39. The receipt of which of the following may not give rise to the revenue by a government entity? Notice of Cash Allocation Tax Remittance Advice Subsidy from another Government entity Inter-agency fund transfer

Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?

Discuss the differences between governmental statements of cash flows prepared for proprietary funds and cash flow statements prepared by nonprofit entities.

custodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.

Summary objectives under new government accounting system

Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year is

Which of the following government-wide accounts reflects amounts owed between governmental activities and business-type activities? Transfers OOPEB liability None of these Internal balance Interfund

Governments often provide goods and services to citizens or other governmental units at a fee.  These activities are accounted for in:   a. the general fund   b. governmental funds   c. proprietary funds   d. special revenue funds

Grant money received from another level of government represents which of the following classes of non-exchange transactions for governmental funds? O A) Government-mandated non-exchange transactions. B) Derived tax revenues. Imposed non-exchange revenues. D) Voluntary non-exchange transactions.

What 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?