A school district receives a grant from the federal

Reference no: EM13590262

A school district receives a grant from the federal government to support programs directed at ‘‘special needs'' students. The grant is a matching grant in which each dollar spent by the school district on teacher salaries for special needs education will be matched up to $1 million by the federal government. The federal government agrees that it will advance monies to the school district so that the school district will be able to pay a portion of each month's teachers' salaries from federal funds. The grant's contractual terms stipulate that the school district must not com- mingle the federal monies that it has been advanced with other monies of the school district. The school district also is required to file quarterly and annual reports showing the amounts that the school district has spent on special needs education and the resultant amount that is either a receivable from or payable to the federal government. As a new comptroller, you must decide which fund or funds should be used to account for the federal grant and the school district match. After some research, you believe that the school district has some options as to the governmental funds that it will use for financial reporting purposes. What are the options? In which fund or funds, would you report the transactions associated with the federal grant and school district match? Should they be accounted for in the same fund? What factors influenced your decision?

Reference no: EM13590262

Questions Cloud

How many grams of cano32 can be produced by reacting excess : how many grams of cano32 can be produced by reacting excess hno3 with 7.40 g of caoh2?a 32.8 gb 8.22 gc 10.2 gd 16.4 ge

Garcia and buffet a local cpa firm has budgeted 100 000 in : garcia and buffet a local cpa firm has budgeted 100 000 in fixed expenses per month for the tax department. it has also

There were no beginning inventories in january at the end : your tired inc. is a service firm that uses a job-order costing system and applies office overhead to jobs on the basis

A 06-kg ball is fastened to a spring with a spring constant : question a 0.6-kg ball is fastened to a spring with a spring constant of 86 nm and is oscillating horizontally with an

A school district receives a grant from the federal : a school district receives a grant from the federal government to support programs directed at lsquolsquospecial needs

An object is thrown from the top of a 45m building with an : an object is thrown from the top of a 45m building with an initial velocity of 20 ms straight upwards. the ball misses

A scientist obtains the number 0045006700 on a calculator : a scientist obtains the number 0.045006700 on a calculator. if this number actually has four 4 significant figures how

Assuming a perpetual inventory system and using the last-in : perpetual inventory using lifobeginning inventory purchases and sales for item cz83 are as followsoctober

If person have mba with a good gpa do person need to have : if person have mba with a good gpa do person need to have gmat exam if yes then what score in order to get admission in

User Account

All Pages