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

Hi Lakshmi

I am using Becker 08.They have a paskey for when govt should recognize revenue.It says Reciveid =(Revenue) for Imposed taxes ie Income tax/ Sales Tax .The answer has to be (d)

What do you mean when exchange occurs these are all non-exchange govt transactions .Thats a mislead.I would go with (d).

My exam is on 27th,one more week before I take the bull or the bull takes me.LOL



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CantWait2pass
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Posted: 15 Aug 2008 at 21:52 | IP Logged  

b. revenue is recognized when MEASURABLE and AVAILABLE

im pretty sure, using Becker 08

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Xalina
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Posted: 19 Sep 2009 at 16:25 | IP Logged  

I though the B is talking about the information being available not the actual funds being available. The funds are considered available if they are collectible within the next 60 days.

Besides the question is talking about Govt wide financial statements ( Full Accrual) so I think C is the correct answer.


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Debin
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Posted: 20 Sep 2009 at 04:13 | IP Logged  

I am using Becker 06 textbook, and working on MC bank on 09 edition, the textbook/becker 06 clearly indicated  Revenues r recognized when measurable and available. (On page: F8-18)

Therefore, Gleim's solution is abosolutely right.

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bryris
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Posted: 20 Sep 2009 at 09:19 | IP Logged  

randeep wrote:

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.



Imposed are NOT revenue when billed. Imposed taxes become revenue for the period in which they are levied. In fact, such revenues are typically billed in advance of the particular tax year.

The answer on the other is B. Sales taxes are theoretically revenue immediately after the exchange. However, practically, there is no way for a government to have the information (measurable). Therefore, when the govt is notified of the amount via a sale tax return, it is recorded as revenue.


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