ork Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. Basis of Accounting Measurement focus a. Determines what is measured b. Determines when something is measured a. Measures all economic resources, including capital assets and long-term debt. d. Measures primarily financial resources and does not recognize long term assets and liabilities 0. Recognizes revenues when camed and expenses when incurred Recognizes revenues when measurable and available to finance expenditures of the current period 9. Expenditures are recognized when goods or services are received h. Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate Foxed assets are capitalized and depreciated. Fixed assets are not capitalized or depreciated, rather fixed assets are charged to expenditures when received, k Long-term debt is not recorded as a liability L 1. Long-term debt is recorded as a liability, repayments are recorded as a reduction of that liability Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. Basis of Accounting Measurement focus a. Determines what is measured b. Determines when something is measured c. Measures all economic resources, including capital assets and long-term debt. d. Measures primarily financial resources and does not recognize long-term assets and liabilities 6. Recognizes revenues when earned and expenses when incurred, Recognizes revenues when measurable and available to finance expenditures of the current period, Expenditures are recognized when goods or services are received h. Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate Fixed assets are capitalized and depreciated Fixed assets are not capitalized or deprecated, rather fixed assets are charged to expenditures when received Long-term debt is not recorded as a liability Long-term debt is recorded as a liability, repayments are recorded as a reduction of that liability ork Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. a Determines what is measured b. Determines when something is measured c. Measures all economic resources, including capital assets and long-term debt d Measures primarily fnancial resources and does not recognize long term assets and liabilities a. Recognizes revenues when camed and expenses when incurred. t Recognizes revenues when measurable and available to finance expenditures of the current period 9. Expenditures are recognized when goods or services are received h Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate Fixed assets are capitalized and depreciated. Accrual basis of accounting Current financial resources measurement Economic resources measurement focus Modified accrual basis of accounting L Fhed assets are not capitalized or deprecated, rather foued assets are charged to expenditures when received k Long-term debt is not recorded as a liability Long term bit is recorded as a bity, repayments are recorded as a reduction of that liability Ek Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. a. Determines what is measured b. Determines when something is measured Measures all economic resources, including capital assets and long-term debt. d. Measures primarily financial resources and does not recogrize long-term assets and liabilities a. Recognizes revenues when earned and expenses when incurred. Recognizes revenues when measurable and available to finance expenditures of the current period 9. Expenditures are recognized when goods or services are received. Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate Fixed assets are capitalized and depreciated Fixed assets are not capitalized or deprecated, rather foxed assets are charged to expenditures when received k. Long-term debt is not recorded as a liability Long term debt is recorded as a liability, repayments are recorded as a reduction of that lability Accrual basis of accounting Current financial resources measurement Economic resources measurement focus Modified accrual basis of accounting Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. a. Determines what is measured b. Determines when something is measured C. Measures all economic resources, including capital assets and long term debt. d. Morsures primarily financial resources and does not recognize long-term assets and liabilities. . Recognizes revenues when earned and expenses when incurred, Recognizes revenues when memurable and available to finance expenditures of the current period . Expenditures are recognized when goods or services are received. h. Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate Fixed assets are capitalized and depreciated. Fixed assets are not capitalized or depreciated, rather fixed assets are charged to expenditures when received k Long-term debt is not recorded as a liability Long-term debt is recorded as a liability, repayments are recorded as a reduction of that ability Accrual basis of accounting Current financial resources measurement Economic resources measurement focus Modified accrual basis of accounting Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. a. Determines what is measured b. Determines when something is measured c. Measures all economic resources, including capital assets and long-term debt. d. Measures primarily fnancial resources and does not recognize long-term assets and liabilities o. Recognizes revenues when earned and expenses when incurred. Recognizes revenues when measurable and available to finance expenditures of the current period 9. Expenditures are recognized when goods or services are received h Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate L Fand assets are capitalized and depreciated. Fored sets are not capitalized or deprecated, rather fred assets are charged to expenditures when received k. Long term debt is not recorded as a liability Long-term debt is recorded as a labiky, repayments are recorded as a reduction of that liability Show All Items Accrual basis of accounting Current financial resources measurement Economic resources measurement focus Modified accrual basis of accounting Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. a Determines what is measured b. Determines when something is measured c. Measures all economic resources, including capital assets and long-term debt d. Measures primarily fnancial resources and does not recognize long-term assets and liabilities o. Recognizes revenues when earned and expenses when incurred. 1 Recognizes revenues when measurable and available to finance expenditures of the current period. Expenditures are recognized when goods or services are received Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate Fared assets are capitalized and depreciated Foxed assets are not capitalized or deprecated, rather for assets are charged to expenditures when received Long-term debt is not recorded as a linbility Long-term debt is recorded as a liability repayments are recorded as a reduction of that liability Accrual basis of accounting Current financial resources measurement Economic resources measurement focus Modified accrual basis of accounting Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. a. Determines what is measured 6. Determines when something is measured c. Measures all economic resources, including capital assets and long-term debt. d. Measures primarily financial resources and does not recognize long-term assets and liabilities e. Recognizes revenues when eamed and expenses when incurred Recognizes revenues when measurable and available to finance expenditures of the current period Expenditures are recognized when goods or services are received. Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate Fixed assets are capitalized and depreciated. Pond assets are not capitalized or deprecated, rather foxed assets are charged to expenditures when received Long-term debt is not recorded as a liability I Long term debt is recorded as a liability, repayments are recorded as a reduction of that liability Accrual basis of accounting Current financial resources measurement Economic resources measurement focus Modified accrual basis of accounting Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. Determines what is measured b. Determines when something is memured c. Measures all economic resources, including capital assets and long term debt. d. Mensures primarily financial resources and does not recognize long term assets and liabilities e. Recognizes revenues when comed and expenses when incurred. Recognizes revenues when measurable and available to finance expenditures of the current period Expenditures are recognized when goods or services are received Expenses to recognized when goods or services are used Expenses are matched with the revenues those expenses generate Fixed assets are capitalized and depreciated Pored nets we not capitalized or depreciated; rather and assets are charged to expenditures when received Long-term dat is not recorded as a lablity 1 Long-term debt is recorded as a lability, repayments are recorded as a reduction of Current financial resources measurement and modified accrual accounting Economic resources measurement focus and accrual accounting Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. a. Determines what is measured b. Determines when something is memurod c. Measures all economic resources, including capital assets and long-term debt. d. Measures primarily financial resources and does not recognize long term assets and liabilities .. Recognizes revenues wheneamed and expenses when incurred. Recognizes revenues when measurable and valable to finance expenditures of L the current period 9. Expenditures are recognized when goods or services are received h Expenses are recognized when goods or services are used Expenses we matched with the revenues thore expenses generate Festets are capitalized and depreciated Fixed sets are not copied or depreciated, rather feed sets are charged to expenditures when received k Long term dobis not recorded as a bit Long term dit is recorded as a fiability, repayments are recorded as a reduction of Current Financial resources measurement and modified accrual accounting Economic resources measurement focus and accrual accounting Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expenselexpenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below. Determines what is measured b. Determines when something is measured c. Measures al economic resources, including capital assets and long-term debt d. Mensures primarily fnancial resources and does not recognize long-term assets and liabilities 0. Recognizes revenues when earned and expenses when incurred. 1 Recognizes revenues when measurable and available to finance expenditures of the current period o Expenditures we recognized when goods or services are received Expenses are recognised when goods or services are used. Expenses are matched with the revenues those expenses generate Fund wuts are capitalized and depreciated. Pedals are not capitalized or deprecated, therfandts are charged to endures when received Long-term is not recorded as a liability Long-term debt is recorded as a repayments are recorded as a reduction of Current financial resources measurement and modified accrual accounting Economic resources measurement focus and accrual accounting ork Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current financial resources measurement focus and the modified accrual basis of accounting. Identify the measurement focus and/or basis of accounting related to the conceptual differences, differences in revenue recognition, differences in expense/expenditure recognition, differences in recognition of fixed assets, and differences in the recording of long-term debt described below 3. Dermines what is measured b. Determines when something is measured c. Measures all economic resources, including capital assets and long-term debt d. Measures primarily financial resources and does not recognize long-term assets and liabilities e. Recognizes revenues when earned and expenses when incurred Recognizes revenues when mensurable and available to france expendituren of L the current period 9. Expenditures are recognized when goods or services are received h Expenses are recognized when goods or services are used. Expenses are matched with the revenues those expenses generate Fondse we capitalized and deprecated, Fixed assets are not capitalized or deprecated, rather fouedssets are charged to expenditures when received Long-term debt is not recorded as ability Long-term debt is recorded as a liability, repayments are recorded as a reduction of that by Current financial resources measurement and modified accrual accounting Economic resources measurement focus and accrual accounting