In june 1999 statement 34 required the most

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In June 1999, statement #34 required the most significant change to the
reporting model in 60 years. This required the government to: 1. Prepare two sets of financials. 2. Settle the conflict between Budget basis and Interperiod Equity. 3. Prepare both the Governmentwide and Funds financials. 4. Accept that accrual basis best represents Interperiod Equity. 5. Accept the need for cash or close to cash budget reporting. What is thecorrect statement:Question 70 out of 2 pointsWashington City recognizes as revenues/expenditures those amounts collected/paid during the year or within 60 days of fiscal year-end. The City offers a pension benefit to its employees who meet certain age and years of employment criteria. The City participates in the State Pension Plan. The City's actuarially determined contribution requirement to the State Pension Plan for the fiscal year ended 6/30/18 is $4 million. Due to cash inflow shortages the City, which budgeted $4 million for pension payments, paid only $3.5 million in the fiscal year ended 6/30/18. The City paid the remaining amount on September 30, 2018. Assuming the City maintains its books and records in a manner that facilitates the preparationof its fund financial statements, what is the appropriate entry to record the pension payments and recognize any associated liability?Question 81 out of 1 pointsInterperiod equity and accountability are two basic ingredients of the governmental accounting system; however, to be more accountable budgets requires close to cash accounting while accrual basis accounting lends more to the interperiod equity concept but calls for the modified accrual basis. This is referred to as the government accounting dilemma. Question 91 out of 1 pointsRevenues Under GASB can be recognized when it isQuestion 102 out of 2 pointsThe newly created State Recreation District established the following funds, each of which is a separate fical and accounting entity: A GENERAL FUND, unassigned resources and general operations A CAPITAL PROJECT FUND, for proceeds from bonds & construction A DEBT SERVICE FUND, to account for principal & interest on bonds An INTERNAL SERVICE FUND, for equipment repairs operations. A summary of the district's first-year transactions follows (all in millions)1. It levies taxes of $300 of which it collects $250 and $50 is expected to be collected shortly after year end.
2. It incurs $240 in general operating expenditures, of which it pays $1703. It issues long-term bonds of $500. The bonds must be used to finance the acquisition of recreational facilities. Accordingly, they are recorded in the restricted fund-the capital projects fund. As such, it is nto accounted for on a full accrual basis. It does not recognize long-term debt as an obligation. Therefore, the inflow of resources is accounted for as "bond proceeds" an account that, like a revenue, increases fund balance. The account is classified as "other financing sources" in a statment of revenues, expenditures and changes in fund balance to distinguish it from operating revenues.

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