Governmental Reporting, Foreign currency translation and remeasurement
He has noticed that sometimes the expenses on one statement equal the expenditures on another. What is the difference between expenses and expenditures and why do they (only) sometimes equal each other?
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.
The total fund balance seems to have increased in the past year, but total net assets decreased. How could this happen?
He decides he doesn’t want to look at all four statements and wants to know which one he should look at to figure out how much he can spend on his campaign promises. What is your response?
