Which one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements? a. None of the options b. Activities of the fiduciary funds c. Activities of the proprietary funds d. Activities of the general funds

Which one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements? a. None of the options b. Activities of the fiduciary funds c. Activities of the proprietary funds d. Activities of the general funds

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: The modified accrual method of accounting is applied to which of the following funds or asset…

A: The correct answer is: (B) Governmental funds The modified accrual method of accounting is a…

Q: How fund structures and financial reports of not-for profit differ from those of governments?

A: Non-profit organizations: These are the organizations established not with the intention of earning…

Q: Which of the following funds does not get consolidated into the Governmental Activities section of…

A: Introduction: Taxes, intergovernmental income, and other nonexchangeable earnings are used to fund…

Q: l assets used by governmental funds should be reporte

A: Since capital assets are used to create revenue, they are crucial to businesses. They also offer…

Q: Which of the following is a distinguishing characteristic of proprietary funds? Select one: O a.…

A: Government accounting: Government accounting can be defined as the process of recording the…

Q: Is there a standard approach for determining when income and expenses are recognized in financial…

A: The creation of two statements – a statement of net assets and a statement of activities – is…

Q: Which trust fund has assets always equal to liabilities with never a fund balance. O a. Pension…

A: Capital projects funds are utilised for accounting the financial resources which is in turn used for…

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

Q: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…

A: In Governmental and Nonprofit Accounting, the use of fund accounting is a unique feature, allowing…

Q: T/F. A major contentious issue with Internal Service Fund is the distribution of losses to various…

A: Internal Service Fund is the reserve created with the motive to provide the goods, services or…

Q: What is the entity in charge of creating and ensuring accounting standards for government…

A: The questions are answered below. Please note all questions are answered in English.

Q: What is the reason that fund accounting has traditionally been a prominent factor in the internal…

A: Fund refers to a self-balancing set of accounts including cash as well as other financial resources,…

Q: 12) Internal Service Funds differ from Enterprise Funds because Internal Service Funds A) are a…

A: Internal Service is used to track goods and Services transferred to other government agencies on…

Q: The governmental funds category includes the General Fund, special revenue funds, debt service…

A: Government funds refer to the various funds that are established by government entities to account…

Q: Сapital Projects Fund Government-wide Special Revenue Internal Service Financial Statements Fund…

A: Solution:- Introduction:- The following different types of funds are Government Funds, Proprietary…

Q: Differentiate Fund Theory-Based Financial Statements from Fund Accounting-Based Financial Statements…

A: Note: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered…

Q: What costs necessitate the reporting of an expenditure by a governmental fund?

A: In a government fund, expenditures are recognised in the accounting period in which goods and…

Q: 11. Depreciation of general capital assets should be reported in the Governmental Activities column…

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

Q: How do governmental funds report capital outlay in fund financial statements? How do government-wide…

A: Explain how governmental funds report capital outlay in fund financial statements and how government…

Q: How are internal service funds reported on government-wide financial statements?

A: A government-wide financial statement is a comprehensive summary of all the major government funds,…

Q: Explain the distinction/s between custodial funds and trust funds. What financial statements…

Q: An instrument is rendered non-negotiable if A. There is an indication of a particular fund out of…

Q: Donor-restricted contributions that have been given to a VHWO for the purpose of purchasing fixed…

A: Fixed Assets: It refers to the long-term assets having a useful life of more than a year which is,…

Q: What are the measurement focuses and basis of accounting of governmental funds? What is the…

A: It is necessary that every government agency and department maintain accurate financial accounting…

Q: Financial resources of a college or university that are currently expendable at the discretion of…

A: Answer: Option C

Q: Which of the following is not a fiduciary fund? a. Permanent fund b. Agency fund c. Investment trust…

A: Answer: Option a

Q: In which of the following funds is it appropriate to record depreciation of capital assets?

A: The Capital Projects Fund is designed to account for the acquisition, construction, or improvement…

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: How are enterprise funds reported in the fund financial statements? Separate columns are…

A: An enterprise fund is a government fund generated by selling goods and services to the public for a…

Q: Which one of the following will be recorded when the encumbered purchase order is executed whole or…

A: Encumbrance is a term that is used to define the reservation of budget funds to be set aside in…

Q: What are current IFRS standards for accounting for government grants?

A: The objective of this question is to understand the current International Financial Reporting…

Q: Fixed assets donated to a governmental unit should be recorded a. at estimated fair value when…

A: Fixed assets: A fixed asset is a long-term tangible piece of property or equipment that a firm owns…

Q: hat are the objectives of financial reporting of not-for-profit organizations?

A: Not for profit organizations are those organizations which are not meant for the purpose of profit…

Q: d inflows of resources-unavailable revenu

A: Deferred Inflows of Resources - Unavailable Revenues are reported in a government general fund…

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…

Question

Which one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements?

None of the options

Activities of the fiduciary funds

Activities of the proprietary funds

Activities of the general funds

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 3

VIEW

Step by step

Solved in 3 steps with 2 images

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

Discuss the differences between governmental statements of cash flows prepared for proprietary funds and cash flow statements prepared by nonprofit entities.
2-Discuss the measurement focus used in governmental accounting and the financial transactions reported in different governmental funds. How do revenues and expenditures of governmental funds differ from the revenues and expenses of other funds?
give the definition, recognition, measurement and derecognition of "government grant"
In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental funds only. true or false
The commercial business activities are governed by the market places then the government organizations activities are governed by___________ a. Fund financial statements b. Governmentwide financial statement c. None of the options d. Appropriations and encumbrances
Which of the following government-wide accounts reflects amounts owed between governmental activities and business-type activities? Transfers OOPEB liability None of these Internal balance Interfund
What are the reasons for statutory debt limits and explain the terms debt margin and overlapping debt? What are the purpose and types of debt service funds? What are the journal entries utilized to account for activities of debt service funds?
What are current IFRS standards for accounting for government grants?
Fiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accounting
Which of the following is true regarding the government-wide financial statements?a. The government-wide financial statement includes a statement of cash flows.b. The government-wide financial statements are prepared on the financial resources measurement focus for governmental activities and the economic resources measurement focus for business-type activities.c. The government-wide financial statement includes a statement of net position.d. Infrastructure assets must be depreciated on the statement of activities.
Explain briefly why Government funds or property shall be spent or used solely for public purposes.
Show how items in the Income and Expenditure Account are handled when they are part of a separate fund.