Non profit accounting and government
Discuss the three questions for the following scenario, in very short answers:
Recording and Reporting of Damaged Capital Assets. A tornado damaged a part of the City of Westbrook’s Police Station. Some of the costs related to the damage included the following:
The building wiring had to be replaced. Since the wiring was over 20 years old, replacing the wiring allowed the city to bring the wiring up to current code and accommodate the increasing technology needs of the police station.
A large section of the interior walls (dry-wall) had to be replaced and painted. The same type of material was used in replacing the interior walls.
All hardwood floors were replaced with the same materials.
Office furniture that had been gathered for transfer to the city’s surplus storage facility was damaged beyond repair. Replacement furniture was on order but had not been received by the date of the tornado.
The police station’s radio dispatch equipment suffered water damage.
- Discuss how to determine if the police station should be considered impaired, and if it is impaired, how accounting and reporting should be handled.
- Discuss whether you would classify the costs incurred to repair the building as enhancements or replacements.
- Discuss the accounting treatment of the damaged furniture and radio dispatch equipment.
Answer the following questions in very short answers:
A. What are general capital assets? How are they reported in the fund and government-wide financial statements?
B. Explain what disclosures the GASB requires for capital assets in the notes to the financial statements.
C. Compare and contrast the valuation of general capital assets of a government to the valuation of assets of a for-profit entity. What special issues may arise in valuing a government’s assets that generally do not occur in a for-profit company?
D. How does one determine whether a particular lease is a capital lease or an operating lease? What entries are required in the general journals of a governmental fund and governmental activities at the government-wide level to record a capital lease at its inception?
E. What are examples of intangible assets held by governments? How are they recorded?
F. What two measures help protect a government from failure on a contractor’s part to comply with the terms and specifications of a construction agreement? Describe each measure and its primary purpose.
G. What is a service concession arrangement, and why might a government choose to enter into such an arrangement? Provide examples of general capital assets that might be subject to service concession arrangements
American Style of Communication Compared to the European one GuidesorSubmit my paper for investigation quote freya starkPeople regularly talk about social contrasts among western and eastern nations. Without a doubt, the perspective, conventions, strict traditions, living conditions, etc in these nations are route not quite the same as each other; in any case, what about the western world itself? Shockingly, a more intensive see it can uncover a large number of inquisitive insights about the route individuals of, for instance, Europe and North America talk, carry on, and convey by and large. Truth be told, the contrasts among Europeans and Americans are various to such an extent that one could compose a book about it. Maybe, the most clear quality of most of Americans is that they grin a ton. It doesn't make a difference whether they have a solid motivation to grin, they do it. A grin isn't only a ground-breaking advertising device, helping merchants sell more products or draw in clients; for an American, it is additionally an approach to show that somebody is inviting, that life all in all is fine, and that an individual is happy to see you when meeting you. Europeans, in actuality, like to keep an increasingly unbiased outward appearance. They grin generally when they are feeling acceptable, or feel delighted, etc; in any case, if there is no solid motivation to grin, an European's face will stay nonpartisan, or even dull. This particularly alludes to eastern European individuals; in Russia, for instance, there is an axiom saying that "chuckling for reasons unknown is an indication of an idiot." Still, it doesn't imply that Europeans are bleak, or that they don't have a comical inclination. A similar alludes to correspondence when all is said in done. Americans are amazingly informative; casual discussion and visits are normal. Europeans talk generally when there is a comment, and once in a while enter correspondence only for conversing with others. The following huge distinction is political rightness. America works superbly by making such huge numbers of ethnic and strict gatherings of individuals live respectively calmly, and political accuracy is a major assistance right now. Be that as it may, there is a drawback: you need to focus on what you state constantly, in light of the fact that a normal American is somewhat simple to affront. Indeed, even a companion's valuable analysis might be seen as an interruption or an affront. American individuals like to communicate what they think cautiously, taking into account how it may influence encompassing individuals. Europeans, in spite of the fact that being politically right too, are increasingly clear, even with new individuals. An European companion will quite often communicate their feeling on various events, and won't stop for a second to advise you that you have to lose some weight, dump your accomplice, or scrub down. Americans are a country of extraordinary differentiations. Maybe just in America you can discover unfathomably liberal and adaptable individuals who can without much of a stretch grasp everything new, consolidate it in their lives, and appreciate it; right now, can discover strict fan that despite everything have confidence in the show fate. Europeans are decently traditionalist; in spite of the fact that they don't emphatically restrict new thoughts and can endure numerous oddities, they are for the most part individuals holding fast to more seasoned ways and customs. There are numerous strict individuals in Europe (just as skeptics) yet not at all like Americans, they don't show their otherworldly direction as frequently. In spite of the fact that Europe and America are portions of the western world, individuals possessing them are diverse from numerous points of view. For the most part, it very well may be said that Americans are individuals of differentiations. They are receptive, adaptable, and prepared to grasp everything new; and yet, American culture figures out how to breed unimaginable preservationists and strict aficionados. Europeans, contrasted with Americans, are progressively moderate. Besides, Americans grin a great deal—now and then essentially due to decorum; Europeans for the most part grin for an explanation, and if there is none, they like to keep an unbiased outward appearance. Americans are incredibly politically right; in most of cases, it is in reality a recipient practice, however it can likewise destroy day by day or even private interchanges, at times forestalling having cozy connections; Europeans, despite what might be expected, are progressively clear, wanting to come clean in direct (albeit perhaps not lovely) ways. Every method for correspondence is extraordinary—nor is right or off base.>GET ANSWER