Long Term Liabilities and Noncollectable Accounts
Submit your responses to the following questions in a 1-2 page summary MSWord document. Label each question clearly. For computations done in an Excel spreadsheet, please copy and paste your work into your MSWord document. For written answers, please make sure your responses are well written, use APA Formatting and have the proper citation, if needed.
1. How are general long-term liabilities distinguished from other long-term liabilities of the government? How does the financial reporting of general long-term liabilities differ from the financial reporting of other long-term liabilities?
2. How does GASB reporting of uncollectible accounts for governmental funds and proprietary funds differ from the reporting of uncollectible accounts under FASB standards?