Which of the following events could require a restatement of the beginning fund balance of a governmental

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Which of the following events could require a restatement of the beginning fund balance of a governmental fund?

a. Management changes the method of accounting for inventory to FIFO.

b. A claim that was previously not reported due to uncertainties about its validity is now considered probable and reasonably estimable.

c. The GASB issues new accounting and financial reporting guidance that must be implemented retroactively.

d. Items a and c only

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Governmental And Nonprofit Accounting Theory And Practice

ISBN: 9780132552721

9th Edition

Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,

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Question Posted: Feb 24, 2024 05:00 AM

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Which of the following events could require a restatement of the beginning fund balance of a governmental

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The correct answer is d Items a and c only Explanation a Management changes the method of accoun...View the full answer

Governmental And Nonprofit Accounting Theory And Practice

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