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Essay / Research Paper Abstract
This 4 page paper answers twenty short answer questions set by the student, regarding different aspects of accrual and modified accrual accounting used in JS government entity accounting.
Page Count:
4 pages (~225 words per page)
File: TS14_TEacccase1.rtf
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Unformatted sample text from the term paper:
To achieve this the measures need to be broader that seen in traditional commercial accounting. 2. The fund financial statements are prepared on an accrual basis. Then work the student
has already undertaken indicates that the basis is a modified accrual basis. By method of elimination the governments are not accounting only for financial resources, but for their economic resources,
as seen with the sixty-day rule of available funds, therefore this must be economic resources and modified accrual accounting. Government wide statements are on a full accrual basis 3. Modified
accrual basis of accounting is used by governments as it is able to create a system that allows there to be the comparison of the revenue with expenditure in the
interperiod equity 4. The term modified accrual basis of accounting means that revenues are counted when they are available. Available does not mean that the cash has been received. The
accounting here is revenue being counted when it is earned, not when it is collected, as long as it is able to be collected within the period within which it
is counted or in a short period following this. In usual circumstances this will mean, for governments, a period of sixty days following the financial year end. 5. If we look
at property taxes these are levied on a yearly basis and as such may be seen as earned in that year, as such they are accounted for in the year
which they are levied. However, as with other forms of revenue the levied amount also has to be available, as seen with the previous answer, this means that there should
also be a reasonable chance of collecting it during that year or within the short period following that end of the financial year. 6. When looking at the amount of
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