Chapter_2_HW_KEY - Chapter 02 Principles of Accounting and...

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Chapter 02 - Principles of Accounting and Financial Reporting for State and Local Governments CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL GOVERNMENTS IN CLASS EXERCISE: 2-9. General Fund Debits Credits Cash 1,000,000 Other Financing Sources— Proceeds of 5-Year Note 1,000,000 Governmental Activities, Government-wide Cash 1,000,000 Mortgage Note Payable 1,000,000 General Fund Expenditures—Capital Outlay 1,000,000 1,000,000 Cash 1,000,000 Governmental Activities, Government-wide Buildings 1,000,000 Cash 1,000,000 HOMEWORK: 2.1. Obtaining a CAFR is becoming less difficult as a growing number of local governments post their CAFRs and budgets on their Web sites, as well as on the GASB’s Web site. Usually a bit of surfing under the Finance Department link of a government’s Web site will reveal the CAFR, which typically is downloadable as an Adobe Acrobat file. At any rate, once a CAFR is obtained it should be a relatively easy task to scroll down to the notes to the financial statements. Under the heading Summary of Significant Accounting Policies , the first note usually found is the description of the reporting entity. All
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This note was uploaded on 02/23/2010 for the course ACCT 34231 taught by Professor Navaroli during the Spring '10 term at CSU San Bernardino.

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Chapter_2_HW_KEY - Chapter 02 Principles of Accounting and...

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