Answered: rces in the general fund get assigned…

Business

Accounting

rces in the general fund get assigned to a specific

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What is the purpose of reporting fund balance in five classifications? What is the difference…

A: A fund balance refers to the difference between the assets and liabilities of a government fund. If…

Q: Which among the following process is related to fund allocation for different activities? a.…

A: The fund is a fiscal and bookkeeping substance with a self-adjusting set of accounts recording cash…

Q: How can budgeting be used for strategic allocation of resources?

A: In budgeting, standards are set for the next period so that actual performance could be directed…

Q: Which of the following is not a financial factor affecting the location decision? The availability…

A: Location decision is one of the most important decisions with regard to the set up of the business…

Q: At what point in time does a governmental fund report an expenditure?

A: Definition: Governmental (expendable) funds: Governmental (expendable) funds are used in the state…

Q: Which provides the most benefit to an organization, a budget or the budgeting process? Why?

A: Budget: A budget is a systematic allocation of resources to different departments depending on the…

Q: What are the two fund financial statements for governmental funds? What information does each…

A: Introduction Government Fund Financial statements includes General Funds, Special Revenue Fund, Debt…

Q: How are budgets used as monitoring and control tools?

A: Budgets are quantitative statements that contain the details of the planned revenues, expenditures,…

Q: Should actual or budgeted service department costs be allocated? Why?

A: Service department: A service department is a division in an organization that is not involved…

Q: What are some common challenges or obstacles encountered in the budgeting process?

A: The budgeting process is a systematic approach that organizations use to plan and allocate financial…

Q: Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c.…

A: Budgetary accounts are those accounts that are used to reflect the operations in budget and budget…

Q: Provide example of an internal service funds, describe the services provided and received within the…

A: Introduction:- An Internal Service Fund is one that primarily offers benefits, commodities, or…

Q: how may resources in the general fund can be assigned to a specific purpose (if that is the intent…

A: The gap between assets as well as liabilities throughout the government expenditures balance sheet…

Q: plain the difference between a f

A: Fund of funds : A mutual fund strategy that engages in other mutual fund schemes is known as a Fund…

Q: difference between owner fund & borrowed fund

A: The funds can be raised from various sources of finance such as equity, preference shares, debt in…

Q: What are the two different ways that supplies and prepaid items can be recorded on fund financial…

A: There are two different methods to record supplies and prepaid items on fund financial statements:…

Q: What is the purpose of emergency fund?

A: Emergency Fund: An emergency fund is a vital corpus that must be set up in case of unforeseen…

Q: Fund financial statements have separate columns for each activity. Which activities are reported in…

A: Governmental funds: This is the fund category which includes governmental activities in the…

Q: Define tapping fund assets

A: Fund asset: It can be defined as the value of cash, securities, and other holdings related to a…

Q: Governmental funds focus on _______ financial resources.

A: current financial resources are those that are either cash or expected to be collected within a…

Q: Define additional funds needed (AFN)

A: AFN or additional funds needed is very much important for the organization because it helps them to…

Q: 18 The receipt of equipment that had previously been ordered should be recorded in the General Fund…

A: The actual receipt of equipment which had been previously recorded in an General fund As per GASB…

Q: explain the advantages and limitations of budgetary control in detail

A: Budgetary control is the process of preparing budgets for the future time and comparing them to…

Q: Describe the decisions about expenditure?

A: Expenditure: It is the money spent by the organization to purchase or increase the value of their…

Q: What is a special assessment project? How are special assessment projects reported?

A: Special assessment project: The special assessment project refers to the projects which are…

Q: What are support departments, and why are their expenses shared? How are support department…

A: Departments in the company perform different activities respectively. The costs which relate to the…

Q: Please describe a special revenue fund you find particularly beneficial.

A: A special revenue fund is a govt account that gathers money for a specific project. Special revenue…

Q: Which basis of accounting should be used when preparing a budgetary comparison schedule (or…

A: Answer:- Budgetary meaning:- To put it succinctly, budgetary refers to everything associated with a…

Q: For governmental funds, what measuring emphasis is utilized in the fund financial statements, and…

A: Solution are as follows

Q: In what way is the budgeting process a valuable tool in planning?

A: The budgeting process is a valuable tool in planning because it provides a detailed roadmap for…

Q: For which funds are budgetary comparison schedules or statements requires?

Q: To assist users better comprehend "Transfers in" to the General Fund, describe the types of note…

A: `1This question explains about the "Transfers in" to the General Fund

Q: State the kinds of note disclosures that need to be made to help users understand the nature of…

A: Question is answered based on Government Accounting. A general fund is a primary fund used by a…

Q: Budget comparison schedules or statements are needed for which funds? Should the budgetary…

A: Here is the answer:

Question

how do resources in the general fund get assigned to a specific purpose?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Explain the different types of funds categories?
Why are budgetary entries recorded in the individual funds of a state or local government?
While preparing the Funds Flow Statement, the Sources and Uses of Funds are to be disclosed clearly so as to highlight the Sources from where the Funds have been generated the Uses to which these Funds have been applied.Discuss the statement, explaining the various items that are considered as sources and applications of fund while preparing a Funds Flow Statement.
To assist users better comprehend "Transfers in" to the General Fund, describe the types of note disclosures that should be provided..
Which of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contribution
How are interfund transfers reported in fund financial statements?
Which one of the following is a revenue expenditure?
An inter-fund transfer out should be reported in a governmental fund operating statement as a (an)
7) Explain the government fund financial statement?
On what should the governmental fund financial statements report? Multiple Choice Cost of government services. Net position and results of financial operations of the government as a whole. Fiscal accountability. Operational accountability.
Expenses that are specifically identified with a program or function are reported in the government-wide statement of activities as: a. Specific expenses. b. Direct expenses. c. Incremental expenses. d. Program expenses.