Question: When is a Capital Projects Fund used by a governmental
When is a Capital Projects Fund used by a governmental entity? In what situations would a Capital Projects Fund not be used for reporting in accordance with generally accepted accounting principles (GAAP)? Explain.
Answer to relevant QuestionsWould it be possible for a governmental entity to use a Capital Projects Fund for budgetary accounting purposes but not for GAAP reporting purposes? Explain.Under what circumstances should short-term bond anticipation notes be reported as general long-term liabilities?Multiple Choice Questions1. The revenue sources for a Capital Projects Fund include proceeds of a general obligation bond issuance and a capital grant from the State Highway Trust. Assuming there are no other revenue sources ...Butler County issued $2,000,000 of 9-month, 9% bond anticipation notes to provide financing for construction of a county baseball stadium. This prevented delays in beginning the project, which had been approved at an ...What is meant by defeasance? What conditions are necessary to achieve legal defeasance or in-substance defeasance?
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