In what way, if any, does the accounting equation as applied in governmental and not-for-proﬁt accounting differ from that as applied in business accounting?
Answer to relevant QuestionsDistinguish between nonspendable, restricted, committed, and assigned fund balance.As will be emphasized later in this text, depreciation is recorded in proprietary funds but not in governmental funds. What is the rationale for recording depreciation in proprietary funds?The following relate to the town of Coupland (dollar amounts in thousands):Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a 10-year life ...The following balance sheet was adapted from the ﬁnancial statements of the Williamsburg Regional Sewage Treatment Authority (dates have been changed).Fund TypesThe transactions of the authority are accounted for in the ...Review the Comprehensive Annual Financial Report (CAFR) that you obtained.1. What are three main sections of the report?2. Review the introductory section of the CAFR.a. Was the entity’s annual report of the previous year ...
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