What is the purpose(s) of the notes to the financial statements? The narrative explanations?
Answer to relevant QuestionsWhat is the purpose(s) of schedules, as contrasted with statements? Are schedules necessary for reporting in conformity with GAAP?What is required for a potential component unit to be fiscally dependent on a primary government? When is a fiscally dependent entity treated as a component unit?What do the authors mean when they suggest that governments have a dual reporting entity model? Do you agree? Justify your response.The City of Duncanville has four potential component units. The finance department staff is trying to determine which, if any, of these entities to include in the city’s financial reporting entity. For each entity that is ...Inexhaustible collections of ONPOs are not required to be capitalized or depreciated, if certain criteria are met. Why is this so, and what accounting and reporting recognition, if any, is required for such inexhaustible ...
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