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government and not for profit accounting please answer those questions, and check the journal entries I made. 1.why Short-term liability principle retirement can't be reported
government and not for profit accounting
please answer those questions, and check the journal entries I made.
1.why Short-term liability principle retirement can't be reported as expenditure in governmental funds? Nonfund? No need? 2. Can Long-term liability principle retirement be reported in governmental fund, like general fund? What about nonfund? reporidas spend it wie 3. interests from short-term debt and long-term debt 4. What kind of buildings can't be capitalized inGNP? Is this sentence right? 5. Modified accrual basis: use expenditure, so no depreciation, no supplies consumed to be Government funds recorded 6. In nonfund account credit: net position, In GF, FF, PF credit: cash Alice Like buy a truck are these je roghe 7. Which funds can be paid by EAFR? 8. According to the JE All funds can hold on investment, Investment....XX Cash... XX (For nonfund?) Investment.XX Net position... XX Permanent fund: Cash....XX Other financial sources.....XX 9. Agency fund: Gov-cash->counties What's the journal entry? Due to counties(liabilities).....XX Cash.....XX 10. Capitalize a building: use nonfund JE Building .....XX NET POSITION...XX Step by Step Solution
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