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Unformatted text preview: accomplishments reporting. Of course, given the dynamic nature of governmental accounting and reporting, it is expected that new projects will be added, and some of the current projects may be discontinued or included within a larger project the board is studying. And, some may become new GASB Statements! SOLUTIONS TO EXERCISES E18-1 Multiple-Choice Questions on Government Financial Reporting 1. a 2. d 3. b 4. a 5. a 6. b 7. a $8,839,000 = assets of $14,839,000 minus liabilities of $6,000,000 8. c $7,150,000 = capital assets (net) of $12,500,000 minus long-term debt of $5,350,000 9. c $1,035,000 = net assets of $8,839,000 minus $7,150,000 minus $654,000 10. a (answers b, c, and d each include a fiduciary fund which is not a major fund) 11. d 12. c...
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.
- Fall '11