Example: Governmental Grant Revenue Recognition | CPA exam FAR | Government Accounting скачать в хорошем качестве

Example: Governmental Grant Revenue Recognition | CPA exam FAR | Government Accounting

Are you a CPA candidate or accounting student? Check my website for additional resources such PPT slides, notes, practice multiple choices, exercises and T/F questions. 🚀https://farhatlectures.com/ Connect with me on LinkedIn: ✔  / professorfarhat   💥Facebook: @accountinglectures Instagram Account: @farhatlectures Twitter: @farhatlectures Email: Mansour.farhat@gmail.com #cpaexam #governmentalaccounting #accountingstudent www.farhatlectures.com Like us on Facebook:   / accountinglectures   Visit the website where you can search using a specific term: http://www.farhatlectures.org/ Connect with Linked In:   / mansour-farhat-cpa-cia-cfe-macc-2453423a   tate and local governments receive grants and similar forms of financial assistance from both other governments and private sources. Some grants are mandated by a higher-level government; the lower-level government has no choice but to accept them (as when the federal government requires states to undertake specified environmental cleanup efforts and provides the necessary resources for them to do so). Most, however, are voluntary; the government can choose not to accept the funds if it is unwilling to accept the attached conditions or to carry out the specific programs the grant is intended to finance. Typical intergovernmental grants and similar nonexchange revenues include the following: • Restricted grants—These are payments intended for designated purposes, projects, or activ- ities. The most common form of grants, they are usually made to reimburse specific types of expenditures. They may be either mandated or voluntary. • Unrestricted grants—These are payments that are unrestricted as to purpose, project, or activity. • Contingent grants—These are grants contingent upon a specified occurrence or action on the part of the recipient (e.g., the ability of the recipient to raise resources from other parties). • Entitlements—These are payments, usually from a higher-level government, to which a state or local government is automatically entitled in an amount determined by a specified formula. Entitlements are often designated for a broad functional activity, such as education. • Shared revenues—These are revenues raised by one government, such as a state, but shared on a predetermined basis with other governments, such as with cities. • Payments in lieu of taxes—These are amounts paid by one government to another in place of property taxes that it would otherwise be required to pay were it not a government and thereby tax-exempt. Such payments constitute an important source of revenue for governments that have within their jurisdiction a substantial amount of facilities of other governments. For example, the federal government, whose property is tax-exempt, may make payments to school districts in which military bases are located, to compensate for the cost of educating military dependents. Some large not-for-profits with significant property holdings make sim- ilar payments to governments. Examples of voluntary nonexchange revenues from private (i.e., from nongovernment) sources include donations to school districts and universities, contributions of land from developers (often tied, at least indirectly, to a project they are undertaking), and gifts of collectible items to museums or cultural centers. Sometimes they take the form of endowments. Endowments are gifts that stipu- late that the contribution must be invested, and only the income from the investments can be spent. Pass through grant, on behalf grant payment, government accounting, revenue recognition for governmental accounting, PILOT, payment in lieu of taxes, Restricted grants, Unrestricted grants, Contingent grants, Entitlements, Shared revenues, Payments in lieu of taxes, pass-through grants, government accounting, revenue recognition for governmental accountin