Question

Central city was awarded two state grants during its fiscal year ending September 30,2017:a $2milion block...

Central city was awarded two state grants during its fiscal year ending September 30,2017:a $2milion block grant that can be used to cover any operating expenses incurred during fiscal 2018, and a $1million grant that can be used any time to acquire equipment for its police department. For the year ended September 30,2017, Central City should recognize in grant revenue in its fund financial statements (in million)
A) $0
B) $1
C) $2
D) $3

Assume the same facts as in the previous example, how much should the city recognize in grant revenue in its government-wide statement
A) $0
B) $1
c) $2
D) $3
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Answer #1

Block grant that can be used to cover any operating expenses incurred during fiscal 2018 = $ 2 million

Grant that can be used any time to acquire equipment for its police department = $1 million

For the year ended September 30,2017, Central City should recognize in grant revenue in its fund financial statements = $ 1 Million

ANSWER = B) $ 1 Million

The city should recognize in grant revenue in its government-wide statement = $ 1 Million

Answer = B) 1 Million

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