Fundamentals of Advanced Accounting
6th Edition
ISBN: 9780077862237
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Chapter 12, Problem 3DYS
Read the following journal article: “25 Years of State and Local Governmental Financial Reporting—An Accounting Standards Perspective,” The Government Accountants Journal, Fall 1992.
Or, as an alternative possibility, do a search of books in the college library for advanced accounting textbooks or government accounting textbooks that were published prior to 2000.
Required
Accounting for state and local governments has changed considerably in the last 10–20 years. Write a report to highlight some of the differences you noted between the process described before 2000 and the process that has been presented in this chapter and the preceding one in this textbook.
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Read the following journal article: "25 Years of State and Local Governmental Financial Reporting—An Accounting Standards Perspective," The Government Accountants Journal, Fall 1992.
Or, as an alternative possibility, do a search of books in the college library for advanced accounting textbooks or government accounting textbooks that were published prior to 2000.
Required
Accounting for state and local governments has changed considerably in the last 10-20 years. Write a report to highlight some of the differences you noted between the process described before 2000 and the process that has been presented in this chapter and the preceding one in this textbook.
In preparation for the annual meeting of Barker County, the finance committee was meeting to discuss the financial reports that would be presented to the Board of Commissioners. The committee included a newly elected commissioner, Michelle Backin, who graduated about 15 years ago with a business degree from the local college. After a long discussion about why the presentation of the financial information was so different from what she had learned in her accounting principles course, the county treasurer, Jack Black, was wrapping up the meeting.“Are there any final questions from anyone on the committee?” Jack asked. Michelle raised her hand.“I just have one more question. Since the county has the power to tax, shouldn’t there be an intangible asset in the government-wide Financial Statements that reflects the value of that power? Isn’t it similar to owning a patent or trademark that allows you to produce future revenue? And I know that patents and trademarks are Intangible Assets.”…
To what extent do the unique features of government accounting make a difference on the financial statements?
The transactions that follow relate to the Danville County Comptroller’s Department over a two-year period.
Year 1• The county appropriated $12,000 for employee education and training.• The department signed contracts with outside consultants to conduct accounting and auditing workshops. The total cost was $10,000.• The consultants conducted the workshops and were paid $10,000.• The department ordered books and training materials, which it estimated would cost $1,800. As of year-end, the materials had not been received.
Year 2• The county appropriated $13,500 for employee education and training.• The department received and paid for the books and training materials that it ordered the previous year. Actual cost was only $1,700. The county’s accounting policies require that the books and training materials be charged as an expenditure when they are received (as opposed to being…
Chapter 12 Solutions
Fundamentals of Advanced Accounting
Ch. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - A landfill is scheduled to be filled to capacity...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 11QCh. 12 - Prob. 12QCh. 12 - Prob. 13QCh. 12 - What does a comprehensive annual financial report...Ch. 12 - Prob. 15QCh. 12 - Prob. 16QCh. 12 - What is the difference between a blended component...Ch. 12 - Prob. 18QCh. 12 - Prob. 19QCh. 12 - Prob. 20QCh. 12 - Prob. 21QCh. 12 - How are internal service funds reported on...Ch. 12 - Prob. 23QCh. 12 - A general purpose government takes over a special...Ch. 12 - Prob. 25QCh. 12 - Prob. 26QCh. 12 - Prob. 1PCh. 12 - Prob. 2PCh. 12 - Prob. 3PCh. 12 - Prob. 4PCh. 12 - Prob. 5PCh. 12 - A city creates a solid waste landfill. It assesses...Ch. 12 - Prob. 7PCh. 12 - If this landfill is judged to be a proprietary...Ch. 12 - If this landfill is judged to be a governmental...Ch. 12 - The City of Nomanchester has a defined benefit...Ch. 12 - Prob. 11PCh. 12 - Prob. 12PCh. 12 - Prob. 13PCh. 12 - Prob. 14PCh. 12 - A city builds sidewalks throughout its various...Ch. 12 - Prob. 16PCh. 12 - Prob. 17PCh. 12 - Prob. 18PCh. 12 - Prob. 19PCh. 12 - Prob. 20PCh. 12 - Prob. 21PCh. 12 - Prob. 22PCh. 12 - Prob. 23PCh. 12 - Prob. 24PCh. 12 - Prob. 25PCh. 12 - Prob. 26PCh. 12 - Prob. 27PCh. 12 - Prob. 28PCh. 12 - Prob. 29PCh. 12 - Prob. 30PCh. 12 - Prob. 31PCh. 12 - Prob. 32PCh. 12 - Prob. 33PCh. 12 - Prob. 34PCh. 12 - Prob. 35PCh. 12 - The City of Francois, Texas, has begun the process...Ch. 12 - Prob. 37PCh. 12 - Prob. 38PCh. 12 - Prob. 39PCh. 12 - Prob. 40PCh. 12 - Prob. 41PCh. 12 - 42. For each of the following, indicate whether...Ch. 12 - For problems 40 through 43, use the following...Ch. 12 - Prob. 44PCh. 12 - Prob. 45PCh. 12 - Prob. 46PCh. 12 - On the first day of the year, the City of Wolfe...Ch. 12 - Prob. 48PCh. 12 - A city has a solid waste landfill that was filled...Ch. 12 - Use the same information as in problem 44 except...Ch. 12 - Prob. 51PCh. 12 - Prob. 52PCh. 12 - Prob. 53PCh. 12 - Prob. 2DYSCh. 12 - Read the following journal article: 25 Years of...Ch. 12 - Prob. 4DYSCh. 12 - Prob. 5DYSCh. 12 - The City of Larissa recently opened a solid waste...
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