Governmental accounting, United States
Category: Business and Money > Accounting
Asked by: lis222-ga
List Price: $10.00
30 Aug 2006 08:31 PDT
Expires: 31 Aug 2006 19:50 PDT
Question ID: 760808
Explain if capital assets of a governmental unit (U.S.) should always be reported on the same basis as a business (i.e. depreciated historical costs)?
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Re: Governmental accounting, United States
From: borisshah-ga on 31 Aug 2006 00:14 PDT
Hi. You would have to look at the accounting conccept of consistency. There is really nothing definite in accounting as people and indeed govt.'s can always choose what they use, historical cost or not. Consistency means that they shouldn't be changing it too often as that would confuse people and make comparison hard. It makes sense though because depreciated historical cost is one of the most accurate ways of judging and determining the true value of an asset. I DO NOT know a lot about US govt. accounting so do not take this as an answer. Merely a comment.
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