A city maintains botanical gardens that contain valuable plants. Should these plants be considered ‘‘collectibles,’’ such as museum pieces, or infrastructure, such as parks?
Answer to relevant QuestionsWhat unique issues arise when a government, as opposed to a business, is declared bankrupt?If, under GAAP, capital leases are considered long-term obligations, why, in many jurisdictions, are they not subject to debt limitations?The Alpine school district engaged in the following transactions in its ﬁscal year ending August 31, 2015. By law, the district is required to establish a capital projects fund to account for school construction projects ...On June 1, 2015, a city issues $2 million in 7 percent demand bonds. Although the bonds have a term of ten years, they contain a ‘‘put’’ option permitting the holder to present the bonds for redemption, at par, any ...This problem is based on a recent annual report of the City of Tucson. Dates have been changed.1. The letter of transmittal from the city's ﬁnance director reports that the city's bonds were rated AA by Standard & Poor's. ...
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