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 4, Problem 10Q
To determine
Indicate the four classes of non-exchange transactions as defined by GASB (Government Accounting Standards Board), and discuss the rules applicable to each class to recognize revenue and expenditure or expense.
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Describe conditions for revenue recognition under ASPE and IFRS.
describe general principles of revenue recognition and accrual accounting, specifi c revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for fi nancial analysis
Discuss the importance of the matching principle in determining the timing and recognition of revenues and expenses.
Chapter 4 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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- The primary objective of the matching principle is toa. Provide full disclosureb. Record expenses in the period that related revenues are recognizedc. Provide timely information to decision makersd. Promote comparability between financial statements of different periodsarrow_forwardIdentify the five steps in the revenue recognition process.arrow_forwardDescribe the Fundamental Issues Related to Recognizing Revenue.arrow_forward
- Outline revenue recognition criteria under modified accrual accountingarrow_forwardBriefly describe the differences between the FASB and GASB approaches to recognition of contribution revenue.arrow_forwardDiscuss the concept of matching principle and its significance in determining the timing of revenue and expense recognition.arrow_forward
- State and briefly explain any three distinguishing features between (i) a receipts and payments account and (ii) an income and expenditure accountarrow_forwardAccess the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items: Circumstances indicating when theinstallment method or cost recovery method is appropriate for revenue recognition.arrow_forwardThe __________ requires that expenses be matched up with revenue for the same period of time. a. matching principle b. expense principle c. revenue recognition principle d. separate entity conceptarrow_forward
- Which of the following best represents the matching principle criteria? A. Expenses are reported in the period in which they were incurred. B. Expenses may be reported in a different period than the matching revenues. C. Revenue and expenses are matched based on when expenses are paid. D. Revenue is recognized when an order occurs and not when the actual sale is initiated.arrow_forwardExplain when revenue may be recognized and give an example.arrow_forwardRevenue is recognized based on a five-step process that is applied to a company's revenue arrangements. INSTRUCTIONS: d. How does the five-step process reflect application of the definitions of assets and liabilities?arrow_forward
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