A disbursement by the general fund to another fund may be recorded as a receivable, an expenditure, or a fund transfer. Explain the circum stances that would result in each of these different treatments.
Answer to relevant QuestionsWhy are budgeted revenues and expenditures formally recorded in the records of the general fund but not in the records of a capital projects fund?Describe some of the major reconciling items between a government fund and the government wide financial statements.The following transactions take place:1. A cement mixer was purchased with resources of the general fund.2. A contract was signed for the construction of a new civic center.3. Bonds were issued to finance the construction of ...On January 1, 2012, Allentown issued $800,000 of 9% serial bonds at par. Semiannual interest is payable on January 1 and July 1 and principal of $80,000 matures each January 1 starting in 2013. The debt will be serviced ...Disclosure Which topic and subtopic require entities to disclose all significant ac-counting policies? Is this information required to be disclosed on an interim basis?
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