Questions from Accounting for Government and Non-Profit

Q: What is the city’s legal debt margin?

What is the city’s legal debt margin?

Q: Does the city have any lease obligations outstanding? Are these accounted

Does the city have any lease obligations outstanding? Are these accounted for as operating or capital leases? Can you determine if any of these leases were initiated during this year? What is the amou...

Q: Compute the total amount of the city’s direct and overlapping debt?

Compute the total amount of the city’s direct and overlapping debt?

Q: Does the city have outstanding any conduit debt?

Does the city have outstanding any conduit debt?

Q: The following descriptions relate to an independent CPA firm that includes among

The following descriptions relate to an independent CPA firm that includes among its audit clients municipalities, school districts, and not‐for‐profit organizations, all of which receive federal fina...

Q: Although many governments prepare budgets for both capital projects and debt service

Although many governments prepare budgets for both capital projects and debt service funds and integrate them into their accounts, budgetary control over these funds is not as essential as it is for o...

Q: How should governments report their long-lived assets in their government

How should governments report their long-lived assets in their government-wide financial statements?

Q: A city establishes an art museum. What options does it have

A city establishes an art museum. What options does it have in accounting for its collection of paintings?

Q: Although Statement No. 34 requires that infrastructure assets be accounted

Although Statement No. 34 requires that infrastructure assets be accounted for similar to other capital assets, it allows for a major exception with regard to depreciation. What is that exception?

Q: Why have many government officials objected to Statement No. 34’s requirement

Why have many government officials objected to Statement No. 34’s requirement that infrastructure assets be accounted for similar to other capital assets?