Chap018-baker 10

Chap018-baker 10 - accomplishments reporting Of course given the dynamic nature of governmental accounting and reporting it is expected that new

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Chapter 18 - Governmental Entities: Special Funds and Government-Wide Financial Statements 18-10 C18-6 Summarizing a Recent GASB Exposure Draft Note to the Instructor: This case provides your students with the opportunity to be on the leading edge of a proposed governmental accounting or reporting standard. Students can learn about some of the specifics of an expected, new GASB Statement. The most recent ED on the web page will be dependent on future actions of the GASB, but the Project Pages link in the left-hand frame of the GASB’s opening web page presents information on the status of current GASB projects. These projects are in various stages of progress, but as of 2008, it appears that future Statements may be on economic condition reporting, fund balance reporting, and on service efforts and
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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.

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