How Does GASB Reporting of Uncollectible Accounts for Governmental Funds

question 86

Essay

How does GASB reporting of uncollectible accounts for governmental funds and proprietary funds differ from the reporting of uncollectible accounts under FASB standards?

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Definitions:

Nonprobate

Refers to assets or property that will pass to survivors by means other than a will, such as through trust or designated beneficiary.

Ambulatory

A term pertaining to the ability of a will to be changed by a testator.

Bequest

The act of giving property or money to someone else after one's death through a will.

Devise

In law, a gift of real property by will.