Homework Help Question & Answers

Can you help me answer this question, regards to the approriate mathod for interest accruals by...

Can you help me answer this question, regards to the approriate mathod for interest accruals by debt service funds?

0 0
Add a comment
Answer #1

ANSWER:

Interest revenue on investment, under the full accrual basis, is recognized when earned. The GASB requires this method as the investments are financial resources. On contrary, interest expenditure is recognized, under the modified accrual basis, when it is due and payable. It is due to the reason that majority jurisdictions will not appropriate the resources to pay the interest, or transfer them to the debt service fund, until such point.

Accrue the debt service fund expenditure and liability in one period however record the transfer of financial resources in a later period will make it difficult for the understanding of users and may also cause overstatement of debt service fund expenditures and liabilities and understatement of the fund balance. But when the sources have been transferred in to the debt service fund, then interest may be accrued. Although appear inconsistent, however such recognition requirements focus on financial resources, which is required for measuring governmental funds

Add a comment
Know the answer?
Add Answer to:
Can you help me answer this question, regards to the approriate mathod for interest accruals by...
Your Answer:

Post as a guest

Your Name:
What's your source?

Earn Coin

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Can you help me solve this question, but also show me how to properly put the...

    Can you help me solve this question, but also show me how to properly put the formulas/equations in Excel? I tried and I am getting the wrong answer. Thank you Assume you have a balance of $1300 on a credit card with an APR of 15%, or 1.25% per month. You start making monthly payments of $200, but at the same time you charge an additional $70 per month to the credit card. Assume that interest for a given month...

  • Please help Can you help me write a paragraph to answer this question What is common...

    Please help Can you help me write a paragraph to answer this question What is common methods of diagnosing the disorder of heart transplant

  • Please help Can you help me writing 400 words to answer this question What are your...

    Please help Can you help me writing 400 words to answer this question What are your specific academic goals of nursing degree? Describe your current or planned field of study at Seattle central college and why did you choose this field? Do you have academic plans after Seattle central college?

  • can you help me answer this question? homework assignment 16 Instructions help Question 22 (of 47)...

    can you help me answer this question? homework assignment 16 Instructions help Question 22 (of 47) Save & Ext Submit 22. 6.38 points You did not receive full credit for this question in a previous attempt Check my work Click the "draw structure" button to launch the drawing utility. Report problem Draw the product of the following reaction. Hint H H (2) H2O draw structure. References eBook & Resources

  • Help. Can you please explain to me the steps as to how to arrive at the...

    Help. Can you please explain to me the steps as to how to arrive at the answer of 10% on ROE? I would appreciate it. Question: Bobcat Industries has a net profit margin of 3%, a total asset turnover of 2 times; and a debt ratio of 40%. What is the firm’s ROE?

  • can you help me answer this question? 30. You did not receive full credit for this...

    can you help me answer this question? 30. You did not receive full credit for this question in a previous attempt 6.38 points Be sure to answer all parts. How can (CH),C-CHCOCH, (mesityl oxide) be converted to the following compound. Part 1 out of 2 1 X 12H20 edit structure... Select the correct reagent X. There may be more than one correct answer. | CH, CHMgBr (CH, CH) Culi CH-CHBr CH-CHLI Report problem Check my work Next part Hint

  • Hello. Can you please explain to me how to calculate "Accrued Interest Payable" in the journal...

    Hello. Can you please explain to me how to calculate "Accrued Interest Payable" in the journal entry below? Thanks. Activties 1. The county issued $7,600,000 of 6 percent bonds, with interest payable semiannually on January 1 and July 1. The bonds sold for 101 on February 1. Proceeds from the bonds were to be used for construction of the library, with all interest and premiums received to be used to service the debt issue. Assume the premium and interest are...

  • Can you help me answer the questions...thank you Ch05 HW G Saved Help Save & Exi...

    Can you help me answer the questions...thank you Ch05 HW G Saved Help Save & Exi Submit Check my work Problem 5-1 (LO5.2) A few years ago, Simon Powell purchased a home for $215,000. Today, the home is worth $380,000. His remaining mortgage balance is $165,000. Assuming that Simon can borrow up to 75 percent of the market value, what is the maximum amount he can currently borrow against his home? points eBook Print References Amount available for borrowing Cho5...

  • Hello, Can you please help me to answer this question in details? Thank you 3. An...

    Hello, Can you please help me to answer this question in details? Thank you 3. An 8-hour post-partum client complains of abdominal cramping and feeling dizzy.During the assessment the nurse notes the client?s fundus is soft, deviated to the right and 4 fingerbreadths above the umbilicus, and there is moderate rubra What would the nurse?s priority actions be?

  • can you help me answer this question? Question 38 of 47) Submit 38. 6.38 points You...

    can you help me answer this question? Question 38 of 47) Submit 38. 6.38 points You did not receive full credit for this question in a previous attempt Check my work Click the "draw structure" button to launch the drawing utility. Report problem What alkene would yield 2,2-dimethoxycyclopentane-1,3-dicarbaldehyde on treatment with O; followed by (CH),S? Hint 2,2-dimethoxycyclopentane-1,3-dicarbaldehyde edit structure

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.