Why may the “matching concept” be less relevant for governments and not-for-proﬁts than for businesses?
Answer to relevant QuestionsWhat is the signiﬁcance for ﬁnancial reporting of the many restrictions that are placed upon a government’s resources?In what key ways does the FASB inﬂuence generally accepted accounting principles for governments?A city engages in the transactions that follow. For each transaction indicate the amount of revenue or expenditure that it should report in 2014. Assume ﬁrst that the main objective of the ﬁnancial statements is to ...This chapter has set forth several distinguishing features of state and local governments, the federal government, not-for-proﬁt organizations, and businesses.Presently there are separate standard-setting boards for state ...As will be emphasized later in this text, depreciation is recorded in proprietary funds but not in governmental funds. What is the rationale for recording depreciation in proprietary funds?
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