ADVANCED ACCOUNTING
13th Edition
ISBN: 9781260773033
Author: Hoyle
Publisher: MCG
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Chapter 17, 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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Obtain a copy of The State of New Jersey's recent Comprehensive Annual Financial Report (CAFR). This may commonly be obtained online. It would be best, but not absolutely necessary, to use a CAFR that has a Certificate of Excellence in Financial Reporting from the Government Finance Officers Association. Answer the following questions related to your CAFR.
(A) What are the inclusive dates of the fiscal year?
(B) Identify the name and address of the independent auditor. Is the auditor's opinion unmodified? If not, describe the modification. Is the opinion limited to the basic financial statements, or does the opinion include combining and individual fund statements?
(C) Does the report contain an organization chart? A table of contents? A list of principal officials? A letter of transmittal? Is the letter of transmittal dated and signed by the chief financial officer? List the major items of discussion in the letter of transmittal.
(D) Does the report include a Management's Discussion…
During the long evolution of government accounting, many scholars have discussed its unique features. In the August 1989 issue of the Journal of Accountancy, R. K. Mautz described the reporting needs of governments and not-for-profit organizations (such as charities) in “Not-For-Profit Financial Reporting: Another View.”To illustrate the governmental accounting challenges, Mautz examined the method by which a city should record a newly constructed high school building. Conventional business wisdom would say that such a property is an asset owned by the government. Thus, the cost should be capitalized and then depreciated over an estimated useful life. However, in paragraph 26 of FASB Concepts Statement No. 6, an essential characteristic of an asset is “a probable future benefit . . . to contribute directly or indirectly to future net cash inflows.”Mautz reasoned that the school building cannot be considered an asset because it provides no net contribution to cash inflows. In truth, a…
During the long evolution of government accounting, many scholars have discussed its unique features. In the August 1989 issue of the Journal of Accountancy, R. K. Mautz described the reporting needs of governments and not-for-profit organizations (such as charities) in his essay “Not-For-Profit Financial Reporting: Another View.”
To illustrate the governmental accounting challenges, Mautz examined the method by which a city should record a newly constructed high school building. Conventional business wisdom would say that such a property is an asset owned by the government. Thus, the cost should be capitalized and then depreciated over an estimated useful life. However, Mautz pointed to paragraph 26 of FASB Concepts Statement No. 6, which asserted that an essential characteristic of an asset is “a probable future benefit ... to contribute directly or indirectly to future net cash inflows.”
Mautz reasoned that the school building cannot be considered an asset because it provides no…
Chapter 17 Solutions
ADVANCED ACCOUNTING
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - A landfill is scheduled to be filled to capacity...Ch. 17 - The City of VanStone operates a solid waste...Ch. 17 - Prob. 7QCh. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - What does a comprehensive annual financial report...Ch. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - What is the difference between a blended component...Ch. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - How are internal service funds reported on...Ch. 17 - Prob. 23QCh. 17 - A general purpose government takes over a special...Ch. 17 - Prob. 25QCh. 17 - Prob. 26QCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - A city agrees to allow the Jones Company to...Ch. 17 - Prob. 5PCh. 17 - A city creates a solid waste landfill. It assesses...Ch. 17 - Prob. 7PCh. 17 - If this landfill is judged to be a proprietary...Ch. 17 - If this landfill is judged to be a governmental...Ch. 17 - The City of Nomanchester has a defined benefit...Ch. 17 - Prob. 11PCh. 17 - Prob. 12PCh. 17 - Prob. 13PCh. 17 - Prob. 14PCh. 17 - A city builds sidewalks throughout its various...Ch. 17 - Prob. 16PCh. 17 - Prob. 17PCh. 17 - Prob. 18PCh. 17 - Prob. 19PCh. 17 - Prob. 20PCh. 17 - Prob. 21PCh. 17 - Prob. 22PCh. 17 - Prob. 23PCh. 17 - Prob. 24PCh. 17 - Prob. 25PCh. 17 - Prob. 26PCh. 17 - On January 1, 2017, the City of Hastings created a...Ch. 17 - Prob. 28PCh. 17 - Prob. 29PCh. 17 - Prob. 30PCh. 17 - Prob. 31PCh. 17 - Prob. 32PCh. 17 - The City of Francois, Texas, has begun the process...Ch. 17 - The County of Maxnell decides to create a...Ch. 17 - The following information pertains to the City of...Ch. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - For each of the following, indicate whether the...Ch. 17 - For problems 40 through 43, use the following...Ch. 17 - Prob. 41PCh. 17 - Prob. 42PCh. 17 - On the first day of the year, the City of Wolfe...Ch. 17 - A city has a solid waste landfill that was filled...Ch. 17 - Use the same information as in problem 44 except...Ch. 17 - Prob. 46PCh. 17 - Prob. 47PCh. 17 - Prob. 48PCh. 17 - Prob. 2DYSCh. 17 - Read the following journal article: 25 Years of...Ch. 17 - Prob. 4DYSCh. 17 - Prob. 5DYSCh. 17 - The City of Larissa recently opened a solid waste...
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