Final answer:
The eligibility requirements for a government to record non-exchange transaction revenue are that the revenue must be measurable, available, and legally authorized by the legislature. The presence of a budget is not a direct eligibility requirement for this kind of revenue recognition.
Step-by-step explanation:
The eligibility requirements that must be met before a government can record revenue from non-exchange transactions are focused on ensuring that revenue is not only legally and properly authorized, but also that it is measurable and available. The key factors that must be in place include:
- Measurable and available - The revenue must be both quantifiable and expected to be collected within a certain period.
- Approval by the legislature - Revenue must be legally authorized through legislative action.
- Presence of a budget - While having a budget is a critical aspect of a government's financial management, it is not a direct eligibility requirement for revenue recognition.
Therefore, the correct answer is b) Measurable and available and c) Approval by the legislature. Presence of a budget, while important, is not an eligibility requirement for recording the revenue itself.