Question: The GASB has established a 60 day rule for the recognition
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 should be extended to all revenues?
Answer to relevant QuestionsThe Hensley School District was notiﬁed by the state education department that it has been awarded a $2 million grant to implement a unique elementary school reading program. The district has met all eligibility ...A government expects to pay its electric bill relating to its current ﬁscal year sometime in the following year. An ofﬁcial of the government requests your advice as to whether the anticipated payment should be charged ...Governments are not required to accrue interest on long-term debt in governmental funds even if the interest is applicable to a current period and will be due the ﬁrst day of the following year. Explain and justify the ...The following schedule shows the amounts related to supplies that a city debited and credited to the indicated accounts during a year (not necessarily the year-end balances), excluding closing entries. The organization ...The following schedule indicates selected accounts from a city’s preclosing 2015 and postclosing 2014 general fund trial balances:.:.All of the amounts shown relate only to supplies. All purchases during the year were ...
Post your question