Question: Describe the difference in reporting capital assets and long term
Describe the difference in reporting capital assets and long- term debt in the governmental funds financial statements and reporting those elements for governmental activities in government-wide financial statements.
Answer to relevant QuestionsDescribe three items that require reconciliation between fund financial statements and government- wide financial statements. The section “Preparing Government- Wide Financial Statements” points out that the State of California is accreting gradually its obligation for postemployment benefits other than pensions, while New York City recorded ...Punkeytown carries no insurance for possible claims and, as of January 1, 2013 (the start of its fiscal year), Punkeytown had no outstanding claims. During 2013 a town water main burst, flooding the basements of two property ...Honesdale levies property taxes in March of each year to help finance the General Fund expenditures for the calendar year. Property owners are required to pay the taxes in equal installments in April and October. Taxes ...What are earmarked funds ? Which funds are characterized as earmarked?
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