ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
18th Edition
ISBN: 9781264107919
Author: RECK
Publisher: MCG CUSTOM
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Chapter 1, Problem 19.1EP
To determine
Identify the option that belongs to special purpose government.
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Which of the following is necessary for a special purpose local government to be viewed as a primary government for reporting purposes?
It must have a separately elected governing body.
It must have specifically defined geographic boundaries.
It must be fiscally independent.
It must have corporate powers to prove that it is legally independent.
EBC specializes in consulting all of the following organizations except:
Select one:
O
O
O
O
A. County governments
B. State governments
C. City governments
D. Special districts
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Governments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in:
a.
the general fund
b.
governmental funds
c.
proprietary funds
d.
special revenue funds
Chapter 1 Solutions
ACCOUNTING F/GOV.+..(LL)-W/CODE>CUSTOM<
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11CCh. 1 - Prob. 12CCh. 1 - Prob. 13CCh. 1 - Prob. 14CCh. 1 - Prob. 16CCh. 1 - Prob. 18EPCh. 1 - Prob. 19.1EPCh. 1 - Prob. 19.2EPCh. 1 - Prob. 19.3EPCh. 1 - Prob. 19.4EPCh. 1 - Prob. 19.5EPCh. 1 - Prob. 19.6EPCh. 1 - Prob. 19.7EPCh. 1 - Prob. 19.8EPCh. 1 - Prob. 19.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Matching. (LO1-1, LO1-2, LO1-4, LO1-5) For each...Ch. 1 - Prob. 21EP
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- Explain the difference between expenses and expenditures in a state and a local government.arrow_forwardWhich of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes? Choose the correct.a. It must have a separately elected governing body.b. It must have specifically defined geographic boundaries.c. It must be fiscally independent.d. It must have corporate powers to prove that it is legally independent.arrow_forwardWhat are the basic financial statements that a state or local government now produces?arrow_forward
- What are the key sources of revenues among the federal, state, and local governments? What are the key differences?arrow_forwardUnder what condition is the modified approach applied by a state or local government?arrow_forwardA city government has decided to build and operate a convention center. Identify what factors should be considered in deciding whether to account for the convention center as an Enterprise Fund or as part of general governmental activities?arrow_forward
- What does the word stewardship mean and an example of what federal government stewardship?arrow_forwardWhich of the following is not a power that a municipality must have to be considered fiscally independent of other governments? A.) To determine its budget B.) To levy taxes and set rates C.) To establish debt limitations D.) To issue bondsarrow_forward2) Briefly describe the service type activities that most general purpose governments perform?arrow_forward
- will there be an instance where in the government may consider as primary user? please provide example.arrow_forwardThe GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable. Following is a list of entities being considered for classification as primary governments. 1. Waseca County government. 2. University of South Florida, a part of the State University System of Florida. 3. The Tri-County Independent School District, a legal entity, with an elected board and financial independence. 4. The State of Colorado._______ 5. Greenfield Sports Authority, a joint venture between Greenfield County and the Mighty Ducks Sports franchise. page 417 Required For each of the entities listed, indicate with a Y (yes) if the entity would be considered a primary government and with an N (no) if it would not be considered a primary government. In addition, explain why you believe the entity should or should not be considered a primary government. —————arrow_forwardExplain the makeup of a primary government and its relationship to component units and related organizations as well as the combination of governments.arrow_forward
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