Author Question: Assume that a government received a 5,000,000 expenditure-driven grant in Year 1 for a project that ... (Read 57 times)

jessicacav · **on:** Jul 6, 2018

Assume that a government received a 5,000,000 expenditure-driven grant in Year 1 for a project that was expected to take three years to complete.

Further assume that qualifying expenditures for the project, which actually took four years to complete, were as follows: Year 1 - 1,000,000; Year 2 - 2,500,000; Year 3 - 1,000,000; Year 4 - 400,000 . The government should report grant revenues in Year 2 in the amount of
a. 0
b. 1,000,000
c. 2,500,000
d. 3,500,000
e. 5,000,000

Question 2

Most computer accounting software packages allow businesses to
a. Post cash receipts for sales
b. Apply Discounts
c. Both A & B
d. Neither A or B