Question: 1. GASB standards require certain disclosures about capital assets in the notes to the financial statements: what are the disclosures? 2. What qualifies an asset

1. GASB standards require certain disclosures about capital assets in the notes to the financial statements: what are the disclosures? 

2. What qualifies an asset as a general capital asset?

3. If an asset is classified as a general capital asset how must in be reported in the financial statements?

4. Do you agree with the classification and reporting required for general capital assets?

Step by Step Solution

★★★★★

3.42 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 Notes to the financial statements disclose the detailed assumptions made by accountants when prepa... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Given the following: 30-Day billing cycle and 1.5% interest charge per month. 9/1 Balance $1,500. 9/8 Charge $300. 9/20 Payment $1,000. The average daily balance on 10/01 is; None of these $1,366.67...

Q:

In the Notes to the Financial Statements find Note 9 other current receivables Please list them here 9. Other Current Assets February 1, February 2, 2019 Other Current Assets (millions) 2020 Income...

Q:

In the Notes to the Financial Statements Note 4 consideration received from vendors What does Vendor Income Receivable represent (paragraph 2) Consideration Received from Vendors We receive...

Q:

How can more disclosure in the notes to the financial statements facilitate the analysis of foreign financial statements?

Q:

RAD Communications Ltd. (RAD), a Canadian public company, recently purchased the shares of TOP Systems Inc. (TOP), a Canadian-controlled private corporation. Both companies are in the communications...

Q:

Multiple Choice Questions Identify the best answer for each of the following: 1. In governmental funds, expenditures should be recognized in the period in which a fund liability is incurred, though...

Q:

Choose the best answer. 1. GASB standards require a statement of cash flows for a. Internal service funds. b. Enterprise funds. c. All internal service funds and enterprise funds. d. Only internal...

Q:

Capital Project Transactions. In 2011, Falts City began work to improve certain streets to be financed by a bond issue and supplemented by a federal grant. Estimated total cost of the project was...

Q:

MULTIPLE-CHOICE QUESTIONS 1. In evaluating whether the client is a going concern, the auditor should ask which of the following questions? a. Are there indicators of going concern problems? b. Is it...

Q:

Multiple Choice Questions Identify the best answer for each of the following: 1. The body with primary accounting standards-setting authority for state and local governments is the a. American...

Q:

For each of the following brief scenarios, assume that you are reporting on a clients financial statements. Reply as to the type(s) of opinion (per below) possible for the scenario. In addition: ...

Q:

In a study of 1541 men in their twenties, the mens HDL cholesterol levels are approximately normally distributed with mean 47 mg/dl and standard deviation 12.5 mg/dl. In a study of 823 men in their...

Q:

Additional information Sales, purchases, and expenses were occurred evenly throughout the period. Closing inventory on 30 June 2041 was $796,000 and was acquired during June 2041. Land was acquired...

Q:

Determine the centroid o f the area shown when a = 7 i n . Integral Table : Area = x 1 x 2 1 x 2 d x = 1 x 1 - 1 x 2 Q y = x 1 x 2 x 1 x 2 d x = l n ( x 2 ) - l n ( x 1 ) Q x = x 1 x 2 1 x 2 2 1 x 2...

Q:

The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, 2016, before the closing entries...

Q:

At the beginning of the year, accounts receivable were $144,000 and the allowance for bad debts was $11,500. During the year, sales (all on account) were $600,000, cash collections were $580,000, bad...

Q:

Determine the maturity date, interest at maturity, and maturity value for a 90-day, 10 percent, $18,000 note from Archer Corporation dated February 15. (Round to the nearest cent.)

Q:

Bank reconciliation adjustment. Refer to Mini-Exercise 5.1. In Mini-Exercise 5.1, The balance in Happ, Inc.'s general ledger Cash account was $12,430 at September 30, before reconciliation. The...

Q:

Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing...

Q:

Who is responsible for applying CUI markings and dissemination instructions? Authorized SIPRNET token holder Authorized NIPRNET system user Authorized system access administrator Authorized holder of...

Q:

Multiple Choice Questions Identify the best answer for each of the following 1. Which of the following statements concerning the accounting and financial reporting for capital assets is false? a....

Q:

Multiple Choice Questions 1. What amount of liability should the city recognize on fund-based financial statements at December 31, Year 1? Assume that all remaining vacations will be taken in July....

Q:

Betty Simmons, the new financial manager of Okanagan Chemicals Ltd. (OCL), a B.C. producer of specialized chemicals for use in fruit orchards, must prepare a financial forecast for 2013. OCL's 2012...

Q:

Choose the best answer. 1. Which of the following is a special purpose government? a. The State of Arkansas. b. Greene County. c. Minneapolis Public Schools. d. City of Seattle. 2. Which of the...

Q:

GASB standards require that investments be reported at fair value. Explain the GASB reporting requirements related to fair value. How do these requirements differ from reporting requirements for...

Q:

When do GASB standards require interfund receivables and payables to be reported as Internal Balances?