1. Topic in Government Accounting: Selling Assets to Yourself t
... accounting peculiarities to develop some very creative means of balancing their budgets that at best accomplishes nothing and at worst succeeds in deferring the problem to future generations of taxpayers (with interest added of course). One such method was the sale and ... not have been able to count the proceeds from the sale as income in the current period. After making all the entries, the financial statements would reflect an increase in cash with a corresponding increase in long term debt to reflect the loan. The entity would still have ... had a net loss for the period. However th...
- Word Count: 733
- Approx Pages: 3
- Grade Level: Undergraduate