Question: Why is it necessary to reconcile governmental funds total fund
Why is it necessary to reconcile governmental funds total fund balances to government-wide governmental activities net position and governmental funds changes in fund balances to governmental activities changes in net position? How should the reconciliation schedules be presented?
Answer to relevant QuestionsWhy are the accounts additions and deductions used in place of revenues and expenses in a government’s statement of changes in fiduciary net position?Carver Township issued a 2-year, 6 percent note in the amount of $100,000 to finance the purchase of vehicles for the Police Department.Required1. Record the issuance of the $100,000 note in the General Fund and the ...The City of Jackson adopted the following General Fund budget for fiscal year 2014:Estimated revenues:Taxes ........... $3,000,000Intergovernmental revenues .. 1,000,000Licenses and permits ...... 400,000Fines and forfeits ...During fiscal year 2014, the City of Hickory Hills issued purchase orders to various vendors in the amounts shown for the following functions of the city:General Government ....... $ 82,500Public Safety ......... ...A government’s MD&A states that government-wide net position decreased as a result of the issuance of a long-term liability during the current reporting period. Does this sound correct? How does the issuance of long-term ...
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