Paul City Received Payment of Two Grants from the State

question 48

Short Answer

Paul City received payment of two grants from the state during its fiscal year ending September 30, 2013.Grant A can be used to cover any operating expenses incurred during fiscal 2014.Grant B can be used at any time to acquire equipment for the city's fire department.Should the city report these grants as grant revenues or deferred inflows in its government-wide financial statements for fiscal 2013?

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Prospectus

An official document issued by companies that are offering securities for sale to the public, detailing the investment’s objectives, risks, and financial statements.

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Financial instruments that represent an ownership position, a creditor relationship, or rights to ownership, such as stocks, bonds, and options.

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