(Answered) Modified accrual accounting and general fund itemscomplete

Accounting

Modified Accrual Accounting and General Fund Items

Complete the following questions based on the Chapter 4 material:

• Outline revenue recognition criteria under modified accrual accounting. Include specific requirements for property tax revenue.

• Outline expenditure recognition criteria under modified accrual accounting. Include the general case, recognition of debt service expenditures, and recognition of expenditures for item such as compensated absences.

Additionally, distinguish between the (1) GAAP basis and (2) budgetary basis of reporting for the General Fund.

Do not forget to show all necessary steps and explain how you attained the outcome.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92089200
Price:- $30

Verified Expert

Priced at $60 Now at $30, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - flounder company at december 31 2017 the end of

Question - Flounder Company at December 31, 2017, the end of its first year of operations. Sales revenue $282,670 Cost of goods sold 147,300 Selling and administrative expenses 49,900 Gain on sale of plant assets 28,660 ...

Question - carpenter inc had a balance of 80000 in its

Question - Carpenter Inc. had a balance of $80,000 in its quality-assurance warranty liability account as of December 31, 2015. In 2016, Carpenter's warranty expenditures were $445,000. Its warranty expense is calculated ...

Question using the financial statements distributed in

Question: Using the Financial Statements distributed in Class and attached to this file folder, please complete a Statement of Cash Flow and a Free Cash Flow Analysis for 2017. Also, prepare an Additional Funds Needed (C ...

Question - the following items were taken from the

Question - The following items were taken from the financial statements of P. Sheridan Company (all amounts are in thousands) Long-term debit $1,100 Accumulated-depreciation equipment $15,300 Prepaid Insurance 990 Accoun ...

Assessment - research report and presentationpurpose of the

Assessment - Research Report and Presentation Purpose of the assessment (with ULO Mapping) This assignment assesses the Unit Learning Outcome ‘b-d'and ‘g'; students should be able to demonstrate their achievements in the ...

Question - what is the effect on total assets liabilities

Question - What is the effect on total assets, liabilities, and equity of a partnership when a partner is admitted by purchasing an existing partner's interest? Why? What is the effect on the existing partners' capital a ...

Discussion accounts receivablesfinancial accountingaccounts

Discussion: "Accounts Receivables" Financial Accounting Accounts Receivables • What is the importance of the turnover of Accounts Receivables? • Why is it is essential for organizations to keep cash reserves on hands? • ...

Question the turkish and japanese economies face different

Question: The Turkish and Japanese economies face different challenges over the next decade. The assignment requires you to choose one of the countries and identify the key risks in terms of the economic, financial, poli ...

Question - a company is considering two mutually exclusive

Question - A company is considering two mutually exclusive projects, A and B. Project A requires an initial investment of $100, followed by cash flows of $95, $20, and $5. Project B requires an initial investment of $100 ...

Question - aqua corporation is a retail operation

Question - Aqua Corporation is a retail operation specializing in pool equipment and outdoor furniture. It is very interested in merging with Icterine Corporation, a lamp manufacturer; Aqua is very profitable and Icterin ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert