Response to the following questions:
1. a. Distinguish between (1) exchange and (2) nonexchange transactions.
b. Identify and describe the four eligibility requirements for a government to recognize revenue in a nonexchange transaction.
c. GASB Statement 33 classifies nonexchange transactions into four categories. List the four categories, give an example of each, and outline asset and revenue recognition criteria for each.
2. a. Outline revenue recognition criteria under modified accrual accounting. Include specific requirements for property tax revenue.
b. Outline expenditure recognition criteria under modified accrual accounting
3. Distinguish between the (1) GAAP basis and (2) budgetary basis of reporting for the General Fund.