Question: Explain the circumstances that require deferred revenues of governmental funds
Explain the circumstances that require deferred revenues of governmental funds to be reduced or eliminated to derive the government-wide information. Why are revenues normally not increased by the total ending balance of deferred revenues?
Answer to relevant QuestionsWhy does the conversion worksheet for governmental activities use only one net position account instead of the three net position accounts that must be reported in the financial statements?Following are four accounts from a governmental fund balance sheet. Discuss how and why these accounts will be adjusted when preparing the balance sheet conversion worksheet for governmental activities. If no adjustments are ...Tierney CountyTotal Governmental FundsPreclosing Trial BalanceDecember 31, 20X5 Debit CreditAdditional Information1. The beginning trial balance of the general capital assets and general long-term liabilities accounts ...Distinguish between the contents and purposes of Management’s Discussion and Analysis and a transmittal letter.What makes a government financially accountable for another entity?
Post your question