Question: Why might a local government not prepare and adopt its
Why might a local government not prepare and adopt its General Fund annual operating budget on the modified accrual (GAAP) basis?
Answer to relevant QuestionsRevenue estimates and appropriations enacted are standards against which performance is subsequently measured. What implications can be drawn at year end if variances from these standards occur? If no variances occur?Annual budgetary comparison statements for A Governmental Unit’s General Fund are shown in Illustrations. (a) Why do the reported variances differ between these two statements? (b) Why does the GASB require governments to ...Prepare the general journal entries required for the transactions in E4-4. Assuming a beginning total fund balance of $1,000,000, what would the total fund balance be after taking into consideration the effects of these ...Prepare the journal entries (budgetary and actual) to record the following transactions and events in the General Ledger, Revenues Ledger, and Expenditures Ledger of a local government General Fund. Identify whether the ...Modified accrual basis revenue recognition is often referred to as “near cash basis” revenue recognition. Explain why this statement probably is made. Do you agree? Explain.
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