Governments often collect cash or must record receivables before revenues are to be recognized in a governmental

Question:

Governments often collect cash or must record receivables before revenues are to be recognized in a governmental fund. What determines whether a liability or a deferred inflow is reported in these various situations?

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

Step by Step Answer:

Related Book For book-img-for-question

Governmental and Nonprofit Accounting

ISBN: 978-0132751261

10th edition

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

Question Posted: Oct 25, 2014 04:53 AM

See More Questions

Record the journal entries for the following transactions in a governmental fund. a. Issued $5,000,000 tax anticipation note. b. Issued $10,000,000 general obligation bond. c. Transferred $1,500,000...
In a governmental fund which one of the following constitutes revenue a Cash received from another fund of the same unit b Bond proceeds c Property taxes d Refund on an invoice for fuel
How does accounting in a governmental fund for the purchase of supplies from an outside vendor differ from the purchase of supplies from an internal service fund?
Not sure if this note is applicable to the problem? (A2) Prove there is a bijection between any two countably infinite sets.
The water that passes through the reactor core of a water-moderated fission reactor does not pass into the turbine. Instead, heat is transferred to a separate water cycle that is entirely outside the...
Consider a process where you are to design a fraction nonconforming control chart with three sigma limits. Assume n = 100, and p = 0.080. What are the three-sigma limits for the p -chart? Calculate...
What are the other names of marginal costing?
Two forces are applied at the end of a screw eye in order to remove the post. Determine the angle ? (0 ? ? ? 90) and the magnitude of force F so that the resultant force acting on the post is...
Excel Activity: Bond Valuation Clifford Clark is a recent retiree who is interested in investing some of his savings in corporate bands. His financial planner has suggested the following bonds Bond A...
The roof of a car in a parking lot absorbs a solar radiant flux of 800 W/m2, while the underside is perfectly insulated. The convection coefficient between the roof and the ambient air is 12 W/m2 K....
The term deferred revenues seems out of place in governmental fund accounting. It would seem that a government either has or does not have expendable financial resources as a result of a property...
Modified accrual basis revenue recognition is often referred to as near cash basis revenue recognition. Explain why this statement probably is made. Do you agree? Explain.
Prepare a stand-alone site utility estimate for the vehicle maintenance facility based upon the drawings included on the books eResource. Assume you are a civil specialty contractor providing a bid...
Sketch the requested conic sections in Problems 14-23 using the definition. A parabola with the distance between the directrix and focus 1 unit
Why is the Rosenblum case a particularly important case in auditor liability?
Draw a population curve for a city whose growth rate is $1.3 \%$ and whose present population is 53,000 . The equation is \[P=P_{0} e^{r t}\] Let $t=0,10, \cdots, 50$ to help you find points for...
Draw a bar graph for each data set in Problems 32-35. Data set B Data set A: The annual wages of employees at a small accounting firm are given in thousands of dollars. 35 25 25 16 14 1 2 25 18 2 2...
For the four unrelated situations, A-D, below, calculate the unknown amounts indicated by the letters appearing in each column: B D Beginning Assets... Liabilities.. $40,000 $12,000 $28,000 $ (d)...
What is the impact on a bond's coupon rate from: a. b. a call feature? a put feature?
Data on weekday exercise time for 20 females, consistent with summary quantities given in the paper An Ecological Momentary Assessment of the Physical Activity and Sedentary Behaviour Patterns of...
A particle of mass $m$ is subject to a central force $F(r)=-G M m / r^{2}-k / r^{3}$, where $k$ is a positive constant. That is, the particle experiences an inverse-cubed attractive force as...
A transaction in which a municipal electric utility issues bonds (to be repaid from its own operations) requires accounting recognition in a. the General Fund. b. a Debt Service Fund. c. enterprise...
A city collects property taxes on behalf of the local sanitary, park, and school districts and periodically remits collections to these units. This activity should be accounted for in a. an Agency...
The activities of a central motor pool that provides and services vehicles for the official use of municipal employees from several city departments should be accounted for in a. an Agency Fund. b....
During its first year of operations, Splish Brothers inc. had these transactions pertaining to its common stock. Jan. 10 Issued 41,500 shares for cash at $6 per share. fuly 1 issued 71,500 shares for...
reason for firms to start issuing dividends is to cater to the clientele effect. 4) All else equal, a growth firm with high brand value should have lower leverage than average
QUESTION 3 Andes is into the production of the vaccine Pfizer in curbing the covid19 pandemic. It is known to be very effective for the treatment of those who are already infected. The following...

Governments often collect cash or must record receivables before revenues are to be recognized in a governmental

Question:

Step by Step Answer:

When revenue recognition must be delayed to a future period ...View the full answer

Governmental and Nonprofit Accounting

Students also viewed these Accounting questions