Why is it difficult to develop accounting principles

Assignment Help Accounting Basics
Reference no: EM132017971

Questions -

1. Why is it difficult to develop accounting principles that are appropriate for governments within the same category (e.g., cities, counties) and even more difficult to develop them for governments within different categories?

2. Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city's ten separate special revenue funds. Moreover, you observe that there are no funds for public safety, sanitation, health and welfare, and general administration-all important functions of the government.

Why do you suppose the city hasn't attempted to ‘‘even out'' the assets in the funds?

Why does it not maintain funds for each of its major functional areas?

Reference no: EM132017971

Questions Cloud

List the specific nutrition issues affecting individuals : NTR2050 : Choose from one of the following stages: pregnancy, infancy and childhood, adolescence, adulthood, and old age.
Under the terms of an interest rate swap : Under the terms of an interest rate swap, The 6-month LIBOR rate two months ago was 11% per annum. What is the value of the swap?
Write an essay on a topic in solar system astronomy : Write a short essay (1000-1500 words) on a topic in solar system astronomy.
How would this sale of stock in affect ibm corporation : oe soldthese shares to Sally Forth for $15,000. How would this sale of stock in 2014 affect IBM corporation?
Why is it difficult to develop accounting principles : Why is it difficult to develop accounting principles that are appropriate for governments within the same category
Is there an ethical issue in this situation that relates : Integrity is one of the core values at Saint Leo University (please read Saint Leo University core values).
What are the four steps of capital budgeting analysis : Draw a simple balance sheet that shows an insolvent bank What are the four steps of capital budgeting analysis?
Prepare the january adjusting entry for rent expense : On January 2, Dog Mart prepaid $30,000 rent for the year and recorded the prepayment in an asset account. Prepare January 31 adjusting entry for rent expense
Prepare the journal entries to record the benefit of loss : Trenton Co. incurred a net operating loss of $850,000 in 2014. Prepare the journal entries to record benefit of loss carry back and loss carry forward option

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd