Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 12, Problem 16.12EP
Which of the following is not one of the general criteria for an allowable cost?
- a. The cost must be adequately documented.
- b. The cost must be approved by an external or federal auditor.
- c. The cost must be accorded consistent treatment.
- d. The cost must be necessary and reasonable for the performance of the federal award.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
When it is probable that total contract costs will exceed total contract revenue, how shall it be accounted for?
Group of answer choices
The expected loss shall be recognized as an expense immediately only when the outcome of a construction contract cannot be estimated reliably.
The expected loss shall be recognized as an expense immediately regardless of the certainty or uncertainty of the outcome of a construction contract.
The expected loss shall be accounted for based on company’s policy.
The expected loss shall be recognized as an expense by reference to the state of completion of the contract activity at the end of the reporting period when the outcome of a construction contract cannot be estimated reliably.
PreviousNext
Which statement is incorrect in the measurement of a provision? *a. The risks and uncertainties that inevitably surround many events and circumstances shall be taken into account in reaching the best estimate of a provisionb. Where the effect of the time value of money is material, the amount of a provision shall be the present value of the expenditure expected to settle the obligationc. Future events that may affect the amount required to settle the obligation shall be reflected in the amount of the provision where there is sufficient objective evidence that the future events will occurd. Gains from expected disposal of assets shall be taken into account in measuring a provision
What does the FASB do in order to assess possible benefits and costs of a proposed revision of an accountingstandard?
Chapter 12 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 12 - Are governments and not-for-profit organizations...Ch. 12 - What is the difference between two types of...Ch. 12 - Prob. 3QCh. 12 - Robert Bland suggested that tensions may exist...Ch. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - What are the three broad categories of service...Ch. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 14CCh. 12 - Budgets of government entities a. Are integrated...Ch. 12 - Which of the following statements regarding...Ch. 12 - Which of the following steps would not usually be...Ch. 12 - The budgeting principle in generally accepted...Ch. 12 - Prob. 16.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 16.8EPCh. 12 - Prob. 16.9EPCh. 12 - Prob. 16.10EPCh. 12 - Prob. 16.11EPCh. 12 - Which of the following is not one of the general...Ch. 12 - Prob. 16.13EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - The City of Manhattan, Kansas, prepares an annual...Ch. 12 - The City of Ashcroft has produced a Service...Ch. 12 - Prob. 20EPCh. 12 - Prob. 21EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- which of the following documents issued by bir commissioner must be duly protested by the taxpayer to prevent the finality of assessment? a. Final assessment notice with formal letter of demand b. Preliminary assessmenr notice c. Neither a & b d Both a and barrow_forwardHow does a company determine if it should use an ABO, PBO, or VBO calculation? Is the determination made or impacted by legal requirements of the federal or state government?arrow_forwardExplain why administrative and compliance costs of taxation is important regardingtaxation?arrow_forward
- Identify and cite the relevant topics, subtopics from the FASB Accounting Standards Codification regarding Goodwill impairment. Beyond the assessment of qualitative factors, what other evidence should be considered for the purpose of goodwill analysis? (Speak to any other evidence that points to goodwill/impairment & its analysis – Other than qualitative/quantitative factors) Please cite the appropriate FASB ASC topicsarrow_forwardDiscuss and outline the requirements for "revenue recognition principles". What do you think the standard is designed to achieve? In your opinion is there any gap that the standard setter has not fully addressedarrow_forwardIFRS 13 was issued to provide guidance on measuring items at a fair value rather than historic cost. Discuss what is meant by the measurement of fair value and discuss some of the advantages and limitations of implementing the standard.arrow_forward
- Under PFRS 15, in which of the following instances will the revenue from contracts with customers be recognized at a point in time instead of over time? Group of answer choices When the entity’s performance creates or enhances an asset that the customer controls as the asset is created. When the customer simultaneously receives and consumes all of the benefits provided by the entity as the entity performs. When the entity has transferred physical possession and legal title to the asset to the customer When the entity’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.arrow_forwardWhich one of the following situation where a performance obligation is satisfied over time ? a- The entity's performance creates an asset that the customer controls as it is created b- The customer does not receive or consume the benefits provided by the entity's performance until the obligation is completely satisfied c- The entity does not have an enforceable right to payment for the performance that has been completed to date d- The entity's performance creates an asset which has an alternative use to the entityarrow_forwardThe objective of the HRA is to______ a. provide a determination of asset control as to whether human assets are conserved, developed or depreciated b. aid in the development of management principles by classifying the assets and liabilities of the organization for tax purpose c. None of the given options are correct d. Both the given options are correctarrow_forward
- The issues that the FASB and IASB must address in developing a conceptual framework include all of the following except: a. should the characteristic of relevance be traded-off in favor of information that is verifiable? b. should a single measurement method such as historical cost be used? c. what are the key elements of asset and liability definitions? d. should the role of financial reporting focus solely on internal decision-making?arrow_forwardExplain the difference between substantive and procedural due process.arrow_forwardWhen percentage-of-completion accounting is not appropriate, U.S. GAAP requires the use of the completedcontract method, while IFRS requires the use of the cost recovery method. Explain how the two methods affectrecognition of revenue, cost of construction, and gross profit over the life of a profitable contract.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
- Business Its Legal Ethical & Global EnvironmentAccountingISBN:9781305224414Author:JENNINGSPublisher:Cengage
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Business Its Legal Ethical & Global Environment
Accounting
ISBN:9781305224414
Author:JENNINGS
Publisher:Cengage
Revenue recognition explained; Author: The Finance Storyteller;https://www.youtube.com/watch?v=816Q6pOaGv4;License: Standard Youtube License