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Subject Topic: Governmental Inter period equity. (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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jsn123
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Joined: 22 Dec 2009
Location: United States
Online Status: Offline
Posts: 107
Posted: 27 Sep 2010 at 16:10 | IP Logged  

I am not able to figure out meaning of the below
question.

Can some one help me with this?


Which event is (are) supportive of Intermediate equity
as a financial reporting objective of a governmental
unit?

i. A balanced budget is adopted
ii. Residual equity transfers out equals residual equity
transfers in.

a. i only


Choice "a" is correct. Interperiod equity is a
significant part of accountability on behalf of a
governmental entity. It helps users assess whether
current year revenues are sufficient to pay for the
services provided that year and whether future taxpayers
will be required to assume burdens for services
previously provided. Residual equity transfers is an
obsolete term included as a distracter.
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