CPA Far Quiz
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STATE AND LOCAL GOVERNMENTS
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A school district (local government reporting under GASB) prepares its General Fund statements on the modified accrual basis. At year-end, the district received $250,000 in cash from the state government for a reimbursement-based grant. The reimbursement relates to eligible expenditures incurred after year-end (in the next fiscal year). How should the General Fund report the $250,000 receipt at year-end?
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