Question: A revenue item must be objectively measurable as well as
A revenue item must be objectively measurable, as well as available, to be accrued as governmental fund revenue. What is meant by the term objectively measurable in this context?
Answer to relevant QuestionsThe term deferred revenues seems out of place in governmental fund accounting. It would seem that a government either has or does not have expendable financial resources as a result of a property tax, grant, or other revenue ...Distinguish between unearned revenues and deferred revenues as the terms are used in governmental fund accounting and financial reporting.(a) The 20X7, 20X6, and 20X5 tax rates for the City of Yonker are:The total assessed value for 20X7 was $88,400,000.Compute the amount of taxes levied for each fund for 20X7.(b) Collections were made in 20X7 as follows:20X7 ...In auditing the City of Pippa Passes General Fund, a staff member asks whether the following items should be reported as calendar year 20X4 revenues:1. Property taxes—which are levied in December and due the following ...Is a government’s nonspendable fund balance in the General Fund affected by whether inventory is reported using the purchases method or the consumption method? By whether it used a periodic or perpetual inventory system? ...
Post your question