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.

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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.

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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

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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.

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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.

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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

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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.

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Chapter 17 Solutions