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Distinction between expenditures and expenses

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Reference no: EM131753838

1. What is the distinction between expenditures and expenses as the terms are used in governmental accounting?

2. A government expects to pay its electric bill for to its current fiscal year sometime in the following year. Should the payment be charged as an expenditure of the current or the following year?

3. A government accounts for inventory on the consumption basis. Why do some accountants believe that it should offset the year-end inventory balance with a fund balance-nonspendable when no comparable fund balance is required for cash, taxes receivable, or most other assets?

4. A government accounts for inventory on the purchases basis. Why must it offset its year-end inventory balance with an addition to fund balance?

5. Governments are not required to accrue interest on long-term debt in governmental funds even if the interest is applicable to a current period and will be due the first day of the following year. Explain and justify the standards that permit this practice.

6. What are the requirements of special revenue funds? Go to a governmental GAFR, what are some types of special revenue funds that the governmental organization list?

Reference no: EM131753838

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