Which of the following are eligibility requirements for nonexchange transactions?

The correct answer focuses on the defining characteristics associated with nonexchange transactions. Nonexchange transactions are those in which a government gives or receives value without directly receiving something of equal value in return. To qualify as nonexchange transactions, several key elements must be present; these are characteristics, time requirements, reimbursement provisions, and contingencies.

Characteristics refer to the specific nature of the transaction, such as grants or entitlements, which typically do not involve a reciprocal exchange of resources. The time aspect includes determining the period during which the transaction can occur, such as when funds must be spent or when services need to be delivered.

Reimbursement refers to situations where the government may provide funds upfront but expects the recipient to account for the expenditure or service provided later. Contingencies involve conditions that must be met for the transaction to be finalized, such as the completion of specific tasks or adherence to regulations. Understanding these key elements helps identify and differentiate nonexchange transactions from other types of financial activities in governmental accounting.