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I am confused on these questions for the Montana CAFR for 2017. Here is the link https://sfsd.mt.gov/SAB/cafr e. Review the notes to the financial statements,
I am confused on these questions for the Montana CAFR for 2017. Here is the link https://sfsd.mt.gov/SAB/cafr
e. Review the notes to the financial statements, specifically the note (in the summary of significant accounting policies) regarding the definition of modified accrual accounting. Does the note specifically indicate that modified accrual accounting IS used for capital projects and debt service funds? Does the note indicate that debt service payments, both principal and interest, are recorded as an expenditure when due? f. Does your government report capital leases payable in the government-wide Statement of Net Position? If so, can you determine if new capital leases were initiated during the year? Can you trace the payments related to capital leases? g. Does your government report any permanent funds, either major or nonmajor? If so, list them. What are the amounts of the permanent resources available for governmental purposes? What is/are the governmental purpose(s)?
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