Which of the following federal programs involve nonexchange transactions for which there is some accounting guidance on recording liabilities but for which much more research is needed?
A)National parks.
B)Social insurance.
C)Post offices.
D)Heritage assets.

Question

Quizplus · Accepted Answer

Social insurance programs, such as Social Security and Medicare, involve nonexchange transactions for which there is some accounting guidance on recording liabilities. However, there is still a need for further research and guidance on how to properly account for these liabilities. National parks, post offices, and heritage assets do not involve significant nonexchange transactions for which accounting guidance is needed.

Which of the Following Federal Programs Involve Nonexchange Transactions for Which