FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

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. 

Expert Solution
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The GASB defines extraordinary and special items as those of FASB that is unusual and infrequent but  it also specifies an additional category-special items. Special items are those that are unusual and infrequent and  and are within the control of management.

 The FASB also defines the extraordinary and special items as those that are unusual and infrequent.

 

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