Expendability of resources: The major difference between commercial and governmental accounting is, in commercial enterprises, the measurement focus is on the flow of all economic resources of the firm, where as in governmental entities focus will be on expendability of resources, this measurement focus concentrates on flow of current financial resources and their proper expendability for designated purpose. The modified accrual basis is used to recognize revenue and expenses. To explain :which basis of accounting is used for funds for which expendability is concern.

Question

Want to see the full answer?

Answer 1

Question

Chapter 17, Problem 17.4Q

To determine

Expendability of resources: The major difference between commercial and governmental accounting is, in commercial enterprises, the measurement focus is on the flow of all economic resources of the firm, where as in governmental entities focus will be on expendability of resources, this measurement focus concentrates on flow of current financial resources and their proper expendability for designated purpose. The modified accrual basis is used to recognize revenue and expenses.

To explain:which basis of accounting is used for funds for which expendability is concern.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Can you help me solve this general accounting question using valid accounting techniques?

Merchandise is soldon account to a customer for $82,500, terms GEB shipping point, 3/10, n/30. The seller paid the freight of $6,300. Determine the amount of the sale.

Can you guide me through solving this financial accounting problem using proper techniques?

Answer 2

Question

Chapter 17, Problem 17.4Q

To determine

Expendability of resources: The major difference between commercial and governmental accounting is, in commercial enterprises, the measurement focus is on the flow of all economic resources of the firm, where as in governmental entities focus will be on expendability of resources, this measurement focus concentrates on flow of current financial resources and their proper expendability for designated purpose. The modified accrual basis is used to recognize revenue and expenses.

To explain:which basis of accounting is used for funds for which expendability is concern.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 17, Problem 17.4Q

To determine

Expendability of resources: The major difference between commercial and governmental accounting is, in commercial enterprises, the measurement focus is on the flow of all economic resources of the firm, where as in governmental entities focus will be on expendability of resources, this measurement focus concentrates on flow of current financial resources and their proper expendability for designated purpose. The modified accrual basis is used to recognize revenue and expenses.

To explain:which basis of accounting is used for funds for which expendability is concern.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 17, Problem 17.4Q

To determine

Expendability of resources: The major difference between commercial and governmental accounting is, in commercial enterprises, the measurement focus is on the flow of all economic resources of the firm, where as in governmental entities focus will be on expendability of resources, this measurement focus concentrates on flow of current financial resources and their proper expendability for designated purpose. The modified accrual basis is used to recognize revenue and expenses.

To explain:which basis of accounting is used for funds for which expendability is concern.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 17, Problem 17.4Q

To determine

Expendability of resources: The major difference between commercial and governmental accounting is, in commercial enterprises, the measurement focus is on the flow of all economic resources of the firm, where as in governmental entities focus will be on expendability of resources, this measurement focus concentrates on flow of current financial resources and their proper expendability for designated purpose. The modified accrual basis is used to recognize revenue and expenses.

To explain:which basis of accounting is used for funds for which expendability is concern.

Answer 6

Chapter 17, Problem 17.4Q

To determine

Expendability of resources: The major difference between commercial and governmental accounting is, in commercial enterprises, the measurement focus is on the flow of all economic resources of the firm, where as in governmental entities focus will be on expendability of resources, this measurement focus concentrates on flow of current financial resources and their proper expendability for designated purpose. The modified accrual basis is used to recognize revenue and expenses.

To explain:which basis of accounting is used for funds for which expendability is concern.

Answer 7

Chapter 17, Problem 17.4Q

To determine

Expendability of resources: The major difference between commercial and governmental accounting is, in commercial enterprises, the measurement focus is on the flow of all economic resources of the firm, where as in governmental entities focus will be on expendability of resources, this measurement focus concentrates on flow of current financial resources and their proper expendability for designated purpose. The modified accrual basis is used to recognize revenue and expenses.

To explain:which basis of accounting is used for funds for which expendability is concern.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 17 - Prob. 17.1Q Ch. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4Q Ch. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6Q Ch. 17 - Prob. 17.7Q Ch. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Solution Summary: The author explains the difference between commercial and governmental accounting. The modified accrual basis is used to recognize revenue and expenses.

Want to see the full answer?

Chapter 17 Solutions