Revenues for governmental funds should be recognized when measurable and available for expenditure in the current period.

Name: Revenues for governmental funds should be recognized when measurable and available for expenditure in the current period.
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Question

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This is the principle of revenue recognition for governmental funds per the Governmental Accounting Standards Board (GASB). Revenues should be recognized in the period in which they are both measurable and available for expenditure.

Revenues for Governmental Funds Should Be Recognized When Measurable and Available