Revenue Accounting: Governmental Funds. Chapter 5. Learning Objectives. Determine when to recognize and report various revenues Identify categories of nonexchange revenues and when to recognize assets and revenues
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Comparison of accrual and modified accrual
Amount due from each taxpayer is determined by multiplying rate times assessed value of property
Shared revenues – varies in amount in each period (depending on collections) and allocated based on some formula or underlying transactionEntitlements & Shared Revenues
Important effect is not in the General Ledger but in the Subsidiary Ledger – need General Ledger entry for audit trail purposes.
3 step process
Correct entry is fairly straight-forward