Question: please explain why the option is correct and remaining are incorrect To recognize revenue in a governmental fund, which of the following must occur? Select

please explain why the option is correct and remaining are incorrect

To recognize revenue in a governmental fund, which of the following must occur? Select one: a. The revenues must both be earn ed and collectible within two veers. b. The revenues must be collectible within the current period or soon enough thereafter to be used to beg:r liabilities of the current period. c. The revenues must onlyr be earned. d. The revenues are collected in cash

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Hello Can you please help me answer question 5 in the Groupon case study ISSUES IN ACCOUNTING EDUCATION Vol. 29, No. 1 2014 pp. 229-245 American Accounting Association DOI: 10.2308/iace-50595 Growing...

""5"" 1 Accounts, Trade and Other receivables (not including tax receivable] [in N01 vet millions of CAD) answered Marked out at Select one: 8.30 (I) a. Less than $300 l." E? Elm (:3 0:. Between $3...

Debra wants to know if her sister can be her qualifying child.Which of the following is not a test to be a Qualifying Child? Select one: a. The child must be under age 19 at the end of the year or...

Question 1 Anil is a new customer service representative in a busy insurance company sales department. In training, he is finding that his employer greatly values acting professionally at all times....

1. Cash budgets are best described by which of the following statements? Select one: a. Cash budgets are an internal document used only by department heads and managers b. Cash budgets are not needed...

Peabody Corp. purchased goods from Jason Company on August 5, 2017. The goods were shipped the same day. The goods selling price was $20,000. The credit terms were 1/10, n/30. The shipping terms were...

To recognize revenue in a governmental fund, which of the following must occur? Select one: a. The revenues must both be earned and collectible within two years. b. The revenues must be collectible...

Answer all multiple choice questions. Please EXPLAIN WHY each answer is correct. Q 1 The sales journal may be used for - A)all credit card sales transactions B)all sale transactions paid by cash...

Which of the following is correct? Can you please explain why the correct option is right and why the remaining options are incorrect. The 'paradox of thrift' refers to the fact that: Select one: \\...

Need help journal entries City of Smithville Full Version 16E General Fund journal entries chapter 4 Street Improvement Capital Projects fund Chapter 5 Street Improvement Bond Debt Service Fund...

In New York, a welfare recipient can earn $90 per month without having her benefits reduced. Beyond $90, benefits are reduced by 57 cents for every dollar of earnings. Consider Jackie, a resident of...

The Board of ABC Co has made a decision that the company will limit its investment funds to $10 million for the next year. Now they are preparing their capital budget and considering five projects,...

in which scenario does an exclusive agency listing not require a seller to pay a commission

2. The force of interest 8 is a function of time and at any time t, measured in years, is given by the formula: 8(t) = 0.02 +0.0020 8(t) = 0.03 +0.005t Osts5 5 st s 10 a) Calculate the discount...