Question A: Governments are not required to accrue interest on long-term debt in governmental funds...
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Accounting
Question A: 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.
Question B: Per the provisions of Statement No. 34, governments must report their capital assets similar to businesses in their government-wide statements. Yet the information provided is still inadequate to facilitate the major types of decisions and judgments made by statement users. Do you agree? Explain.
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