Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 5Q
Modified accrual basis revenue recognition is often referred to as “near cash basis” revenue recognition. Explain why this statement probably is made. Do you agree? Explain.
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What is the revenue recognition principle?
Which of the following concept is also called as Revenue Recognition Concept?
O a. Accrual concept
Ob. Realization concept
Oc Matching concept
Od. Disclosure concept
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Chapter 5 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - The term deferred revenues seems out of place in...Ch. 5 - Governments often collect cash or must record...Ch. 5 - Modified accrual basis revenue recognition is...Ch. 5 - (a) Should estimated uncollectible amounts of...Ch. 5 - (a) What are expenditure-driven intergovernmental...Ch. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - During the course of your audit of a city, you...
Ch. 5 - Prob. 11QCh. 5 - Prob. 1.1ECh. 5 - Prob. 1.2ECh. 5 - Prob. 1.3ECh. 5 - Prob. 1.4ECh. 5 - What would the answer be to number 4 if the city...Ch. 5 - A county received 3,000,000 from the state. Of...Ch. 5 - A Special Revenue Fund expenditure of 40,000 was...Ch. 5 - A state received an unrestricted gift of 80,000 of...Ch. 5 - Prob. 1.9ECh. 5 - Prob. 1.10ECh. 5 - Prob. 2.1ECh. 5 - Prob. 2.2ECh. 5 - Prob. 2.3ECh. 5 - Prob. 2.4ECh. 5 - Prob. 2.5ECh. 5 - Prob. 2.6ECh. 5 - Prob. 2.7ECh. 5 - Prob. 2.8ECh. 5 - Prob. 2.9ECh. 5 - Prob. 2.10ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - a. Prepare the general journal entries to record...Ch. 5 - Prob. 6ECh. 5 - Prepare general journal entries to record the...Ch. 5 - Prob. 8ECh. 5 - The City and County of PreVatte received a state...Ch. 5 - Make all required General Fund journal entries for...Ch. 5 - The city of Asher had the following transactions,...Ch. 5 - 1. The following are the estimated revenues for a...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 1CCh. 5 - Prob. 2C
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- Give an example and explanation for each of the following differences between when revenues are recognized and cash flows are received: recognition simultaneous with receipt; recognition prior to receipt; and recognition after receipt.arrow_forwardExplain when revenue may be recognized and give an example.arrow_forwardWhat is the authoritative literature addressing revenue recognition when right of return exists?arrow_forward
- The revenue recognition principle states that revenue is recognized when:arrow_forwardDefine Core Revenue Recognition Principle.arrow_forwardDiscuss the realization principle and how it is applied in the recognition of revenue. Does the receipt of cash for custom-ers necessarily coincide with the recognition of revenue? Explain.arrow_forward
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