Revenues of governmental fund types should be recognized when:

Question

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According to Governmental Accounting Standards Board (GASB) Statement No. 33, revenues of governmental fund types should be recognized when they are measurable and available. Measurable refers to the amount of revenue that can be reasonably estimated, and available means that the revenue is collectible within the current period or soon enough thereafter to pay for current period liabilities. Authorization by the budget ordinance (B) is necessary but not sufficient for recognition, and collection in cash (A) and tax delinquencies (C) are not relevant criteria for recognition.

Revenues of Governmental Fund Types Should Be Recognized When