He has also noticed that assets minus liabilities equals net assets on one statement but assets minus liabilities equals the fund balance on the other. How can this be? Shouldn’t they be the same? What is the difference between the two? Explain.
Governmental Reporting, Foreign currency translation and remeasurement Question 1: Governmental Reporting You have recently graduated from an accounting program and been hired for a position in the administrative office of the City of East Chester. The city has just elected a new mayor who was a local football hero and is fond of saying he […]