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Subject Topic: Governmental accounting (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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lakshmip
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Posted: 15 Aug 2008 at 13:44 | IP Logged  

Derived tax revenues should be recognised in the government wide financial statement s in the accounting period in which :

A.It is budgeted

B.Information about them becomes available.

c.The exchange occurs

D.It is collected.



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eddie500
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Posted: 15 Aug 2008 at 14:00 | IP Logged  

C, The exchange occurs.    I had to think for a second on this one. Its wierd seeing questions not from my Wiley book, makes me think about all these easy questions that the CPA loves to ask, but you can't really remember the details so well.

I also looked it up in my book to double check, it is when the exchange occrs. It also says if it is before the transaction but the cash is collected it is reported as Deferred Revenue.

BTW. were you thinking of a different answer?



Edited by eddie500 on 15 Aug 2008 at 14:01


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lakshmip
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Posted: 15 Aug 2008 at 14:05 | IP Logged  

yeah I was thinking of C too but Gleim says the answer is B.

Information about them becomes available .

Is there a chance that Gleim might be wrong .

I did the MCQ for some chapters last week and got some questions wrong ......after a week of study when I redo the MCQ still I get some MCQ wrong ....I am like I knew why this one was wrong when I checked the answer last time but how did I do the same mistake again ?

Does this happen to any of you .



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randeep
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Posted: 15 Aug 2008 at 14:58 | IP Logged  

The answer should have been when it is collected .Imposed are taken as revenue when billed and derivied are when they have been recivied/ collected.



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lakshmip
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Posted: 15 Aug 2008 at 15:00 | IP Logged  

does you material say when collected - which material do you use ?

when is your exam Randeep.



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