05 Jun Question 1) If, under GAAP, capital leases are considered long-term obligations, why, in many jurisdictions, are they not subject to debt limitations?
Question
1) If, under GAAP, capital leases are considered long-term obligations, why, in many jurisdictions, are they not subject to debt limitations?
2)
· Transactions for Fund Statements and Government-wide Statements
Preston Village engaged in the following transactions:
· It issued $20 million in bonds to purchase a new municipal office building. The proceeds were recorded in a capital projects fund.
· It acquired the building for $20 million.
· It recognized, as appropriate, $300,000 of depreciation on municipal vehicles.
· It transferred $2,060,000 from the general fund to a debt service fund.
· It paid $60,000 in interest on long-term debt and repaid $2 million of principal on the same long-term debt.
· It sold for $5 million village land that had been acquired for $4 million. The proceeds were recorded in the general fund.
Instructions:
Answer the following question based on the transactions outlined above.
7. For each of the transactions, prepare journal entries to record them in appropriate governmental funds (which are accounted for on a modified accrual basis).
8. Prepare journal entries to reflect how the transactions would be reflected in government-wide statements (which are prepared on a full accrual basis).
9. How can governments justify preparing two sets of financial statements, each on a different basis?
Requirements:
· Submit your responses to the following questions in a 1-2 page document in MS Word. Label each question clearly. Please include computations in a table.
· For written answers, please make sure your responses are grammatically correct and free from spelling errors.
· Use APA Format.and if any reference include it
3)
· Option #2: Internal and External Users of Governmental Statements
Instructions: Provide complete answers to the following two problems.
1. Why is it more difficult to distinguish between internal and external users in governments than in businesses?
2. From what two perspectives must the financial statements under the Governmental Accounting Standards Board (GASB) No. 34 reporting model be prepared? How do the two differ from each other?
Requirements:
· Submit your responses to the following questions in a 1-2 page document in MS Word. Label each question clearly. Please include all computations in a table.
· For written answers, please make sure your responses are grammatically correct and free from spelling errors.
· Use APA format and provide your reference
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