Question: What are the revenue recognition criteria for expendable fund entities How
What are the revenue-recognition criteria for expendable fund entities? How do these criteria differ from revenue-recognition criteria for profit-oriented enterprises?
Answer to relevant QuestionsExpenditures may be classified by function, activity, object, or organizational unit. Give an example of each classification for a municipality. Which classification is the most appropriate for external financial reporting?Listed are typical financial activities of a local governmental unit.1. The legislative unit approved the budget for the general operating fund. Estimated revenues are $4,000,000, and appropriations for expenditures are ...The following events relate typical activities in a municipality that affect the General Fund.1. The Meadville City Council passed an ordinance approving a general operating budget of $580,000 for fiscal year 2012. The ...The trial balance for the General Fund of the City of Monte Vista as of December 31, 2012, is presented here:.:.Transactions of the General Fund for the year ended December 31, 2013, are summarized as follows:1. The City ...Why are budgeted revenues and expenditures formally recorded in the records of the general fund but not in the records of a capital projects fund?
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