Explain the reasons for establishing the GASB Standard No. 84 by GASB.

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Answer 1

Question

Chapter 8, Problem 15C

a)

To determine

Explain the reasons for establishing the GASB Standard No. 84 by GASB.

b)

To determine

Explain the meaning of the word “an equivalent arrangement” from the paragraph 8a of the standard no. 84.

c)

To determine

Explain the reasons for reporting the assets in the financial statements as GASB even the fiduciary assets are not a part of the government reporting entity.

d)

To determine

Explain the reasons for allowing for aggregation of custodial funds and state the circumstances that allow the aggregation.

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Answer 2

Question

Chapter 8, Problem 15C

a)

To determine

Explain the reasons for establishing the GASB Standard No. 84 by GASB.

b)

To determine

Explain the meaning of the word “an equivalent arrangement” from the paragraph 8a of the standard no. 84.

c)

To determine

Explain the reasons for reporting the assets in the financial statements as GASB even the fiduciary assets are not a part of the government reporting entity.

d)

To determine

Explain the reasons for allowing for aggregation of custodial funds and state the circumstances that allow the aggregation.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 15C

a)

To determine

Explain the reasons for establishing the GASB Standard No. 84 by GASB.

b)

To determine

Explain the meaning of the word “an equivalent arrangement” from the paragraph 8a of the standard no. 84.

c)

To determine

Explain the reasons for reporting the assets in the financial statements as GASB even the fiduciary assets are not a part of the government reporting entity.

d)

To determine

Explain the reasons for allowing for aggregation of custodial funds and state the circumstances that allow the aggregation.

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Answer 4

Question

Chapter 8, Problem 15C

a)

To determine

Explain the reasons for establishing the GASB Standard No. 84 by GASB.

b)

To determine

Explain the meaning of the word “an equivalent arrangement” from the paragraph 8a of the standard no. 84.

c)

To determine

Explain the reasons for reporting the assets in the financial statements as GASB even the fiduciary assets are not a part of the government reporting entity.

d)

To determine

Explain the reasons for allowing for aggregation of custodial funds and state the circumstances that allow the aggregation.

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Answer 5

Chapter 8, Problem 15C

a)

To determine

Explain the reasons for establishing the GASB Standard No. 84 by GASB.

b)

To determine

Explain the meaning of the word “an equivalent arrangement” from the paragraph 8a of the standard no. 84.

c)

To determine

Explain the reasons for reporting the assets in the financial statements as GASB even the fiduciary assets are not a part of the government reporting entity.

d)

To determine

Explain the reasons for allowing for aggregation of custodial funds and state the circumstances that allow the aggregation.

Answer 6

Chapter 8, Problem 15C

a)

To determine

Explain the reasons for establishing the GASB Standard No. 84 by GASB.

Answer 7

Chapter 8, Problem 15C

a)

To determine

Explain the reasons for establishing the GASB Standard No. 84 by GASB.

Answer 8

b)

To determine

Explain the meaning of the word “an equivalent arrangement” from the paragraph 8a of the standard no. 84.

Answer 9

b)

To determine

Explain the meaning of the word “an equivalent arrangement” from the paragraph 8a of the standard no. 84.

Answer 10

c)

To determine

Explain the reasons for reporting the assets in the financial statements as GASB even the fiduciary assets are not a part of the government reporting entity.

Answer 11

c)

To determine

Explain the reasons for reporting the assets in the financial statements as GASB even the fiduciary assets are not a part of the government reporting entity.

Answer 12

d)

To determine

Explain the reasons for allowing for aggregation of custodial funds and state the circumstances that allow the aggregation.

Answer 13

d)

To determine

Explain the reasons for allowing for aggregation of custodial funds and state the circumstances that allow the aggregation.

Answer 14

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Answer 15

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Answer 16

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Answer 17

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Explain the reasons for establishing the GASB Standard No. 84 by GASB.

Solution Summary: The author explains the reasons for establishing the GASB Standard No. 84 by the Government Accounting Standards Board (GASB).

Explain the reasons for establishing the GASB Standard No. 84 by GASB.

Explain the meaning of the word “an equivalent arrangement” from the paragraph 8a of the standard no. 84.

Explain the reasons for reporting the assets in the financial statements as GASB even the fiduciary assets are not a part of the government reporting entity.

Explain the reasons for allowing for aggregation of custodial funds and state the circumstances that allow the aggregation.

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Chapter 8 Solutions