The modified accrual foundation of accounting is used by which fund category? Under the modified accrual basis of accounting, what are the revenue and expenditures recognition rules

Q: The modified accrual method of accounting is applied to which of the following funds or asset…

A: The correct answer is: (B) Governmental funds  The modified accrual method of accounting is a…

Q: Which among the following process is related to fund allocation for different activities? a.…

A: The fund is a fiscal and bookkeeping substance with a self-adjusting set of accounts recording cash…

Q: Which of the following uses the flow of current financial resources measurement focus? a. Internal…

A: Current financial resources measurement focus : The name itself specifies that financial statement…

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: accounts o

A: Modified accrual basis of accouting is generally used by the government agency or say government. it…

Q: budgetary

A: Budgetary accounts can be defined as those accounts which are prepared in order to reflect the…

Q: What are some similarities and differences between a General Fund and a Special Revenue Fund?

A: The government collects revenues in the form of taxes and duties and maintains the funds for public…

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: Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c.…

A: Budgetary accounts are those accounts that are used to reflect the operations in budget and budget…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What qualitative and quantitative disclosures arerequired related to revenue recognition?

A: Revenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific…

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: Which one of the following equations will yield the available balance in an expenditure subsidiary…

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

Q: What are the purpose and financial reporting requirements for the General and Special Revenue Funds?…

A: The general fund is the primary operating fund of a government, and it is responsible for anything…

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

A: Solution are as follows

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: Show the treatment of items of Income and Expenditure Account whenthere is a specific fund for those…

A: There are various sources of receipts like donations, subscriptions and government grants. Donations…

Q: In applying the current financial resources measurement focus, when are liabilities recognized in…

A: Introduction Liabilities of Government includes pension payments, salary payments, payments for…

Q: Budget comparison schedules or statements are needed for which funds? Should the budgetary…

A: Here is the answer:

Q: What measurement focus is used in fund financial statements for governmental funds, and what system…

A: The government wide financial statements includes preparation of two statements – statement of net…

Q: What are Revenue Recognition and Matching Principles?

A: Revenue recognition is a Generally Accepted Accounting Principle. It says that organization should…

Q: Does the modified accrual accounting method apply to this kind of fund? What are the requirements…

A: Introduction: Another accounting approach is adjusted gathering bookkeeping, which combines…

Q: for which funds are budgetary comparison schedules or statements required? should the actual…

A: Financial accounting standards board (FASB):This is the organization which creates, develops, and…

Q: Explain the modified accrual foundation for accounting. In the context of governmental funds, why…

A: The modified accrual foundation of accounting is as follows: An accounting method known as the…

Q: Which financial statements are prepared using modified accrual accounting? A) Proprietary fund…

A: Modified accrual accounting is the one where a combination of both cash and accrual basis is being…

Q: Describe the purpose and the financial reporting requirements for the General and Special Revenue…

A: Accounting - In order to make financial data plain and understandable for all stakeholders and…

Q: What are types of activities are reported in Custodial Funds?

A: Custodial funds Custodial funds are classified as fiduciary funds under GASB rules when they are not…

Q: Describe the modified accrual foundation of accounting in further detail. What is the purpose of…

A: The modified accrual accounting model: According to modified accrual accounting, revenues are…