Q: Per the city’s schedule of long-term obligations, what is
Per the city’s schedule of long-term obligations, what is the total long-term obligation for both governmental and business-type activities? Does this amount reconcile with the long-term liabilities a...
See AnswerQ: What is a single audit? What deficiencies in previous practice was
What is a single audit? What deficiencies in previous practice was the Single Audit Act intended to correct?
See AnswerQ: What are the differences between recording a hospital’s expenses by natural classification
What are the differences between recording a hospital’s expenses by natural classification than by function?
See AnswerQ: In addition to bonds payable, what other kinds of long-
In addition to bonds payable, what other kinds of long-term debt for governmental activities did the city report in its statement of net position?
See AnswerQ: What are the measurement focus and basis of accounting of governmental funds
What are the measurement focus and basis of accounting of governmental funds? What is the traditional rationale for this basis of accounting (used in governmental fund statements)—as opposed to, for e...
See AnswerQ: The East Eanes School District engaged in or was affected by the
The East Eanes School District engaged in or was affected by the following events and transactions during its fiscal year ending June 30, 2018. 1. Teachers and other personnel earned $350,000 in vacat...
See AnswerQ: On January 1, a public school district issued $6 million
On January 1, a public school district issued $6 million of 6 percent, 15-year coupon bonds to finance a new building. The bonds, which require semiannual payments of interest, were issued for $6,627,...
See AnswerQ: On June 1, 2018, a city issues $2 million
On June 1, 2018, a city issues $2 million in 7 percent demand bonds. Although the bonds have a term of 10 years, they contain a “put” option permitting the holder to present the bonds for redemption,...
See AnswerQ: In August 2017, voters of Balcones, a medium-sized
In August 2017, voters of Balcones, a medium-sized city, approved a $15 million general obligation bond issue to finance the construction of recreational facilities. In order to begin construction imm...
See AnswerQ: For each of the following items relating to the debt of Marfa
For each of the following items relating to the debt of Marfa City, indicate whether and how the debt would be reported on a balance sheet of one of the city’s governmental funds. If it would not be r...
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