Question: A county Tax Agency Fund s GAAP financial statements do not
A county Tax Agency Fund’s GAAP financial statements do not report the taxes receivable for the county’s various funds. Why?
Answer to relevant QuestionsWhat financial statements should be presented for (a) a Private-Purpose Trust Fund, (b) an Investment Trust Fund, (c) an Agency Fund, and (d) a Pension Trust Fund?The preclosing trial balance for the Pension Trust Fund of Almen County at December 31, 20X8, is presented here. Prepare the Statement of Plan Net Position at December 31, 20X8, and the Statement of Changes in Plan Net ...Obtain copies of the GASB’s new statement on accounting for pension plans issued in 2012.a. Identify the key changes from current GAAP reporting requirements for pension trust funds.b. Select a government’s pension trust ...Distinguish between governmental activities and business-type activities. Provide examples of each.Dorrian County’s fund structure is as follows:General Fund3 Special Revenue Funds1 Capital Projects Fund2 Debt Service Funds4 Private-Purpose Trust Funds3 Internal Service Funds5 Enterprise FundsGeneral Capital Assets and ...
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