Which of the following events could require a restatement of the beginning fund balance of a governmental

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Which of the following events could require a restatement of the beginning fund balance of a governmental fund?

a. Management changes the method of accounting for inventory to FIFO.

b. A claim that was previously not reported due to uncertainties about its validity is now considered probable and reasonably estimable.

c. The GASB issues new accounting and financial reporting guidance that must be implemented retroactively.

d. Items a and c only.

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Governmental And Nonprofit Accounting

ISBN: 9781292040080

10th International Edition

Authors: Robert J. Freeman, Craig D. Shoulders, Gregory S. Allison, G. Robert Smith

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Question Posted: Feb 18, 2024 04:00 AM

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Which of the following events could require a restatement of the beginning fund balance of a governmental

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The correct answer is d Items a and c only Explanation a Management changes the method of accounting ...View the full answer

Governmental And Nonprofit Accounting

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