Distinguish between fund capital assets and general capital assets.
Answer to relevant QuestionsWhat criteria must be met for an asset to be classified as a capital asset? A general capital asset?Explain why General Capital Assets and General Long-Term Liabilities are accounted for separately from the governmental funds.Capital assets may be acquired through exercise of a government’s power of eminent domain and by escheat. Distinguish between these terms.The City of Burton has $5,000,000 par value of general government, general obligation bonds payable outstanding. The city has decided to defease those bonds in substance. Record the following transactions in all the accounts ...Review the GASB’s latest publications or pronouncements on pollution remediation.Required1. Summarize the GASB’s definition of pollution remediation obligations.2. Describe the potential effects of identified pollution ...
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