Accounting and Reporting for Governmental Not for Profit

Question 1

If determining the actual historical cost of general infrastructure assets is not practical what should it be reported at?

Answer 1

Estimated Historical cost

Question 2

Encumbrances resulting from the issuance of purchase orders or approval of contracts are

Answer 2

NOT reported as liabilities

Question 3

How should state appropriations to a state university choosing to report as engaged only in business-type activities be reported in its statement of revenues, expenses, and changes in net position?

Answer 3

Non Operating Revenues