discussion board
Use the following resources (attached) to answer the following discussion board questions on page 523.
Please answer all of the questions in the last paragraph about recording the high school building.
500 work minimum – cited APA style
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chapter
A t’ f
(Part 1) Learning Objectives
After studying this chapter, you
should be able to:
o even a seasoned veteran of accounting, the finanCial state-
t d d f t t l I t t LO 11-1 Explain the history of
men s pro uce or a s a e or oca governmen can appear o and the reasons for the
be written in a complex foreign language. unique characteristics of
the financial statements
0 The 2011 financial statements for Bismarck, North Dakota, report produced by State and
local governments.
other financmg sources and uses for its governmental funds that LO 11_2 Differentiate between
include $23.2 million of operating transfers-in and $24.5 million of the two sets of financial
o eratin transfers-out statements produced
p g ‘ by state and local
0 The June 30, 2012, balance sheet for the governmental funds of governments.
Portland, Maine, reports total fund balances of $38.5 million. LO 11’3 Understand the reason
that fund accounting
o The 2012 comprehensive annual financial report (CAFR) for Phoenix, has traditionally been a
prominent factor in the
Arizona, contains more than 250 pages of data including the dol- internal recording of state
Iar amounts of expenditures made in connection with public safety and local governments.
($796.0 million), community enrichment ($193.4 million), and envi- LO 11’4 identify the threefund
types and the indiVidual
ronmental serVices ($19.0 million). fund categories within each.
o For 2012, Greensboro, North Carolina, reports two complete and LO 11-5 UnderstandI the basic
t ct t-
distinct sets of fmancual statements. One discloses that the City’s fivird‘e iihzzcigrztgtgmeehts
governmental activities owed $261.4 million in liabilities as of and fund financial
statements (as produced for
June 30, 2012, whereas the second set indicates that, at the same the governmental funds)_
point in time, the city’s governmental funds owed $52.6 million in Lo 11-6 Record the passage
liabilities of a budget as well as
subsequent encumbrances
o For the year ending June 30, 2012, Nashville and Davidson County, and expenditures-
Tennessee, report that operating the public library system resulted Lo 11-7 Understand the reporting
of capital assets, supplies,
in a net finanCial burden of $29.6 million for the citizens, while the and prepaid expenses by a
department of water and sewerage services provided a financial State °fi°cai government.
benefit of $41.0 million. LO 11’8 Qetermine the proper
timing for the recognition
Merely a quick perusal of such information points to fundamental dif- sprgggflzsngfxavélws
