When Converting from Fund Basis Reporting to Government-Wide Reporting,which of the Following

question 12

Multiple Choice

When converting from fund basis reporting to government-wide reporting,which of the following would require an adjustment?

• A) Property taxes expected to be collected 90 days after the end of the fiscal year.
• B) A state grant received as reimbursement for a summer jobs program.
• C) Sales tax collected for sales from the current year.
• D) Receipt of advance funding on a grant.

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Definitions:

Firm Offer

An offer made in writing and giving assurances that it will be irrevocable for not longer than three months despite a lack of consideration for the irrevocability.

Statute of Frauds

The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing and signed by the party to be charged, in order to be enforceable.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that provides a uniform and fair regime for contracts for the international sale of goods.

Corporate Stocks

Equity securities that represent ownership shares in a corporation, entitling holders to a share of the corporation's profits through dividends.