Active TopicsActive Topics  Display List of Forum MembersMemberlist  Search The ForumSearch  HelpHelp
  RegisterRegister  LoginLogin
FAR STUDY GROUP
 CPAnet Forum : FAR STUDY GROUP
Subject Topic: Government accounting again... (Topic Closed Topic Closed) Post ReplyPost New Topic
  
Author
Message << Prev Topic | Next Topic >>
venchlu
Major Contributor
Major Contributor


Joined: 18 Aug 2009
Location: United States
Online Status: Offline
Posts: 588
Posted: 17 May 2010 at 09:26 | IP Logged  

The fund financial statements of the City of Variance Falls display total fund balances for all governmental funds of $500,000 for the year ended December 31, 20X5.  Staff have compiled the following data as of December 31, 20X5 relative to governmental funds and governmental activities:

 

Capital assets used in city operations                                    $ 600,000

Accumulated depreciation                                                       250,000

 

Infrastructure (roads, bridges, etc.)                                      1,500,000

Accumulated depreciation                                                       850,000

 

Bonds payable used to finance capital

  assets used to in city operations                                            450,000

 

Road and bridge bonds payable                                              350,000

 

Variance Falls uses the modified approach to report infrastructure.  The City of Variance Falls would report Net Assets associated with its governmental activities in its government-wide financial statements at December 31, 20X5 of:

A.      50,000

B.      400,000

C.      700,000

D.      1,050,000

The correct answer is A. The answer doesn’t include (1)Infrastructure (roads, bridges, etc.) 1,500,000 and (2) Accumulated depreciation 850,000…my question is what do we do with them? Where do we post them or where do we disclose? We just disclose in the RSI section ? Thanks !!!



__________________
REG 91
BEC 89
AUD 88
MA certified
FAR 94
Back to Top View venchlu's Profile Search for other posts by venchlu
 



Sorry, you can NOT post a reply.
This topic is closed.


  Post ReplyPost New Topic
Printable version Printable version

Forum Jump
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum

Powered by Web Wiz Forums version 7.9
Copyright ©2001-2010 Web Wiz Guide

This page was generated in 0.1094 seconds.

Copyright © 1996-2016 CPAnet/MizWeb Communities All Rights Reserved
Twitter
|Facebook |CPA Exam Club | About | Contact | Newsletter | Advertise & Promote