Regarding the recognition of receivables in governmental funds, which statement is TRUE?

The recognition of receivables in governmental funds is based on specific criteria that dictate when revenues can be recognized, which directly relates to the recognition of receivables. In governmental accounting, receivables are recognized when they are measurable and available to finance expenditures of the current period. This concept aligns with the revenue recognition criteria established for governmental funds, which requires that revenues be earned and available before they can be recognized in the accounting records.

Therefore, the statement indicating that the rules governing the recognition of receivables are the same as those that apply to the recognition of revenue is indeed true. This is an important aspect of governmental accounting, as it emphasizes the fiscal accountability of governmental entities to recognize resources only when they can be utilized to provide public services in the current period.

In contrast, the other statements either misinterpret the timing of when receivables are recognized, do not distinguish between different types of funds appropriately, or inaccurately suggest equivalence in recognition criteria across fund types. Understanding these distinctions is crucial for accurate financial reporting and compliance within governmental accounting frameworks.