What are the two fund-based financial statements for governmental funds? What information does each normally present?
Answer to relevant QuestionsWhat is the difference in program revenues and general revenues? Why is that distinction important? Why does a government determine the net expenses or revenues for each of the functions within its statement of activities? On January 1, 2010, a city entered into the following leases for equipment items. Each of the leases qualifies as a capital lease. Initial payments are on December 31, 2010. An interest rate of 10 percent is viewed as ...A city government adds street lights within its boundaries at a total cost of $100,000. The lights should burn for at least 10 years but can last significantly longer if maintained properly. The city sets up a system to ...On January 1, Year 4, the government leased a police car for five years at $20,000 per year with the first payment being made on December 31, Year 4. This is a capitalized lease. Assume that, at a reasonable interest rate of ...
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