Indicate when an item should recognize on the financial statements under GASB and when a note disclosure should accompany an item that is recognized on the statements.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 2, Problem 1Q

To determine

Indicate when an item should recognize on the financial statements under GASB and when a note disclosure should accompany an item that is recognized on the statements.

Expert Solution & Answer

Explanation of Solution

Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an independent board that makes accounting reporting standards for the local and state government of Country U, which follows generally accepted accounting principles (GAAP).

According to GASB guideline, an item should recognize on the financial statements in the following two conditions:

If the item meets the definition of an element.
If the item is measured with adequate reliability to record.

A note disclosure should accompany an item that is recognized on the statements if the note provides necessary information about item to the users.

For example, if there is an item such as long-term debts on the financial statements, then the essential information such as schedule of payments, types of debt, and interest on debt should provide as a note disclosure on the statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Can you explain this general accounting question using accurate calculation methods?

Financial Accounting

Please provide the accurate answer to this general accounting problem using valid techniques.

Answer 2

Question

Chapter 2, Problem 1Q

To determine

Indicate when an item should recognize on the financial statements under GASB and when a note disclosure should accompany an item that is recognized on the statements.

Expert Solution & Answer

Explanation of Solution

Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an independent board that makes accounting reporting standards for the local and state government of Country U, which follows generally accepted accounting principles (GAAP).

According to GASB guideline, an item should recognize on the financial statements in the following two conditions:

If the item meets the definition of an element.
If the item is measured with adequate reliability to record.

A note disclosure should accompany an item that is recognized on the statements if the note provides necessary information about item to the users.

For example, if there is an item such as long-term debts on the financial statements, then the essential information such as schedule of payments, types of debt, and interest on debt should provide as a note disclosure on the statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 1Q

To determine

Indicate when an item should recognize on the financial statements under GASB and when a note disclosure should accompany an item that is recognized on the statements.

Expert Solution & Answer

Explanation of Solution

Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an independent board that makes accounting reporting standards for the local and state government of Country U, which follows generally accepted accounting principles (GAAP).

According to GASB guideline, an item should recognize on the financial statements in the following two conditions:

If the item meets the definition of an element.
If the item is measured with adequate reliability to record.

A note disclosure should accompany an item that is recognized on the statements if the note provides necessary information about item to the users.

For example, if there is an item such as long-term debts on the financial statements, then the essential information such as schedule of payments, types of debt, and interest on debt should provide as a note disclosure on the statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1Q

To determine

Indicate when an item should recognize on the financial statements under GASB and when a note disclosure should accompany an item that is recognized on the statements.

Expert Solution & Answer

Explanation of Solution

Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an independent board that makes accounting reporting standards for the local and state government of Country U, which follows generally accepted accounting principles (GAAP).

According to GASB guideline, an item should recognize on the financial statements in the following two conditions:

If the item meets the definition of an element.
If the item is measured with adequate reliability to record.

A note disclosure should accompany an item that is recognized on the statements if the note provides necessary information about item to the users.

For example, if there is an item such as long-term debts on the financial statements, then the essential information such as schedule of payments, types of debt, and interest on debt should provide as a note disclosure on the statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1Q

To determine

Indicate when an item should recognize on the financial statements under GASB and when a note disclosure should accompany an item that is recognized on the statements.

Expert Solution & Answer

Explanation of Solution

Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an independent board that makes accounting reporting standards for the local and state government of Country U, which follows generally accepted accounting principles (GAAP).

According to GASB guideline, an item should recognize on the financial statements in the following two conditions:

If the item meets the definition of an element.
If the item is measured with adequate reliability to record.

A note disclosure should accompany an item that is recognized on the statements if the note provides necessary information about item to the users.

For example, if there is an item such as long-term debts on the financial statements, then the essential information such as schedule of payments, types of debt, and interest on debt should provide as a note disclosure on the statements.

Answer 6

Chapter 2, Problem 1Q

To determine

Indicate when an item should recognize on the financial statements under GASB and when a note disclosure should accompany an item that is recognized on the statements.

Expert Solution & Answer

Explanation of Solution

Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an independent board that makes accounting reporting standards for the local and state government of Country U, which follows generally accepted accounting principles (GAAP).

According to GASB guideline, an item should recognize on the financial statements in the following two conditions:

If the item meets the definition of an element.
If the item is measured with adequate reliability to record.

A note disclosure should accompany an item that is recognized on the statements if the note provides necessary information about item to the users.

For example, if there is an item such as long-term debts on the financial statements, then the essential information such as schedule of payments, types of debt, and interest on debt should provide as a note disclosure on the statements.

Answer 7

Chapter 2, Problem 1Q

To determine

Indicate when an item should recognize on the financial statements under GASB and when a note disclosure should accompany an item that is recognized on the statements.

Answer 8

Expert Solution & Answer

Explanation of Solution

Government Accounting Standards Board (GASB): Government accounting standards board (GASB) is an independent board that makes accounting reporting standards for the local and state government of Country U, which follows generally accepted accounting principles (GAAP).

According to GASB guideline, an item should recognize on the financial statements in the following two conditions:

If the item meets the definition of an element.
If the item is measured with adequate reliability to record.

A note disclosure should accompany an item that is recognized on the statements if the note provides necessary information about item to the users.

For example, if there is an item such as long-term debts on the financial statements, then the essential information such as schedule of payments, types of debt, and interest on debt should provide as a note disclosure on the statements.