Under GASB guidance when should an item be recognized on the face of the financial statements? Under

Question:

Under GASB guidance when should an item be recognized on the face of the financial statements? Under what conditions, would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?

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: 978-0078025822

17th edition

Authors: Jacqueline Reck, Suzanne Lowensohn, Earl Wilson

See More Books

Question Posted: Oct 24, 2016 04:51 AM

See More Questions

Canadian Equipment Ltd. makes electronic equipment used in mining exploration. The existing owners are in the process of finalizing the sale of the company to some international buyers. The selling...
John Dillworth is in charge of buying property used as building sites for branch offices of the National Bank of Commerce. Mr. Dillworth recently paid $110,000 for a site located in a growing section...
Multiple Choice. Choose the best answer. 1. Which of the following best describes the recommended format for the government-wide statement of activities? a. Revenues minus expenses equals change in...
a. Find the probability of getting exactly 1 girl in 10 births. b. Find the probability of getting 1 or fewer girls in 10 births. c. Which probability is relevant for determining whether 1 is an...
The CAPM is used to price the risk in any asset. Our examples have focused on stocks, but we could also price the expected rate of return for bonds. Explain how debt securities are also subject to...
Given an interest rate of 3% per year, what is the return to a dollar invested today for 1.4 years using a simple interest rate? In what applications are simple rates common?
Boiler drum production. In a production facility, an accurate estimate of man-hours needed to complete a task is required. A manufacturer of boiler drums used regression to predict the number of...
Mackenzie Corp. is preparing the December 31, 2020, year-end financial statements. Following are selected unadjusted account balances: Additional information: a. $10,800 of income tax was accrued...
Fixed vs. variable annuities. What are the main differences between fixed and variable annuities? Which type is more appropriate for someone who is 60 years old and close to retirement?
Finance (Links to an external site.) or the EDGAR | Company Filings (Links to an external site.)database to download the last 10Q from Starbucks into excel. Use the downloaded data to complete the...
How does total pension liability differ from net pension liability?
What are the benefits of having an audit committee?
Roswell Company has operating assets of $8,000,000. The company's operating income for the most recent accounting period was $600,000. The Lawrence Division of Roswell controls $1,600,000 of the...
Test - LOG 2060 Intermediate Systems Sustainment Management T07.E02 Describe DoD's Depot Maintenance Enterprise and How Core, 50-50, and Partnering Initiatives Question 30 of 31. In depot...
Assuming that StickerGiant plans to expand its business to overseas markets, what are the top 3 environmental factors (economic, political/legal, demographic, social, competitive, global, and...
Selina is an avid sky diver. How would an insurer rate the severity/probability of the risks to which Selina is exposed? a) minor/low b) critical/high c) material/medium d) critical/low
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing...
Perpendicular Offset Practice Problem Find the perpendicular offset and station of Point K relative to line JL. Point K N 2423.58 Point L. Point J N 2537.19 N 2399.34 E 1774.94 E 2223.41 E 2445.15
Water is the most common working fluid in a Rankine heat engine, but there is no fundamental reason why a Rankine heat engine couldnt be designed with other working fluids. Suppose a heat engine is...
Reichenbach Co., organized in 2018, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2018 and 2019. Instructions...
How are the employers pension expenditures and the employers pension expenses calculated?
Compare a private-purpose trust fund to a governmental permanent fund.
Discuss the difference between an external investment pool and an investment trust fund, including how the activities of each would be reported.
There are three basic approaches to CVP analysis - equation approach, contribution margin approach, and the contribution ratio margin approach. How are these approaches similar and how do they...
There are six farmers in Great Britain with access to government land to graze their cows for free. They all must share the land. Each farmer has an individual incentive to put as many of his cows on...
Describe several common sources of yardstick data that you can use as bases for developing forecast assumptions

Under GASB guidance when should an item be recognized on the face of the financial statements? Under

Question:

Step by Step Answer:

GASB Concepts Statement 3 indicates that it is preferable to recognize an i...View the full answer

Accounting for Governmental and Nonprofit Entities

Students also viewed these Accounting questions