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What is the difference in reporting exchange and a nonexchange transaction?

  • Distinguish between an exchange and a nonexchange transaction.  Analyze the reporting requirements for nonexchange transactions under GASB Statement No. 33 Accounting and Financial Reporting for Nonexchange Transactions focusing on the required criteria for reporting revenue on the modified accrual basis. 
  • Describe circumstances under which a government entity must report a pass-through grant as both revenue and expenditure.  Examine the importance of accurately reporting pass-through grants on government entities.