The city of Canandaigua receives proceeds from the sale of land, the transaction is considered to be a special item. Where are the proceeds reported on the Statement of Revenues, Expenditures and Changes in Fund Balance?

Question

Quizplus · Accepted Answer

Extraordinary and special items are reported separately after other financing sources and uses on the Statement of Revenues, Expenditures and Changes in Fund Balance. Special items are significant transactions or other events that are either unusual or infrequent but within the control of management.

The City of Canandaigua Receives Proceeds from the Sale of Land