Which fund category uses the modified accrual basis of accounting? What are the recognition rules for revenues

Question:

Which fund category uses the modified accrual basis of accounting? What are the recognition rules for revenues and expenditures under the modified accrual basis of accounting?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting for Governmental and Nonprofit Entities

ISBN: ?978-0073379609

15th Edition

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

See More Books

Question Posted: Dec 03, 2011 10:08 AM

See More Questions

The modified accrual basis of accounting is used to account for revenues and expenditures reported in the financial statements of: a). Governmental activities at the government-wide level. b)....
Which of the two, the modified accrual basis or the accrual basis, is used for funds for which expendability is the concern? Why?
At this point, the writer would like to provide specific information about Montessoris education. Which alternative does that best? A. NO CHANGE B. Passionately and fervently, editors often argue for...
Draw the tetrahedral representation of the S enantiomer of the amino acid cysteine, HSCH2CH(NH2)CO2H.
Compare the analyses in Exercises 4 and 5 with a rolled-over money-market hedge. That is, what would have been the result if you had borrowed waf for six months (with conversion and investment of...
When placed between the poles of a horseshoe magnet as shown in Figure 28.12, does a rectangular current loop experience a torque? If so, in which direction does the loop rotate? Data from Figure...
The Oceanside Apparel Company manufactures expensive, polo-style mens and womens short-sleeve knit shirts at its plant in Jamaica. The production process requires that material be cut into large...
Which Python data structure is constructed using the code below? a = {"a": 1, "b": 2, "c": 3}
The trial balance for LPO at 31 December 2013 was as follows: Notes: (i) Closing inventory at 31 December 2013 was $562,000. (ii) On 31 December 2013, LPO disposed of some obsolete plant and...
What are the three categories of funds prescribed by GASB standards and which fund types are included in each? Do the three fund categories correspond precisely with the three activity categories...
Amber City borrowed $1,000,000 secured by a 5-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should...
(a) What is the ratio of the strength of the gravitational force to that of the strong nuclear force? (b) What is the ratio of the strength of the gravitational force to that of the weak nuclear...
In 2010 the CBCs The Fifth Estate profiled Peter Nygard, founder and CEO of Nygard, a successful clothing retailer catering largely to working-age women. The documentary, titled Larger Than Life,...
How has government regulation affected the agriculture and banking industries?
Industry growth is no longer rapid enough to support a large number of competitors in __________. A. growth B. shakeout C. maturity D. decline
Ralph Waldo Emerson once wrote: Want is a growing giant whom the coat of Have was never large enough to cover. How does this statement relate to the definition of economics?
Why have firms such as Google, Facebook, and Amazon gained monopoly power in search, social media, and online retail, respectively, despite potential competitors having virtually unrestricted access...
Suppose that you have season passes for your favorite sports team. The teams new managers have decided to double the price of a season ticket to raise more revenue. The managers plan to spend this...
Interest Compounded Annually. When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows to A dollars, where A = P(1 + i) t . Trevor's parents deposit $7800...
It has been argued that behaviour and personality will change over time. You might imagine that personality will change with personal growth if you believe in self-actualization (at which we looked...
Choose the best answer. 1. Evaluation of government financial performance is important for which of the following reasons? a. Credit analysts use it to determine whether bonds should be issued. b....
Write the letters a through o on a sheet of paper. Beside each letter, put a plus (+) if a high or increasing value of the item is generally associated with stronger financial condition, a minus ()...
Examine the following tables from the Financial Trend Monitoring Report for the Town of Oakdale for the most recent fiscal year-end. The performance indicators selected are total revenue and revenue...
why you assume value of Machine A is assumed to decrease by $7,000 each year for the purpose of these calculations?
1. You want to create a Dog object. Which of the following would you use to describe it? (Choose all that apply.) A. String breed B. int age C. boolean isADog D. String ownerName E....
Part 1: Cathy Forth Photography Services (20 marks) You have been hired by Cathy Forth as her new bookkeeper. She has given you the following information: Use the current date and provide an...

Which fund category uses the modified accrual basis of accounting? What are the recognition rules for revenues

Question:

Step by Step Answer:

Governmental funds the five fund types listed in Illustration 22 of the text focu...View the full answer

Accounting for Governmental and Nonprofit Entities

Students also viewed these Accounting questions