Sohar municipality has given the order for supplies on 10 January 2020 for the cost RO 15,500 and recorded the encumbrance in the general fund account. On 25th January Sohar municipality cancelled the supplies order due to an unavoidable situation and recorded it in the general fund account. Which one of the following will be the effect of the cancellation of a supplies purchase order?

During January 2023, General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to: Multiple Choice Expenditures-2023 in the amount of $200. Expenditures-2023 in the amount of $2,200. Expenditures-2022 in the amount of $200. Expenditures-2022 in the amount of $2,200.

Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned…

at the end of the 2023 fiscal year the general fund had $500 in encumbrances that remained opened into fiscal year 2024. In 2024 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2024 expenditure?

A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000.   What other fund balance category is reported?   Select one:   A. Unassigned, $(2,000)   B. Committed, $(2,000)   C. Assigned, $(2,000)   D. Restricted fund balance is reduced by $2,000.   Which one of these capital projects fund accounts is closed at year-end?   Select one:   A. Accounts payable   B. Due from general fund   C. Deferred outlays of resources   D. Capital outlay

please help me

A city orders a new computer for its police department that is recorded within its general fund. The computer has an anticipated cost of $89,600. Its actual cost when received is $91,880. Payment is subsequently made. a. Prepare all required journal entries for both fund and government-wide financial statements. (Select the appropriate fund for each situation when required. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction Fund/Activity General Journal Debit 1. Purchase and payment made for computers in the government wide financial statements. 1 Record the receipt of computers and the accompanying liability. Record payment made. 2. Purchase and payment made for computers in the general fund. 2 Record the order placed for purchase of computer. Credit Record entry to remove encumbrance for computers that has now been received. Record the receipt of computers and the accompanying liability. Record payment made.

A general fund uses the consumption method to record inventories. Beginning inventories are $10,000, purchases are $600,000, and ending inventories are $12,000. The general fund records an end-of-year adjusting entry that: Select one: A. Debits nonspendable fund balance by $2,000 B. Credits nonspendable fund balance by $12,000 C. Debits unassigned fund balance by $2,000 D. Debits nonspendable fund balance by $12,000 At the beginning of the year, a special revenue fund purchases equipment for $400,000 in cash. The equipment has a 5-year life, straight-line. The fund still holds the equipment at year-end. How is this equipment reported in the special revenue fund's operating statement for the year? Select one: A. Expense, $80,000. B. Expenditure, $400,000. C. Other financing use, $400,000. D. Not reported on the operating statement.

The following is selected information for the general fund of the Village of Hampton for 2021: Total assets at December 31, 2021, reported on the general fund balance sheet (included in the total for assets is $7,000 for office supplies and $15,000 for an advance to the water utility enterprise fund that is due in its entirety in 2025); v Total liabilities at December 31, 2021, reported on the general $252,000 fund balance sheet 82,000 v Total deferred inflows of resources at December 31, 2021, reported on the general fund balance sheet v Fund balance, December 31, 2021, reported on the general fund statement of revenues, expenditures, and changes in 18,400 fund balance 151,600 Additional information as of December 31, 2021: * The Village received a cash grant of $76,000 from the Department of Homeland Security during 2021. The purpose of the grant was to train the Village's police force to combat terrorism. The grant has no time restrictions. The Village spent $68,000 of the grant…

Godo