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Read chapter 4 : Recognizing Revenues in Governmental Funds and answer the following questions: 1 . What is the difference between an exchange and a
Read chapter : Recognizing Revenues in Governmental Funds and answer the following questions:
What is the difference between an exchange and a nonexchange transactions?
What are the main categories of revenues per GASB Statement No Accounting and Financial Reporting for Nonexhange Transactions?
What criteria must be meet before revenues can be recognized on a modified accrual basis? What is the rationale for these criteria?
What is the rule for recognizing property taxes as revenue? How would property taxes be accounted for differently in the fund statements, as opposed to in the governmentwide statements?
What is meant by "deferred inflow of resources"? Provide an example of when a government might credit such as an account.
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