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?
Answer to relevant QuestionsThe balance sheets of both enterprise funds and internal service funds report capital assets and long-term debt. What does that tell you about the funds’ measurement focus and basis of accounting? Explain.What is an agency fund? Why is it the easiest fund for which to account?The newly established Society for Ethical Teachings, a not-for-proﬁt organization, maintains two funds—a general fund for operations and a building fund to accumulate resources for a new building. In its ﬁrst year, it ...A newly formed not-for-proﬁt advocacy organization, the Center for Participatory Democracy, requests your advice on setting up its ﬁnancial accounting and reporting system. Meeting with the director, you learn the ...Why is it important that governments and not-for-proﬁts coordinate their processes for developing appropriations budgets with those for developing capital budgets?
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