Problem

1. What three criteria must be met in order for a government to accrue debt service payment expenditures in the current year for unmatured debt service payments?

2. What are the conditions delineated in GASBI 1 which must be met in order for governments to report Demand Bonds in the general long-term debt account group of the government-wide financial statements?

3. In your own words, explain the terms "Enterprise Funds" and " Internal Service Funds" to a non-accountant. What is the measurement focus and general criteria for recognizing revenues and expenses?

4. In your own words, explain the concept of "compensated absences" and how they are reported in the govenrment entity's financial statements.