In what case would the general fund NOT recognize a receivable for exchange and exchange-like transactions immediately?

In the context of governmental accounting, the general fund typically recognizes receivables for exchange and exchange-like transactions when the transactions occur and the resources are measurable. However, if funds are not available, the general fund would not recognize a receivable immediately. This is because the concept of availability is essential in determining when to recognize revenues. For a receivable to be recognized, it needs to be both measurable and available for expenditure within the current fiscal period. If funds are not available, it implies that the resources cannot be used in the current period, and therefore, recognition of the receivable should be deferred until such funds become available.

The other options involve circumstances that do not directly affect the immediate recognition of receivables in the same way. The immateriality of a transaction might lead to a decision to forego recognition for practical reasons, but it doesn’t fundamentally alter the timing of recognition when funds are available. Discretionary transfers generally involve grant or aid programs, which may have different reporting requirements, but they do not inherently prevent the recognition of a receivable if funds are available. Services provided in advance could result in a receivable, as such transactions may still meet the criteria for recognition if they are expected to convert into cash or payment subsequently