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The Village of Baxter uses the purchases method of accounting for its inventories of supplies in the General Fund. GASB standards, however, require that the consumption method be used for the governme...
See AnswerQ: The City of Eldon applied for a competitive grant from the state
The City of Eldon applied for a competitive grant from the state government for park improvements such as upgrading hiking trails and bike paths. On May 1, 2011, the City was notified that it had been...
See AnswerQ: At the end of a fiscal year, budgetary and operating statement
At the end of a fiscal year, budgetary and operating statement control accounts in the general ledger of the General Fund of Dade City had the following balances: Appropriations, $6,224,000; Estimated...
See AnswerQ: The following transactions affected various funds and activities of the City of
The following transactions affected various funds and activities of the City of Atwater. 1. The Fire Department, a governmental activity, purchased $100,000 of water from the Water Utility Fund, a bus...
See AnswerQ: The following transactions occurred during the 2011 fiscal year for the City
The following transactions occurred during the 2011 fiscal year for the City of Fayette. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison s...
See AnswerQ: What are the three sections of a comprehensive annual financial report (
What are the three sections of a comprehensive annual financial report (CAFR)? What information is contained in each section? How do the minimum requirements for general purpose external financial rep...
See AnswerQ: The City of Ashland’s General Fund had the following post-closing
The City of Ashland’s General Fund had the following post-closing trial balance at April 30, 2010, the end of its fiscal year: During the year ended April 30, 2011, the following t...
See AnswerQ: Annabelle Benton, great-granddaughter of the founder of the Town
Annabelle Benton, great-granddaughter of the founder of the Town of Benton, made a cash contribution in the amount of $500,000 to be held as an endowment. To account for this endowment, the town has c...
See AnswerQ: What are general capital assets? How are they reported?
What are general capital assets? How are they reported?
See AnswerQ: Why do governmental fund financial statements use a different basis of accounting
Why do governmental fund financial statements use a different basis of accounting and measurement focus than the Governmental Activities column of the government-wide financial statements? Also, which...
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