When Would a Special Revenue Fund Be Deemed to Have

question 45

Multiple Choice

When would a special revenue fund be deemed to have satisfied the eligibility requirement of a reimbursement-type federal grant,under GASB Statement 33?

• A) Only as work is completed for a project.
• B) When a plan for use of the funds has been developed and approved.
• C) Only after work is completely finished for the project.
• D) When work has started for the project.

Understand the treatment of income taxes in interim reporting, including changes in tax rates.

Recognize the importance of disclosing significant changes, such as changes in accounting principle or estimates, in interim reports.

Learn the criteria for reportability of operating segments under the revenue, profit or loss, and asset tests.

Understand how inventory and long-term contract losses are treated in interim financial reports.

---

Definitions:

Earlier Times

Refers to historical periods or moments before the present era, highlighting past societies, cultures, or contexts.

Gender Differences

Variations in characteristics, behaviors, and roles typically associated with being male or female in a society.

Interaction

The reciprocal action or influence between entities, leading to communication or behavioral responses.

Functionalist Perspective

A framework in sociology and anthropology that interprets society as a structure with interrelated parts designed to meet the biological and social needs of the individuals in that society.