Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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
image text in transcribed 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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Undergraduates

Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.

1st Edition

1618531123, 9781618531124

More Books

Students also viewed these Accounting questions