Question

The City of Hampshore is currently preparing financial statements for the past fiscal year. The city manager is concerned because the city encountered some unusual transactions during the current fiscal period and is unsure as to their handling.

Required
Use a copy of GASB Statement 34 to answer each of the following questions.
1. For government accounting, what is the definition of extraordinary item?
2. For government accounting, what is the definition of special item?
3. On government-wide financial statements, how should extraordinary items and special items be reported?



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  • CreatedOctober 04, 2014
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