Questions from Advanced Accounting

Q: The City of Hampshore is currently preparing financial statements for the past

The City of Hampshore is currently preparing financial statements for the past fiscal year. The city manager is concerned because the city encountered some unusual transactions during the current fisc...

Q: The City of Danmark is preparing financial statements. Officials are currently

The City of Danmark is preparing financial statements. Officials are currently working on the statementof activities within the government-wide financial statements. A question has arisen as to whethe...

Q: Search the Internet for the official website of one or more state

Search the Internet for the official website of one or more state or local governments. After reviewingthis website, determine whether the latest comprehensive annual financial report (CAFR) is availa...

Q: Assume in question (9) that the city does not choose

Assume in question (9) that the city does not choose to report the painting on the government-wide financial statements as a capital asset. Must the city report a revenue for the gift? In question (9...

Q: A partnership has the following account balances: Cash $50,

A partnership has the following account balances: Cash $50,000; Other Assets $600,000; Liabilities$240,000; Nixon, Capital (50 percent of profits and losses) $200,000; Hoover, Capital (20 percent)$120...

Q: Under what condition is the modified approach applied by a state or

Under what condition is the modified approach applied by a state or local government?

Q: What impact does the use of the modified approach have on reporting

What impact does the use of the modified approach have on reporting within the government-wide financial statements?

Q: What does the management’s discussion and analysis (MD&A)

What does the management’s discussion and analysis (MD&A) normally include? Where does a state or local government present this information?

Q: What does a comprehensive annual financial report (known as the CAFR

What does a comprehensive annual financial report (known as the CAFR) include?

Q: A primary government can be either a general purpose government or a

A primary government can be either a general purpose government or a special purpose government. What is the difference in these two? How does an activity qualify as a special purpose government?