Since basic fund accounting is driven by the need to classify resources, this chapter also covers revenue accounting. Generally accepted accounting principles (GAAP) is a technical accounting term ...
The following general ledger/commitment items are used to record revenue as category 2 and 3 of the Statement of Financial Activity (SoFA) report. The categories are outlined alphabetically. Each ...
Another major issue in revenue accounting is when to recognize or record the revenue. A common practice is to record the revenue when we receive payment (cash) from the customer. This is referred to ...