If a federal agency should have collected $400 from a nonexchange revenue source, but it actually collected $430, the financial statements should reflect
A) $400 cash collections plus $30 accrual adjustment.
B) $430 total revenue.
C) $430 cash collections less $30 accrual adjustment.
D) $400 revenue.
Correct Answer:
Verified
Q39: The U.S.Government Annual Report is prepared on
Q40: Which of the following federal fund types
Q42: Amounts due to social security beneficiaries should
Q45: The Allowance for Unrealized Holding Gains that
Q47: When the federal government makes a direct
Q48: FASAB requires that federal agencies capitalize certain
Q48: The federal government is required to recognize
Q53: When the federal government makes a direct
Q56: The FASAB allows entities to value inventories
Q59: When the federal government guarantees a loan
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents