Explain the distinction between reimbursement grants and entitlements. How does this distinction affect the way each type of grant is accounted for?
Answer to relevant QuestionsA 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 ...The following information relates to Hudson City for its ﬁscal year ended December 31, 2014.• On January 31, 2014, the city purchased as an investment for its debt service fund a ﬁfteen-year, 6 percent,$1 million bond ...The following relate to three grants that the town of College Hills received from the state during its ﬁscal year ending December 31, 2015. Prepare journal entries to record the three grants.1. A cash grant of $200,000 ...A city received two state grants in ﬁscal 2015. The ﬁrst was an award for a maximum of $800,000, over a two-year period, to reimburse the city for 40 percent of speciﬁed costs incurred to operate a job opportunity ...Review the Comprehensive Annual Financial Report (CAFR) that you obtained.1. What are the main sources of the government’s revenues, including those from both governmental and business-type activities?2. How are revenues ...
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