NRS 353.311 “Revenue” defined.
96 words·~1 min read·
/nv/chapter-353-state-financial-administration/353-311A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 353.311 “Revenue” defined. “Revenue” means the gross increase in ownership equity during a designated period. If the accounts are kept on an accrual basis, the term designates:
1. Additions to assets which do not increase any liability or represent the recovery of an expenditure or contributions of fund capital in proprietary funds; and
2. The cancellation of liabilities without a corresponding increase in other liabilities or a decrease in assets.
Ê If the accounts are kept on the modified accrual basis, the additions must be measurable and available to finance expenditures of the fiscal period.