A teacher working for the City of Lights earns vacation pay of $2,000 during 2010. However, the vacation will not be taken until near the end of 2011. In the government-wide financial statements for 2010, how is this compensated absence reported? How is this compensated absence reported in the fund-based financial statements for 2010?
Answer to relevant QuestionsAssume in question 7 that the teacher takes the vacation late in 2011 and is paid the entire $2,000. What journal entry is reported in creating each of the two types of financial statements?A primary government can be either a general purpose government or a special purpose government. What is the difference in these two? How does an activity qualify as a special purpose government? What does a comprehensive annual financial report (known as the CAFR) include?Multiple Choice Questions1. The City of Bacon holds cash of $820,000 that was received from the issuance of a bond and, according to the contract, must be spent for the construction of a new elementary school. The city also ...A city government adds street lights within its boundaries at a total cost of $100,000. The lights should burn for at least 10 years but can last significantly longer if maintained properly. The city sets up a system to ...
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