Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 2, Problem 16.14EP
To determine
Identify the place where deferred inflow of resources should report on the financial statement.
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Advanced collections from customers prior to the performance obligation being satisfied is accounted as what account?
As a deposit reported as an asset on the balance sheet
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What is meant by the term unearned revenue? Where should
an unearned revenue account appear in the financial state-ments? As the work is done, what happens to the balance of
an unearned revenue account?
Choose the correct. Which of the following items must be disclosed in interim reports?a. Total assets.b. Total liabilities.c. Cash flow from operating activities.d. Gross revenues.
Chapter 2 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 3QCh. 2 - Explain the modified accrual basis of accounting....Ch. 2 - Prob. 5QCh. 2 - What is the primary reason government entities use...Ch. 2 - What is meant by the terms deferred outflows of...Ch. 2 - How do expenses and expenditures differ?Ch. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Accounting and Reporting Principles. (LO2-3) The...Ch. 2 - Prob. 12CCh. 2 - Which of the following statements is true...Ch. 2 - Prob. 16.2EPCh. 2 - Prob. 16.3EPCh. 2 - The measurement focus and basis of accounting that...Ch. 2 - Which of the following amounts that are identified...Ch. 2 - Prob. 16.6EPCh. 2 - Prob. 16.7EPCh. 2 - Under the modified accrual basis of accounting a....Ch. 2 - Prob. 16.9EPCh. 2 - A certain city reports the following year-end...Ch. 2 - Prob. 16.11EPCh. 2 - Prob. 16.12EPCh. 2 - Prob. 16.13EPCh. 2 - Prob. 16.14EPCh. 2 - Which of the following fund(s) will generally be...Ch. 2 - Prob. 17EPCh. 2 - Prob. 18EPCh. 2 - Matching Funds with Transactions. (LO2-3) Choose...Ch. 2 - Fund Balance Classifications. (LO2-3) Section A...Ch. 2 - Prob. 21EPCh. 2 - Major Funds. (LO2-4) At the end of the fiscal...
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- How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at allarrow_forwardWhich of the following items must be disclosed in interim reports?a. Total assets.b. Total liabilities.c. Cash flow from operating activities.d. Gross revenues.arrow_forwardA financial plan which serves as a framework of accounts A. Appropriation act B. Budget C. Obligational authority D. Allotment request E. Cash disbursement ceilingarrow_forward
- A contingency that need not be disclosed in the financial statements or in the notes thereto is: a. pending litigation. b. possibility of strike. c. deficiency tax assessment. d. note receivable discounted.arrow_forwardHow should correction of errors be reported in the financialstatements?arrow_forwardHow does accrued but uncollected revenue affect the balance sheet?arrow_forward
- Which of the following statements about IFRS and GAAP accounting and reporting requirements for the balance sheet is not correct? a. Both IFRS and GAAP distinguish between current and non-current assets and liabilities. b. The presentation formats required by IFRS and GAAP for the balance sheet are similar. c. Both IFRS and GAAP require that comparative information be reported.arrow_forwardTheseransactions which are related to revenue or expense recognition, identify whether they are are accrual, deferral, or neither.arrow_forwardUnder the U.S. GAAP, which of the following is not an approach used to determine when to report an expense? A. match with revenues B. when incurred C. systematic allocation D. net realizable valuearrow_forward
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