Author Question: A municipality allows its employees to accumulate up to 45 days' vacation pay that may be cashed in ... (Read 141 times)

mspears3 · **on:** Jul 5, 2018

A municipality allows its employees to accumulate up to 45 days' vacation pay that may be cashed in by the employees on retirement. Many employees whose salaries are paid from General Fund appropriations avail themselves of this opportunity.

Where does this liability appear on the governmental funds balance sheet when employees are not expected to retire in the near future?
a. General Fund column; Accrued vacation leave caption
b. This liability is not reported in the governmental funds balance sheet.
c. General Fund column; Noncurrent liabilities caption
d. General Fund column; Payable from restricted assets caption

Question 2

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Fill in the blank(s) with correct word