Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 5, Problem 2Q
Explain what disclosures the GASB requires for capital assets and leased assets in the notes to the financial statements.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What are the Required disclosures about each major class of capital assets?
What is an asset and liability per the IASB framework definition for the preparation and
presentation of financial statement?
Which of the following should be disclosed in the Summary ofSignificant Accounting Policies?a. rent expense amount
b. maturity dates of long-term debtc. methods of amortizing intangiblesd. composition of plant assets
Chapter 5 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 5 - What are general capital assets? How are they...Ch. 5 - Explain what disclosures the GASB requires for...Ch. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What is the accounting difference between using...Ch. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - What is a service concession arrangement, and why...
Ch. 5 - Prob. 13CCh. 5 - Prob. 14CCh. 5 - Prob. 15CCh. 5 - Under GASB standards, which of the following would...Ch. 5 - Two new copiers were purchased for use by the city...Ch. 5 - Maxim County just completed construction of a new...Ch. 5 - A capital projects fund would probably not be used...Ch. 5 - Machinery and equipment depreciation expense for...Ch. 5 - Prob. 17.6EPCh. 5 - Prob. 17.7EPCh. 5 - Callaway County issued 10,000,000 in bonds at 101...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Prob. 17.11EPCh. 5 - Prob. 17.12EPCh. 5 - Prob. 17.13EPCh. 5 - Arbitrage rules under the Internal Revenue Code a....Ch. 5 - Prob. 17.15EPCh. 5 - Make all necessary entries in the appropriate...Ch. 5 - Prob. 19EPCh. 5 - Prob. 20EPCh. 5 - In the current year, the building occupied by...Ch. 5 - Prob. 22EPCh. 5 - Make all necessary entries in a capital projects...Ch. 5 - The year-end pre-closing trial balance for the...Ch. 5 - Prob. 25EPCh. 5 - This year Riverside began work on an outdoor...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What are the classifications of financial assets in accordance with IFRS 9?arrow_forwardmajor disclosure requirements for revenue accounts, capital. assets and liabilitiesarrow_forwardDemonstrate how to identify and account for debt investments classified for reporting purposes as held-to-maturity.arrow_forward
- How should the amount of interest capitalized be disclosed in the notes to the financial statements? How should interest revenue from temporarily invested excess funds borrowed to finance the construction of assets be accounted for?arrow_forwardWhat are the reasons for statutory debt limits and explain the terms debt margin and overlapping debt? What are the purpose and types of debt service funds? What are the journal entries utilized to account for activities of debt service funds?arrow_forwardDefine current assets. What basis is used for arranging individual items within the current assets section?arrow_forward
- Which of the following are controls that can be applied to capital assets? i - Examine and count capital assets on a regular basis ii - Place capital assets in a secure area iii - Tag assets with bar codes iv - Track individual assets in accounting records Select one: a. iv only b. iii and iv only c. all of i, ii, iii and iv d. ii, iii, and iv onlyarrow_forwardPlease classify current assets fixed assets current liabilites and non current liabilities in this two picturearrow_forwardWhich of the following assets appears on the balance sheet at fair value? Equipment, Land, investment in marketable securities or intangible assets?arrow_forward
- Statement 1: An entity shall disclose the period of construction in which borrowing costs are capitalized.Statement 2: Entities with qualifying assets shall disclosed in the financial statements the amount of borrowing costs capitalized as well as the amount of borrowing costs charged to profit or loss for the period.arrow_forwardWhen is an encumbrance recorded? What happens to this balance? How are encumbrances reported in government-wide financial statements?arrow_forwardThe modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust fundsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License