Governmental Acctg

Question 1

Name the 2 conditions that exists when recording eligible infrastructure assets, such as roads, allows for certain infrastructure assets not to be depreciated

Answer 1

1. The assets are tracked by management

2. The documentation is made regarding the eligible infrastructure assets.

Question 2

Name the items contained in Management, Discussion and Analysis

Answer 2

1. Overview of financial activities
2. Comparison of prior year financial statement with that of the current year
3. Brief analysis of financial statements
4. Budget & actual comparisons
5. Significant debt and capital asset transactions
6. Those situations or events that will have a significant impact to the financial statements.
7. Description of the modified approach related to the accounting for infrastructure