Which of the following would result to an increase or decrease in the revenue reported by a government entity in its statement of financial performance? Impairment loss on amount already recognized as revenue Receipt of a pledge Receipt of donation in the form of service in kind The repayment of loan payable is forgiven

Which of the following would result to an increase or decrease in the revenue reported by a government entity in its statement of financial performance? Impairment loss on amount already recognized as revenue Receipt of a pledge Receipt of donation in the form of service in kind The repayment of loan payable is forgiven

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 1MC: A donated fixed asset (from a governmental unit) for which the fair value has been determined should...

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Revenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.
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Which of the following funds does not get consolidated into the Governmental Activities section of the Statement of Net Position? A. Permanent B. Debt Service C. Internal Service D. Investment Trust
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