ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 2, Problem 16.14EP
To determine
Identify the place where deferred inflow of resources should report on the financial statement.
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Chapter 2 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 3QCh. 2 - Explain the modified accrual basis of accounting....Ch. 2 - Prob. 5QCh. 2 - What is the primary reason government entities use...Ch. 2 - What is meant by the terms deferred outflows of...Ch. 2 - How do expenses and expenditures differ?Ch. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Accounting and Reporting Principles. (LO2-3) The...Ch. 2 - Prob. 12CCh. 2 - Which of the following statements is true...Ch. 2 - Prob. 16.2EPCh. 2 - Prob. 16.3EPCh. 2 - The measurement focus and basis of accounting that...Ch. 2 - Which of the following amounts that are identified...Ch. 2 - Prob. 16.6EPCh. 2 - Prob. 16.7EPCh. 2 - Under the modified accrual basis of accounting a....Ch. 2 - Prob. 16.9EPCh. 2 - A certain city reports the following year-end...Ch. 2 - Prob. 16.11EPCh. 2 - Prob. 16.12EPCh. 2 - Prob. 16.13EPCh. 2 - Prob. 16.14EPCh. 2 - Which of the following fund(s) will generally be...Ch. 2 - Prob. 17EPCh. 2 - Prob. 18EPCh. 2 - Matching Funds with Transactions. (LO2-3) Choose...Ch. 2 - Fund Balance Classifications. (LO2-3) Section A...Ch. 2 - Prob. 21EPCh. 2 - Major Funds. (LO2-4) At the end of the fiscal...
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- How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at allarrow_forwardWhich of the following is not an accepted basis for recognition of revenue?A. Passage of timeB. Completion of percentage of a projectC. Performance of serviceD. Upon signing of contractarrow_forwardLiabilities which are estimated and payable are; Select one: O a. Not reported on the balance sheet O b. Disclosed in the notes to the balance sheet O c. Estimated and reported on the balance sheet O d. Estimated and reported on the income statementarrow_forward
- The primary objective of expense recognition is toa. Provide full disclosure.b. Record expenses in the period that related revenues are recognized.c. Provide timely information to decision makers.d. Promote comparability between financial statements of different periods.arrow_forwardcorrections of errors that occurred on a previous period’s financial statements are called?arrow_forwardHow should correction of errors be reported in the financialstatements?arrow_forward
- How does accrued but uncollected revenue affect the balance sheet?arrow_forwardWhich one of the following best describes the allowance for doubtful accounts? a.Statement of earnings account b.Liability account c.Contra account d.Cash flow accountarrow_forwardUnder the U.S. GAAP, which of the following is not an approach used to determine when to report an expense? A. match with revenues B. when incurred C. systematic allocation D. net realizable valuearrow_forward
- Under the modified accrual basis of accounting, expenditures generally are not recognized until: O a. They are paid in cash. O b. An obligation is incurred that will be paid from currently available financial resources. O c. Goods or services are ordered. O d. They are approved by the legislative body.arrow_forward(a)Explain, using practical example the effect of accruals figures on the preparation of a financial statement. (b)Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of accounts receivable ledger balances. (c)Explain, using practical example how Capital expenditure should be capitalizedarrow_forwardExplainarrow_forward
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