Explain the Difference Between Operating Revenues/expenses and Nonoperating Revenues/expenses

question 38

Essay

Explain the difference between operating revenues/expenses and nonoperating revenues/expenses. Why does the GASB require that operating revenues/expenses be reported separately on proprietary statements of revenues, expenses, and changes in fund net position?

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Definitions:

Public Defender

An attorney appointed by the court to represent defendants who cannot afford to hire private counsel, typically in criminal cases.

Right To Counsel

The guaranteed legal right of a defendant in criminal proceedings to have the assistance of a lawyer, and if they cannot afford one, to have one provided at public expense.

Court Appoints

Refers to the action when a court designates an individual, such as a guardian, attorney, or public official, to perform a specific role within a legal process.

Court-appointed

Refers to individuals or entities, such as attorneys or guardians, designated by a judge or court to perform a certain role or represent someone in a legal matter.