GASB Statement No. 34 has been widely criticized for mandating the preparation and presentation of government-wide statements. Mainly, the critics contend that the beneﬁts of the statements are not commensurate with the costs of preparing them. They argue that the statements provide little information that is ‘‘decision-useful.’’ Do you agree? For what types of decisions are statement users most likely to use the government-wide statements? If you have difﬁculty identifying such decisions, then is the GASB requirement defensible?
Answer to relevant QuestionsWhy is it important that governments and not-for-proﬁts coordinate their processes for developing appropriations budgets with those for developing capital budgets?What are allotments? What purpose do they serve?1. Appropriation budgets are typically concerned witha. The details of appropriated expendituresb. Long-term revenues and expendituresc. Current operating revenues and expendituresd. Capital outlays2. Which of the ...The following schedule shows the amounts (in thousands) related to expenditures that a city welfare department debited and credited to the indicated accounts during a year (not necessarily the year-end balances), excluding ...Shown below is an excerpt from a city’s subsidiary ledger for the ﬁrst two months of its ﬁscal year. Missing is the column that explains or references each of the entries.1. Prepare the journal entries that were most ...
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