1. How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements.    2. Distinuish among appropriations, expenditures, encumbrances, and expenses.

Q: Which of the following funds does not get consolidated into the Governmental Activities section of…

A: Introduction: Taxes, intergovernmental income, and other nonexchangeable earnings are used to fund…

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: Use the following information to determine whether the Development Special Revenue and the Debt…

A: According to the GASB, a fund should be considered major if it meets any one of the following:The…

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: Mulitple choice question In the federal government, which organizations make appropriations and…

A: 1) Appropriation : it means setting up of money for specific purpose. For example Amount…

Q: Multiple choice:  The accrual basis of accounting is used to account for revenues and expenditures…

A: Following is the answer to the given question

Q: The permanent fund is one of the several types of governmental funds. a. True b. False

A: Governmental funds : In fund accounting system, the government funds are categorized into three…

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: 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: 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: Which of the following is true regarding government-wide financial statements? a. All capital…

A: The GASS is the board that provides the guideline to the governmental units about proper accounting…

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: Briefly describe the service type activities that most general purpose governments perform?

A: Governmental accounting standard board is established in United States, used by the state and local…

Q: The billings for transportation services provided to other governmental units are recorded by the…

A: Internal service funds play a crucial role in governmental accounting by documenting operations that…

Q: Which fund category uses modified accrual basis of accounting? What are the recognition rules of…

A: The government uses a different way to report their financial statements than the private sector…

Q: 18 The receipt of equipment that had previously been ordered should be recorded in the General Fund…

A: The actual receipt of equipment which had been previously recorded in an General fund As per GASB…

Q: What is the primary difference between revenue grants and capital grants in accounting for…

A: A revenue grant is typically given to an organization to support its operating costs, and when the…

Q: rite the definition, recognition, measurement and derecognition of  GOVERNMENT GRANT.

A: Government grant:  It is the sum of the grant given to the business by the government that a…

Q: Which of the following adjustments would likely be made when moving from governmental funds…

A: Government wide financial statement shows transactions for government based business. They measure…

Q: What are current IFRS standards for accounting for government grants?

A: The objective of this question is to understand the current International Financial Reporting…

Q: There will be certain key modifications needed when going from fund-to-government-wide accounting.…

A: When we talk about "government accounting," we're talking about how the government's financial…

Q: Explain t

A: Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting…

Q: For governmental funds, what measuring emphasis is utilized in the fund financial statements, and…

A: Solution are as follows

Q: services only to other departments or agencies of the government on a cost-reimbursement basis?…

A: Meaning of Inter Departmental Transactions Interdepartmental transactions are those transactions…

Q: d inflows of resources-unavailable revenu

A: Deferred Inflows of Resources - Unavailable Revenues are reported in a government general fund…

Q: Explain the modified accrual basis of accounting. Why is it used for governmental fund financial…

A: Modified accrual basis of accounting is a method of accounting where the revenues are recorded when…

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: 8) Governmental fund financial statements are prepared on the ________ basis of accounting.…

A: Modified Accrual Accounting is alternative method of book keeping. This method combines accrual…

Q: custodial fund assets and liabilities are to be recognized: When the earnings process is complete…

A: Custodial funds are used to account for resources held by a government unit in a trustee or…

Q: Which of the following is an expense recognition criterion for recording a government transfer…

A: Section  PS 3410 government transfers: This section gives the provisions for the recognition,…

Q: All of the following about Appropriations are :true except one .a An authorization for spending .b…

A: Appropriation means setting aside company's fund for a specific purpose for utilisation in near…

Q: give the definition, recognition, measurement and derecognition of "government grant"

A: International Financial Reporting Standards, generally called IFRS, are the accounting standards…

Q: Fiduciary Funds includes: O a. Agency Fund b. Special Revenue Fund c. Debt Service Fund d. Internal…

A: Fiduciary funds are those funds which state and local government carry out for the benefit of other…

Q: State the kinds of note disclosures that need to be made to help users understand the nature of…

A: Question is answered based on Government Accounting. A general fund is a primary fund used by a…

Q: Which of the following government-wide accounts reflects amounts owed between governmental…

A: The internal balances account will be reported as an asset in the government wide financial…

Q: Governments often provide goods and services to citizens or other governmental units at a fee.…

A: The list of funds are enumerated to aid the people and other organisations which are facing scarcity…

Q: Which of the following would not be reported as required supplementary information? A.) Budget B.)…

A: The information provided in addition to the financial statements is known as supplementary…

Q: What are current IFRS standards for accounting for government grants?

A: The objective of this question is to understand the current International Financial Reporting…

Q: Explain what the following three items are as they apply to Government Accounting. Explain how they…

A: Government accounting refers to the specific branch of accounting that deals with the financial…