FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1.Classifications of government grants.
Explain each classifications.
2.Commence of capitalization
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- When an asset acquired through government grants is recorded using the capital approach, Select one: a. assets and liabilities increase by the cost of the asset. b, assets and equity increase by the fair value of the asset. C. assets and equity increase by the cost of the asset. d. assets and liabilities increase by the fair value of the asset.arrow_forwardIn which of the following circumstances would the property be deemed to have been disposed of? a. Property sold to a third party. b. Property gifted to another person or charity. c. Property expropriated by a government agency. d. Property redeemed by the issuer, such as bonds or shares.arrow_forwardAmount at which to record donated property? Which funds would record things such as long-term assets, long-term liabilities, encumbrance, etc?arrow_forward
- Explain deferred tax assets.arrow_forwardHow is depreciation handled in the federal government’s General Fund? How does it differ from how depreciation is handled in the General Fund of a state or local government?arrow_forwardWhat is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?arrow_forward
- Sales and exchanges of personal use and investment use property are generally reported first on form 8949 sales and other dispositions capital assets the total reported on form 8949 are they carry to which form or schedule?arrow_forwardWhat would be the appropriate account title for funds collected by a sales tax custodial fund? A. Sales tax revenue B. Other financing sources C. Additions-tax collections for other governments D. Sales taxes receivablearrow_forwardWhat are types of activities are reported in Custodial Funds?arrow_forward
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