Modified Accrual Basis of Accounting
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Modified Accrual Basis of Accounting
Question 1
Under the modified accrual basis of accounting, fines, license fees, permits, and other miscellaneous revenue are generally recognized
- Question 2
Under GAAP, income tax revenues should be recognized in the government-wide financial statements in the accounting period• Question 3
Under GAAP, property taxes levied in one fiscal period to finance the activities of the following fiscal period are recognized as revenue in the fund financial statements• Question 4
A city receives notice of a $200,000 grant from the state to purchase vans to transport physically challenged individuals. Although the city did not receive any of the grant funds during the current year, the city purchased one bus for $85,000 and issues a purchase order for another van for $80,000. The grant revenue that the city should recognize in the government-wide financial statements in the current year is• Question 5
As used in defining the term ‘modified accrual basis of accounting’, available means• Question 6
Under the modified accrual basis of accounting, the amount of property tax revenues that should be recognized by a governmental entity in the current year related to the current year levy will be• Question 7
Under GAAP, income tax revenues should be recognized in the fund financial statements in the accounting period• Question 8
Under the accrual basis of accounting, gains and losses on disposal of fixed assets• Question 9
Under GAAP, property taxes levied in one fiscal period to finance the activities of the following fiscal period are recognized as revenue in the government-wide financial statements• Question 10
As used in governmental accounting, interperiod equity refers to a concept of• Question 11
Under the modified accrual basis of accounting, derived nonexchange revenues are recognized by a governmental entity as revenue• Question 12
During 2000, the city issued $300 in fines for failure to keep real property in ‘acceptable’ condition. During that period the city spent $200 to mow and clean up the unoccupied properties for which the fines were assessed. The city estimates that $30 of the fines issued in 2000 will be uncollectible. During 1999 the city collected $230 related to 2000 fines and $20 related to 1999 fines. The amount of revenue that the city should recognize in its 2000 fund financial statements related to fines is• Question 13
Unrestricted grant revenues with a time requirement should be recognized in the accounting period
in which• Question 14
Under GAAP, license and permit fees should be recognized in the fund financial statements in the accounting period• Question 15
A City levies a 2% sales tax. Sales tax must be remitted by the merchants to the City by the 20th day of the month following the month in which the sale occurred. Cash received by the City related to sales tax is as follows:Amount received 1/20/00, applicable to December 1999 sales $ 50
Amount received 2/20/00, applicable to January 2000 sales $ 15
Amount received during 2000 related to February-November 2000 sales $200
Amount received 1/20/01 for December 2000 sales $ 55
Amount received 2/20/01 for January 2001 $ 20
Assuming the City uses the same period to define “available” as the maximum period allowable for property taxes, what amount should it recognize in the fund financial statement as sales tax revenue for the fiscal year ended 12/31/00.
Modified Accrual Basis of Accounting
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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