WebGASB Codification Section 1600.106 states that revenues in governmental funds and other governmental fund financial resource increments are recognized using the modified accrual basis of accounting when they are susceptible to accrual, which means they must be both measurable and available. WebThe Debt Service fund is set up to account for payment of principal and interest on both short-term and long-term debt for governmental entities. The debt service fund will account for and report financial resources that are deemed restricted, committed, or assigned to expenditures for principal as well as interest associated with long-term debt.
Chapter 5: Financial Reporting, Financial Accounting for …
Webcomply with the Net Assets section of the GASB #34 Balance Sheet for full accrual funds. Other major changes under GASB #34 include the elimination of: (1) the General Fixed … WebCDE provided additional GASB 87 accounting and financial reporting information and guidance. ... Subsequent lease payments are accounted for consistent with the principles for debt services payments on long-term debt. Object 7439, Other Debt Service-Principal; Object 7438, Debt Service-Interest ... good shooting games to play on roblox
Summary - Statement No. 91 - GASB
WebFor note disclosure to the financial statements, GASB 88 defines debt as a liability that arises from a contractual obligation to pay cash (or other assets that may be used in lieu … WebQuestion 66 options: A) A debt service fund is used only for debt service activities related to general long-term liabilities. B) GASB standards require a separate debt service fund to This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. See Answer WebFurthermore, GASB 34, paragraph 119 states “Information about long-term liabilities should include both long-term debt and other long-term liabilities (such as compensated absences, and claims and judgments.)” It further requires disclosures for “ the portions of each item that are due within one year of the statement date.” good shooting guards