Which of the following statements best describes the accounting for inventories in the General Fund? Select one:

Q: Which of the following is not a GASB's required statement for proprietary funds? A.) Statement of…

A: An account which is used for the recording of government's business kind of transactions, is…

Q: A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It…

A: Fundamental  Accounting Concept

Q: Which of the following adjustments is necessary to move from governmental fund financial statements…

A:

Q: accounts o

A: Modified accrual basis of accouting is generally used by the government agency or say government. it…

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: Which one of the following statement about encumbrance is correct? a. Encumbrances are equivalent to…

A: Encumbrances denote the estimated expenditures before the actual expenditure is occurred. It…

Q: Revenues that are legally restricted to expenditures for specified purposes should be accounted for…

A: Revenue: It is the amount earned by a company or governmental organization on the delivery of goods…

Q: Ch3 5   Which of the following items would not appear in a statement of revenues, expenditures, and…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: After closing entries, a special revenue fund's Fund Balance account represents the net amount of…

A: The statement is True. After closing entries, a special revenue fund's Fund Balance account indeed…

Q: Governmental-type funds report on financial assets, capital assets, and near-term liabilities. True…

A: There are three types of accounting used in general.Cash Basis : WHere the transaction is recorded…

Q: A credit to _____ is necessary upon the receipt of property assessments when the special assessment…

A: Journal entry be If special assessment receivables are recorded in the accounts of a custodial fund…

Q: Indicate the part [(a) through (e)] of the general fund statement of revenues, expenditures, and…

A: The key part of a business is the government. The governmental funds are termed as the general…

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: How to record a trade-in?

A: Trade-in refers to the situation when an allowance is given for the value of old asset which is…

Q: Explain t

A: Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting…

Q: Encumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: What are some major adjustments required when converting from fund financial statements to…

A: major adjustment for converting from fund financial statements to government-wide statements are…

Q: Show the treatment of items of Income and Expenditure Account whenthere is a specific fund for those…

A: There are various sources of receipts like donations, subscriptions and government grants. Donations…

Q: Payable.

A: The correct answer is  c) Long term bonds payable

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: Which of the following accounts of a governmental unit is debited when a purchase order is…

A: Given: The account of the governmental unit that is to be debited on the approval of purchase order.…

Q: Fiduciary fund financial statements are prepared based on which one of the following basis of…

A: Assets that are held in trust for others are to be reported in the fiduciary funds of the business.…

Q: The acquisition of capital assets by a special revenue fund would be shown as:

A: A special revenue fund is a type of government fund used to account for specific revenue sources…

Q: Explain the modified accrual foundation for accounting. In the context of governmental funds, why…

A: The modified accrual foundation of accounting is as follows: An accounting method known as the…

Q: Which of the following funds of a governmental unit recognizes revenues in the accounting period…

A: General fund:   It is the basic fund of the government. It is a fund used by the government to…

Q: Describe the modified accrual foundation of accounting in further detail. What is the purpose of…

A: The modified accrual accounting model: According to modified accrual accounting, revenues are…