rite the definition, recognition, measurement and derecognition of GOVERNMENT GRANT.
Q: Define Government Grants?
A: The grants are those type of funds given by any authority which would be non-refundable. These are…
Q: At what point in time does a governmental fund report an expenditure?
A: Definition: Governmental (expendable) funds: Governmental (expendable) funds are used in the state…
Q: Is there a standard approach for determining when income and expenses are recognized in financial…
A: The creation of two statements – a statement of net assets and a statement of activities – is…
Q: which concerns with revenue and disbursement of government such as central government , state…
A: Finances are referred as the management of money from investing activities, borrowing, lending,…
Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…
A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…
Q: A general purpose government takes over a special purpose government in an acquisition. The…
A: Introduction: The acquisition refers to the business combination when one entity or organization…
Q: benefits ofered by government for employees in Explain in which category of funds are these benefits…
A: Retirement and pension benefits are given to a retired government official to make sure that they…
Q: . Expenditures are used for which type of fund? A. Fiduciary B. Governmental C. Proprietary D.…
A: Answer :- Correct option is D. All of the above
Q: The receipt of an appropriation is recorded by a government entity in the RAOD ORS RAPAL a and b
A: The answer is provided as follows:
Q: Provide example of an internal service funds, describe the services provided and received within the…
A: Introduction:- An Internal Service Fund is one that primarily offers benefits, commodities, or…
Q: expenditure and ho
A: Reasons for India's rising govt expenditures include: (i) Development Programs: The majority of…
Q: how may resources in the general fund can be assigned to a specific purpose (if that is the intent…
A: The gap between assets as well as liabilities throughout the government expenditures balance sheet…
Q: What costs necessitate the reporting of an expenditure by a governmental fund?
A: In a government fund, expenditures are recognised in the accounting period in which goods and…
Q: Under what condition is the modified approach applied by a state or local government?
A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…
Q: Can you explain and give examples of the key state assets that fall in the federal government…
A: Answer:- Stewardship of state resources meaning:- The term "stewardship of state resources" refers…
Q: Revenue from property taxes should be recorded in the General Fund: O When received. O When there is…
A: The revenues earned by the government or state from the taxes, fees, interest etc. are recorded in…
Q: Preparation of government-wide statement of activities
A: Here wehave to understand that the property tax and sales tax is the general government revenue…
Q: The receipt of an allotment is recorded by a government entity in the? RAOD ORS…
A: Answer- RAPAL stands for Registry of appropriations and allotment is used for Used to control and…
Q: What is the federal counterpart of the state and local government "encumbrance"? Select one: a.…
A: Encumbrances represent amounts a government has committed to pay for goods or services that were not…
Q: 3. Define Government Grants?
A: Grant means monetary assistance provided to the business organisation. When this assistance is…
Q: Which of the following is true regarding government grant related to asset? * a. Depreciation is…
A: Government Grant is the amount of money received as donation from government for the purpose of…
Q: For governmental funds, what measuring emphasis is utilized in the fund financial statements, and…
A: Solution are as follows
Q: What are some major adjustments required when converting from fund financial statements to…
A: major adjustment for converting from fund financial statements to government-wide statements are…
Q: Explain the difference between expenses and expenditures in a state and a local government.
A: Given: The difference between the state and local government’s expenses and expenditures are given.…
Q: State whether each of the following items should be classified as taxes, licences and permits,…
A: Sales and use taxes levied by the government should be classified as taxes. Payments by citizens for…
Q: give the definition, recognition, measurement and derecognition of "government grant"
A: International Financial Reporting Standards, generally called IFRS, are the accounting standards…
Q: Which of the following accounts of a governmental unit is debited when a purchase order is…
A: Given: The account of the governmental unit that is to be debited on the approval of purchase order.…
Q: How is depreciation handled in the federal government’s General Fund? How does it differ from how…
A: Depreciation: Generally speaking, the word "depreciation" refers to an accounting process that is…
Q: What is the general rule for recognizing property taxes as revenues? How would property taxes be…
A: According to the definition of Property Tax Money, it is the amount of revenue earned by the…
Q: Government grants are recognized only when there is reasonable assurance that the entity will comply…
A: Government Grants Government grants which are provided by the government to the needy entity. There…
Q: What are government expenditures
A: Government Expenditure multiplier factor is that the magnitude relation of the change in financial…
Q: lain briefly why Government funds or property shall be spent or used solely for public purposes.
A: A government fund is a grouping used in accounting for tax-supported operations undertaken by the…
Q: How does the topic of accounting for government grants relate to the topic of accounting for…
A: Government Grants for biological asset is covered under IAS 41 Agriculture standard
Q: Why does a government determine the net expenses or revenues for each of the functions within its…
A: Revenue: Revenue refers to the income received from the business activity or sale of the output,…
Q: An inter-fund transfer out should be reported in a governmental fund operating statement as a (an)
A: Inter fund transfer is the transfer included as an accounting transaction which shows transfer of…
rite the definition, recognition, measurement and derecognition of GOVERNMENT GRANT.
Step by step
Solved in 2 steps
- Government grants are recognized only when there is reasonable assurance that the entity will comply with the conditions attaching to them the grants are received the grants will be received a and b a and cExplain briefly why Government funds or property shall be spent or used solely for public purposes.This topic is about government grants. Choose the letter of correct answer.
- Mulitple choice question What is the federal counterpart of the state and local government "encumbrance"? Select one: a. Obligation b. Outlay c. Allotment d. ApportionmentHow does the topic of accounting for government grants relate to the topic of accounting for biological assets?A gift to a government company is recorded to Select one: a Permanent fund b. Special revenue fund c. General fund d. Debt service fund
- How would an entity report in its Statement of Activities restricted grants and contributions that qualify as program revenues but that may be used for either operating or capital purposes at the recipient’s discretion?Which of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. EncumbrancesWhich of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contribution