The section “Preparing Government- Wide Financial Statements” points out that the State of California is accreting gradually its obligation for postemployment benefits other than pensions, while New York City recorded the entire obligation immediately. Do you believe one method is preferable to the other? Why? Would you change the accounting standard to require one or the other method? (Consider the perspectives of both the user and the preparer of the financial statements.)
Answer to relevant QuestionsUse the Internet to review a government’s CAFR. Examine the governmental fund financial statements, the governmental activities sections of the government- wide financial statements, and the reconciliations between the two ...SaiTu Village reported outstanding long- term bonds payable of $ 6,000,000 in the governmental activities column of its government- wide statement of net position for the year ended December 31, 2013. During 2014, SaiTu ...Marilyn County operates on a calendar year basis. It uses a Capital Projects Fund to account for major capital projects and a Debt Service Fund to accumulate resources to pay principal and interest on general obligation ...Describe four financial statements prepared by federal agencies. (Multiple Choice) 1. Which funds are used by federal agencies to account for receipts of resources from specific sources, earmarked by law for special purposes? a. Special Revenue Funds b. Trust Fundsc. Revolving Funds d. ...
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