The computer department of a certain city, a General Fund department, charges other funds for data processing services. At the end of the fiscal year, the General Fund is owed $5,000 by the City Library Fund (a special revenue fund) and $8,000 by the City Electric Fund (an enterprise fund) for service billed but still unpaid. How would these interfund receivables and payables be reported in the Governmental Activities column of the government-wide statement of net position?
Answer to relevant QuestionsUsing the finance or similarly named department link of a city’s Web site, download either the city’s entire comprehensive annual financial report (CAFR) or, if possible, just the portion of the CAFR that contains the ...If bonds are sold at a premium to finance a capital project, what important question arises concerning the premium? Discuss the proper accounting for a bond premium in the capital projects fund, the debt service fund, and ...In the midst of a lingering recession, a citizens group in your state has placed an amendment on an upcoming election ballot. The measure would prohibit new debt issuances by state or local governments, which would ...How does the accounting for capital leases differ between proprietary funds and governmental funds?How are realized and unrealized investment gains reported in investment trust funds?
Post your question