What are fiduciary funds? Why are they not reported in the government wide statements?
Answer to relevant QuestionsFunds can be ‘‘consolidated,’’ but only at the risk of lost or misleading information. The balance sheet below was adapted from the financial statements of the Williamsburg Regional Sewage Treatment Authority (dates ...A change to the full accrual basis may have little impact upon reported revenues. A city levies property taxes of $4 billion in June 2013 for its fiscal year beginning July 1, 2013. The taxes are due by January 31, 2014. ...Inventory transaction amounts during the year can be derived from year-end balances. The following amounts relate to a city’s supplies inventory for the year ended December 31, 2013: Inventory on hand, ...What are the key differences in how general capital assets are reported on government-wide as opposed to fund statements? Estimating the cost of old infrastructure is one of the most challenging problems facing governments as they implement Statement No. 34. Fortunately the GASB permits an alternative to reconstructing old records. In 2002 a ...
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