Question: Until recently governments were not permitted to recognize revenue on
Until recently governments were not permitted to recognize revenue on increases in the value of investments. What arguments might you present in support of the current position that investments be stated at fair value and that changes in fair value be recognized as either revenues or expenditures?
Relevant QuestionsSelect the best answer.1. Under the modiﬁed accrual basis of accounting, revenues cannot be recognizeda. Until cash has been collectedb. Unless they will be collected within 60 days of year-endc. Until they are subject to ...Green Hills County received the following two contributions during a year:• A developer (in exchange for exemptions to zoning restrictions) donated several acres of land that the county intended to convert to a park. The ...A city levies property taxes of $4 billion in June 2015 for its ﬁscal year beginning July 1, 2015. The taxes are due by January 31, 2016. The following (in millions) indicates actual and anticipated cash collections ...In October 2015, the Village of Mason levied $80 million of property taxes for its 2016 ﬁscal year (which is the same as the calendar year). The taxes are payable 50 percent by December 31, 2015, and 50 percent by June 30, ...Going 70 mph in a 60-mph zone, you’ve just been caught in the infamous Goldwaithe Township speed trap. You pay your ﬁne of $150. In the government-wide statement of activities, revenues must be associated with the ...
Post your question