You are comparing two cities. In one, the average of the population is considerably below the average age for the country; in the other, it is considerably above. What are the ﬁnancial implications of the differences?
Answer to relevant QuestionsWhat is meant by ‘‘interperiod equity’’? What is its consequence for financial reporting? In what key ways does the format of the government-wide statement of activities differ from that of a traditional income statement? A change to the full accrual basis may have little impact upon reported revenues. A city levies property taxes of $4 billion in June 2013 for its fiscal year beginning July 1, 2013. The taxes are due by January 31, 2014. ...What are special assessments? How do governments account for them? The text notes that two consecutive years of operating deﬁcits are generally seen by analysts as a sign of ﬁscal stress. Suppose that a government has had several years of general fund surpluses. Are they necessarily a ...
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