Your government is permitted to amend the budget even after the end of the year. When presenting the ﬁnal actual-to-budget comparisons, is it permitted to include the amendments that were adopted after the year-end?
Answer to relevant QuestionsWhy is a choice of basis of accounting unavoidably linked to measurement focus?What is the earliest point in the sales tax collection process that revenue may be recognized? How can you justify recognizing revenue on the basis of this event? Select 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 ...The following relate to three grants that the town of College Hills received from the state during its ﬁscal year ending December 31, 2015. Prepare journal entries to record the three grants.1. A cash grant of $200,000 ...For each of the following grants and awards, indicate whether the recipient government should recognize revenues and expenditures. In a sentence or two, justify your response.1. As the result of damaging ﬂoods, the state ...
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