A certain city finance officer instructed the staff:

-To ignore capital projects fund expenditures for items costing under $1,000 each when preparing journal entries to record the cost of general capital assets.

-To ignore all special assessment expenditures for street paving, curbs, gutters, and sidewalks when preparing journal entries to record the cost of general capital assets.

-To ignore all assets acquired under lease agreements.

For each of the three practices enumerated above, state whether or not you believe the practice to be in conformity with generally accepted accounting principles (GAAP). Defend your answers.

Answer rating: 100% (QA)

To Understand the answers for all three lets pick them up one by one and see what the US GAAP had to say about it 1 st To ignore capital projects fund ... View the full answer