Is a government’s nonspendable fund balance in the General Fund affected by whether inventory is reported using the purchases method or the consumption method? By whether it used a periodic or perpetual inventory system? Explain.
Answer to relevant Questions(a) Whether a government uses the purchases method to report materials and supplies expenditures or the consumption method, the total fund balance and the net change in fund balance are the same. Explain why. (b) Explain how ...On January 2, 20X1, materials costing $100 were issued from perpetual inventory to the police department. What General Ledger journal entry or entries should be made?Multiple Choice QuestionsIdentify the best answer for each of the following:Laperla County entered into a capital lease on June 30, 20X8, for equipment to be used by General Fund departments. The capitalizable cost of the ...Obtain a copy of GASB Statement No. 47, “Accounting for Termination Benefits.” Familiarize yourself with the accounting and financial reporting requirements, as well as the background of the statement and the rationale ...Under what circumstances should short-term bond anticipation notes be reported as general long-term liabilities?
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