ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
18th Edition
ISBN: 9781264192410
Author: RECK
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 10, Problem 1Q
The GASB indicates that economic condition is composed of three components. Identify and define the three components of economic condition.
Expert Solution & Answer
To determine
Describe the three components of Economic condition as described by GASB.
Explanation of Solution
Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an independent board that establishes reporting standards for the local and state government, and also for government not-for-profit organizations that has to adhere to the generally accepted accounting principles (GAAP).
The three components of Economic condition as described by GASB are:
- Financial Position: The financial position aims at determining the value of the assets or liabilities shown in the balance sheet of government.
- Fiscal Capacity: The fiscal capacity refers to the ability and willingness of the government to pay the financial obligations once they become due.
- Service Capacity: The service capacity refers to the ability and willingness of the government to serve the society and meet the several needs of the society.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
name three economic factors that affect financial activities.
Describe the four ways in which income can be classified?
Explain three purposes or objectives of Financial Analysis.
Chapter 10 Solutions
ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
Ch. 10 - The GASB indicates that economic condition is...Ch. 10 - What is the Financial Trend Monitoring System and...Ch. 10 - The International City/County Management...Ch. 10 - Prob. 4QCh. 10 - Prob. 5QCh. 10 - Prob. 6QCh. 10 - Prob. 7QCh. 10 - Illustration 104, adapted front Crawford and...Ch. 10 - What is EMMA and when would someone want to use...Ch. 10 - Prob. 10Q
Ch. 10 - Prob. 11QCh. 10 - Prob. 17.1EPCh. 10 - Which of the following terms or concepts focuses...Ch. 10 - Prob. 17.3EPCh. 10 - Prob. 17.4EPCh. 10 - Prob. 17.5EPCh. 10 - Prob. 17.6EPCh. 10 - Prob. 17.7EPCh. 10 - Prob. 17.8EPCh. 10 - Prob. 17.9EPCh. 10 - Prob. 17.10EPCh. 10 - Prob. 17.11EPCh. 10 - Which of the following would be considered a sign...Ch. 10 - Prob. 17.13EPCh. 10 - Prob. 17.14EPCh. 10 - What is Electronic Municipal Market Access, or...Ch. 10 - Prob. 18EPCh. 10 - Examine the following tables from the Financial...Ch. 10 - Prob. 20EPCh. 10 - Prob. 21EP
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
- List and explain three key features of the segmented income statement.arrow_forwardWhat is net income? Give three examples?arrow_forwardAs per the ________, the entity will remain in operation for the foreseeable future. A. monetary unit assumption B. cost principle C. economic entity concept D. going concern assumptionarrow_forward
- Use U.S. GAAP to determine how to subsequently measure the ten financial assets in requirement 1. Three choices of measurement basis are amortized cost, fair value through other comprehensive income, and fair value through profit or loss. Feel free to make an assumption and be sure to provide justification for your answer.arrow_forwardDefine Total comprehensive incomearrow_forwardUnder the historical cost accounting model the financial statement that is regarded as the most important is: Select one: a. Balance sheet b. Cash flow statement c. Income statement d. They are all equally importantarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningFinancial Reporting, Financial Statement Analysis...FinanceISBN:9781285190907Author:James M. Wahlen, Stephen P. Baginski, Mark BradshawPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Financial Reporting, Financial Statement Analysis...
Finance
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:Cengage Learning
IAS 10 Events After the Reporting Period; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=ijYZlb1_ZyQ;License: Standard Youtube License