FASAB requires nonexchange revenues to reported on both the accrual and the cash basis of accounting.

Question

Quizplus · Accepted Answer

FASAB (Federal Accounting Standards Advisory Board) standards require that nonexchange revenues, which are revenues where the government receives value without directly giving or promising to give equal value in exchange, be reported on both the accrual basis and the cash basis of accounting to provide a comprehensive view of the government's financial activities.

FASAB Requires Nonexchange Revenues to Reported on Both the Accrual