Unquestionably, constituents of both governments and not-for-proﬁts are no less interested in what the organization has accomplished than they are in ﬁnancial data, such as revenues and expenses. How can you justify an accounting model and the resultant ﬁnancial statements that fail not only to measure and report accomplishments but also to relate them to an entity’s revenues and expenses?
Answer to relevant QuestionsDistinguish between funds as the term is used in governmental as contrasted with business accounting.Why are there generally no capital projects (work in progress or other long-lived assets) in governments’ capital projects funds? Why are there generally no long-term debts in debt service funds? What is a CAFR? What are its main components?Entrepreneurs Consultants, a state agency, was established to provide consulting services to small businesses. It maintains only a single general fund and accounts for its activities on a modiﬁed accrual basis.During its ...The newly formed Buffalo School District engaged in the following transactions and other events during the year:1. It levied and collected property taxes of $110 million.2. It issued $30 million in long-term bonds to ...
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