxx

c. Accounts Payable                                                                                xxx                        

                   Subsidy from National Government                                       xxx

d.

Accounts Payable                                                                                xxx
                        Cash-Modified Disbursement System (MDS), Regular                       xxx

Which of the following reflects a Non-Cash Availment Authority (NCAA) mode of disbursement?

a. Accounts Payable           xxx
         Subsidy from National Government xxx

b. Accounts Payable xxx
         Cash-Constructive Income
         Remittance                            xxx

 c. None in the choices

d.Accounts Payable
         Cash – Modified Disbursement
         System (MDS), Regular

Answer rating: 100% (QA)

Entity A a government en... View the full answer