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Grant Revenue

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7. Central City was awarded two state grants during its fiscal year ending September 30, 2003: a $2 million block grant that can be used to cover any operating expenses incurred during fiscal 2004 and a $1 million grant that can be used any time to acquire equipment for its police department. For the year ending September 30, 2003, Central City should recognize in grant revenue in its governmental fund statements (in millions)
a. $0
b. $1
c. $2
d. $3

8. Assume the same facts as in the previous example. How much should the city recognize in grant revenue in its government-wide statements?
a. $0
b. $1
c. $2
d. $3

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7. d
Governmental funds focus on (1) how cash and other financial assets that can readily be converted to cash flow in and out and (2) the balances remaining at year end that are ...

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