Governmental and Nonprofit Accounting (11th Edition)
Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
Question
Book Icon
Chapter 1, Problem 1.3E
To determine

Identify the correct answer related to governmental (expendable) fund.

Blurred answer
Students have asked these similar questions
Which of the following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statements
T/F questions 1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services. 2) General governmental activities provide goods and services to citizens without regard to their ability to pay. 3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting. 4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance. 5) Enterprise funds are used to account for business-type activities that serve primarily internal customers.   27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation. 28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues. 29) Under accrual accounting, revenues are generally recognized in the…
Which of the following adjustments is necessary to move from governmental fund financial statements to government-wide financial statements? a. Eliminate expenditures for debt principal b. Eliminate expenditures for capital outlay and add depreciation expense c. Both of the above d. Neither of the above
Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education