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Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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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.
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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.
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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
Which of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing?
Select one:
a.
Excess contributions refundable/payable
b.
Employee contributions receivable
c.
Adjustment from fair value to contract value
d.
Adjustment from contract value to fair value
Chapter 12 Solutions
Loose-leaf For 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)...
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- Discuss 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_forwardWhich of the following is the least acceptable measurement for a provision? a. average of a given range of values b. weighted probability of outcomes c. best reasonable estimate from an expert d. actual settlement amount known after release of financial statementsarrow_forwardUnder PFRS 15, what is the measurement basis of revenue from contracts with customers? Select the correct letter: A. Revocable amount of the consideration received or receivable B. Book value of the consideration received or receivable C. Fair value of the consideration received or receivable D. Historical cost of the consideration received or receivablearrow_forward
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