Required: a. Prepare the closing entries for December 31. b. Prepare the Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31. c. Prepare the Net Position section of the December 31 balance sheet. (Assume that the revenue bonds were issued to acquire capital assets and there are no restricted assets.)

Which of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.

no handwritten

What are some major adjustments required when converting from fund financial statements to government-wide statements?

Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?

The governmental funds balance sheet will never report: A) Property Taxes Receivable. B) Vouchers Payable. C) Long-term Bonds Payable. D) Accumulated Depreciation. E) Both C. and D.

Hh2.

State the kinds of note disclosures that need to be made to help users understand the nature of “Transfers in” to the General Fund.

Which of the following items are included in the governmental activities column of the government- wide financial statements through worksheet journal entries? A) General Capital Assets. B) General Long-Term Debt. C) Internal Service Funds servicing governmental departments. D) All of the choices are correct.

jiyu