Revenue Recognition principles

Revenue Recognition principles

Project instructions:
Q1- Compare and contrast Revenue Recognition principles followed in Government/Not-for-Profit(GNP) Accounting vs Financial Accounting

Q2- Relevancy is a qualititative characteristics of accounting information(AI). The relevancy of AI is determined with an eye toward “usefulness”. In your own words describe the concept of “Relevancy” as it is used in the context of GNP Accounting. In your answer include ideas about what makes GNP AI “relevant” to the user.

Q3 GNP Accounting focuses on the “FUND”. Please offer your description of the fund concept as it is used in GNP accounting and describe its purpose.

Q4 In your own words describe the reason for and usefulness of a budget “encumbrance”. Include in your description the effect of encumbrances on fund balance classifications.

Prof. Angela


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