Problem 1. Name and describe the many types of revenue nonprofits and governments generate.
Problem 2. Talk about the use of modified accrual accounting in governments - why? How is revenue recognized under modified accrual accounting?
Problem 3. One of your problems deals with property taxes - what are the specific requirements for property tax revenue.
Problem 4. Discuss exchange and nonexchange transactions - What is the difference? What are the four eligibility requirements?
Problem 5. List the four categories of nonexchange, give an example of each and tell us what the asset and revenue recognition criteria are for each.
Problem 6. What does restricted, unrestricted and temporary restricted mean in terms of revenue (FASB 116 might help here)?
Problem 7. Explain the difference between expenses and expenditures and list examples of each.