Governmental Chapter 10.docx

Governmental Chapter 10.docx - Rhonda Tomlin 10-2 a...

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Rhonda Tomlin 10-2 a. Statement of financial position, Statement of Activities, and Statement of Cash Flow b. Permanently restricted net assets, Temporarily restricted net assets, and unrestricted net assets c. Fixed asset of property plant and equipment which has been purchased and their utilization is unrestricted are carried at cost. The assets that were donated and their purpose is restricted then these assets are recorded at fair value. Plants can be recorded initially as unrestricted temporarily and reclassified in accordance with the depreciation schedule. (acquired with unrestricted resources) or the plant may be initially recorded as temporarily restricted and reclassified in accordance with the depreciation schedule. (acquired with unrestricted resources) The plant may be initially recorded as unrestricted and a reclassification shown immediately in the total amount. (acquired with temporarily restricted resources) The plant may be initially recorded as temporarily restricted and reclassified in accordance with the depreciation schedule.
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