Question: A private citizen makes an unrestricted pledge of 5 million
A private citizen makes an unrestricted pledge of $5 million to a city’s museum. The city is conﬁdent that the donor will fulﬁll her pledge. However, the cash will not be received for at least two years. How will the amount of revenue recognized differ between the fund statements and the government-wide statements? Explain.
Relevant QuestionsWhat are pass-through grants? Under what circumstances must a recipient government report them as both a revenue and an expenditure?The ﬁscal year of Duchess County ends on December 31. Property taxes are due March 31 of the year in which they are levied.1. Prepare journal entries (excluding budgetary and closing entries) to record the following ...For each of the following situations, indicate the amount of revenue that the government should recognize in an appropriate governmental fund as well as in its government-wide statement of activities in its ﬁscal year ...For each of the following grants and awards, indicate whether the recipient government should recognize revenues and expenditures. In a sentence or two, justify your response.1. As the result of damaging ﬂoods, the state ...The GASB has established a “60-day” rule for the recognition of property taxes in governmental funds. On what basis can you justify such a rule for property taxes but not for other revenues? Do you think the 60-day rule ...
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