Why does the conversion worksheet for governmental activities use only one net position account instead of the

Question:

Why does the conversion worksheet for governmental activities use only one net position account instead of the three net position accounts that must be reported in the financial statements?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Governmental and Nonprofit Accounting

ISBN: 978-0132751261

10th edition

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

See More Books

Question Posted: Oct 25, 2014 05:03 AM

See More Questions

What are the particular requirements that must be reported in a strategic report?
The following events were reported in the financial statements of large, publicly owned corporations: a. Atlantic Richfield Company (ARCO), previously a separate company that is now owned by BP...
Items that must be reported on line 8 (other income) of Schedule 1 include a. Dividend income. b. Capital gains. c. Interest income. d. Jury duty pay.
Explain Computer Network Types.
A length of wire is bent into a closed loop and a magnet is plunged into it, inducing a voltage and, consequently, a current in the wire. A second length of wire, twice as long, is bent into two...
Consider the position $X$ that has a uniform probability density between -40 and 60. Find $\operatorname{VaR}_{h}(X)$ for all $h, 0 \leq h \leq 1$.
The interest rates in the UK and the United States are, respectively, $4 \%$ and $6 \%$ per annum compounded continuously. The spot price of the UK pound is $\$ 1.6$. The forward price for a UK...
A bond that pays interest forever and has no maturity date is a perpetual bond, also called a perpetuity or a consol. In what respect is a perpetual bond similar to (1) a nogrowth common stock and...
3.On January 1, a company retired $800,000 face value bonds at a call price of 103. The bonds were originally issued for $848,000. On the retirement date the bonds had an unamortized premium of...
Williams Company is a manufacturer of auto parts having the following financial statements for 2016. Balance Sheet December 31, 2016 2016 Cash $ 280,000 Accounts receivable 170,000 Inventory 405,000...
Explain the circumstances that require deferred revenues of governmental funds to be reduced or eliminated to derive the government-wide information. Why are revenues normally not increased by the...
For what items might a government need to adjust interest expenditures amounts to convert them to interest expenses?
On 1 January 20x0, the company was incorporated with an authorised share capital of 150 000 ordinary shares and 50 000 preference shares (fixed annual dividend of 10c/share). The post-closing trial...
Describe how most separation agreements are developed and identify the role commonly played by the paralegal.
Illiquid Industries Inc. (III) is currently cash-constrained, and must make a decision about whether to delay paying one of its suppliers, or take out a loan. They owe the supplier $10,000 with terms...
Define boilerplate. Identify at least five sections of an agreement that generally consist of boilerplate.
prototype is an early sample, model, or release of a product that is built to test a concept or a process. The idea is to show the sample or model to potential users and then use their feedback to...
Identify the major topics commonly addressed in separation agreements.
What was the historic significance of the Ayllon and Michael work with Lucille and friends?
Refer to the Conservation Ecology (Dec. 2003) study of the causes of forest fragmentation, presented in Exercise 2.166 (p. 97). Recall that the researchers used advanced high-resolution satellite...
What role does customer satisfaction play in the development of reliable customers?
(Matching Principle) Accountants try to prepare income statements that are as accurate as possible. A basic requirement in preparing accurate income statements is to match costs against revenues...
(Matching Principle) Carlos Rodriguez sells and erects shell houses, that is, frame structures that are completely finished on the outside but are unfinished on the inside except for flooring,...
(Qualitative Characteristics) Recently, your Uncle Waldo Ralph, who knows that you always have your eye out for a profitable investment, has discussed the possibility of your purchasing some...
Max Warrie, a famous former Australian cricketer had agreed to play at the Sydney Cricket Ground in an exhibition match against a rest of the world team in the coming Australian summer. He was to be...
Does a creditor have an obligation to advise a company to obtain legal advice before signing a contract? In this case, a director of a company is saying they did not know what they were signing when...
Randal embezzled $6000 of his employer's money and then disappeared. The employer's accountant called at Randal's residence and found out that his wife had a $3500 term deposit. When the accountant...

Why does the conversion worksheet for governmental activities use only one net position account instead of the

Question:

Step by Step Answer:

The various increases and decreases in net position reported in the statemen...View the full answer

Governmental and Nonprofit Accounting

Students also viewed these Accounting questions