A fire destroyed one of Government A's fire stations, which had a net book value of 635,000 . The government received an insurance settlement of 400,000 in the same fiscal year the fire had occurred.
Which of the following best describes the external financial reporting in the year of the fire?
A. A special item in the amount of 635,000 should be reported in government-wide financial statements only.
B. A loss of 235,000 should be reported in the government-wide financial statements only.
C. A loss of 235,000 should be reported in both the General Fund and the government-wide financial statements.
D. A special item of 235,000 should be reported in the government-wide financial statements only.
Question 2
The correspondence or agreement between the information and the actual events or objects that the information represents is known as
a. accuracy
b. completeness
c. neutrality
d. comparability
Book scorpian
The world attempted to deal with Somalia as if it were a real country but painfully learned that Som
In 2009, historian Woody Holton described how Abigail Adams shrewdly invested in the Continental Con
St. Matthew, from the Gospel Book of Charlemagne.
A government of Ontario 364-day T-bills with a face value of $50 000 were purchased on January ...
Fire power Mario