Governmental funds report current financial resources. However, governmental funds alsoreport some current assets which are not financial resources. Which of the assets below is acurrent financial resource at December 31, 2022?   A. Property taxes receivable expected to be collected between March 2 and December 31, 2023. ​B.​Office supplies that will be used in 2023. ​C.​A and B. ​D.​Neither A nor B.

For a government that has a trust fund in which it is accumulating sufficient assets to pay OPEB, the net OPEB liability should be reported in both the governmental fund balance sheet and the government- wide statement of net position. A. True B. False

Print rences Note: Negative amount should be indicated by a minus sign. CITY OF MONROE Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position As of December 31, 2024 Fund balances reported in governmental funds Balance Sheet Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row). The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position. Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position. Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds. Bonds payable, not due and…

KA  The following transactions take place:   • A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies.   • Construction bonds were issued at a premium. The premium is to be included in funds accumulated to retire the debt.   • Police salaries were paid.   • Interest and principal were paid on general obligation serial bonds.   Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded.

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In a company policy distinguishing between capital expenditures and revenue expenditures. A dollar minimum ordinarily will be established for ___________________; any expenditures of a lesser amount automatically are classified as charges against current revenue.