Problem 1

Statement I - The cash collecting officer shall issue official receipt for the receipt of notice of cash allocation (NCA) since the receipt of NCA constitutes a cash collection that is recordable in the cash receipts journal.

Statement II - Registries of Budget, Utilization, and Disbursements (RBUD) is being used to record the approved special budget and corresponding utilizations and disbursements charged to retained income.

Group of answer choices

a. Only statement I is true

b. Only statement II is true

c. Both statements are true

d. Both statements are false

Problem 2

Statement I - Services in-kind donated to national government agency are recorded as revenues

Statement II - Carrying amount of the debt forgiven is recognized as revenues in national government agency books