Explain why proceeds from long-term borrowings for General Fund purposes from external lenders are reported as Other Financing Sources but proceeds from similar short-term borrowings are not.
Answer to relevant QuestionsExplain why some outstanding orders of the General Fund require assigned fund balance to be reported and others do not.What are the most likely circumstances to cause deferred inflows to be reported in a governmental fund?Multiple Choice Questions1. Which fund balance category is affected by having inventory and prepaid items at year-end?a. Assigned fund balanceb. Committed fund balancec. Nonspendable fund balanced. Unassigned fund balance2. ...Prepare the general journal entries required for the following transactions of the Farmer County General Fund during 20X6. Also, use transaction analysis to show any effects on the GCA-GLTL accounts.1. Levied property taxes, ...Distinguish between the following types of budgets: (a) Capital and current, (b) Tentative and enacted, (c) General and special, (d) Fixed and flexible, (e) Executive and legislative.
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