Question

A capital projects fund for a new city courthouse recorded a receivable of $300,000 for a state grant and a $450,000 transfer from the general fund. What amount should be reported as revenue by the capital projects fund

Answer 1

Answer:

$300,000

Explanation:

The grant of $300,000 happens not to have any restrictions mentioned alongside it in the question and as such will be declared or reported as revenue as an unrestricted grant. This is acceptable by the Governmental Accounting Standards Board, GASB.

Cheers