What are the measurement focus and basis of accounting of governmental funds? What is the traditional rationale for this basis of accounting (used in governmental fund statements)—as opposed to, for example, either a full accrual basis or a budgetary basis?
Answer to relevant QuestionsWhat are the main categories of revenues per GASB Statement No. 33, Accounting and Financial Reporting for Non-exchange Transactions?Explain the distinction between reimbursement grants and entitlements. How does this distinction affect the way each type of grant is accounted for?The ﬁscal year of Duchess County ends on December 31. Property taxes are due March 31 of the year in which they are levied.1. Prepare journal entries (excluding budgetary and closing entries) to record the following ...The GASB has identiﬁed four classes of nonexchange revenues:• Derived tax• Imposed• Government mandated• VoluntaryFor each of the following revenue transactions affecting a city, identify the class in which the ...The board of trustees of an independent school district is contemplating several policy changes and other measures, all of which it intends to implement within the ﬁscal year that ends August 31, 2015. It requests your ...
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