Short Answer Questions 121.Contrast revenue recognition under the accrual and modified accrual bases of accounting. 122.Identify the accounting standard setting bodies for U.S. commercial,...

Short Answer Questions

121.Contrast revenue recognition under the accrual and modified accrual bases of accounting.

122.Identify the accounting standard setting bodies for U.S. commercial, private not-for-profits, public not-for-profits, state and local governments, and the federal government.

123.Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of capital assets.

124.What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper entitled:
Why Governmental Accounting and Financial Reporting Is – and Should Be – Different: