Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 10, Problem 17.9EP
To determine
Identify the option that suggests the government relies on the directly controllable revenue.
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1. In many cases, property taxes comprise a significant source of revenue and cash receipts for a government. If prperty tax cash colletions typically occur during one or two collection periods, how do governments manage working capital needs?
2. while governments are not required to issue interim financial reports, what role does interim financial reporting play in local government administration?
Which of the following is an example of activities that are likely to be accounted for in a government's general fund?
a.
sales taxes collected by a state on behalf of counties within the state
b.
donations that must be kept intact, but whose income must be used to beautify parks
c.
property taxes levied and collected.
d.
electricity utilities of government that are financed by user charges
Vouchers payable denote:
a.
A future liability estimated when order is made
b.
Amount due to government from user charges
c.
A liability incurred when goods/services are received
d.
Amount payable by government on long term debts
Question 2
Question text
Which of the following is not an example of the function of an Agency Fund?
a.
Collection of property tax by one government unit for the other
b.
All the options listed
c.
Payment of interest and principle on long-term debt
d.
Collection of local government sales taxes by the state government
Chapter 10 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 10 - The GASB indicates that economic condition is...Ch. 10 - What is the Financial Trend Monitoring System and...Ch. 10 - The International City/County Management...Ch. 10 - Prob. 4QCh. 10 - Prob. 5QCh. 10 - Prob. 6QCh. 10 - Prob. 7QCh. 10 - Illustration 104, adapted front Crawford and...Ch. 10 - What is EMMA and when would someone want to use...Ch. 10 - Prob. 10Q
Ch. 10 - Prob. 11QCh. 10 - Prob. 17.1EPCh. 10 - Which of the following terms or concepts focuses...Ch. 10 - Prob. 17.3EPCh. 10 - Prob. 17.4EPCh. 10 - Prob. 17.5EPCh. 10 - Prob. 17.6EPCh. 10 - Prob. 17.7EPCh. 10 - Prob. 17.8EPCh. 10 - Prob. 17.9EPCh. 10 - Prob. 17.10EPCh. 10 - Prob. 17.11EPCh. 10 - Which of the following would be considered a sign...Ch. 10 - Prob. 17.13EPCh. 10 - Prob. 17.14EPCh. 10 - What is Electronic Municipal Market Access, or...Ch. 10 - Prob. 18EPCh. 10 - Examine the following tables from the Financial...Ch. 10 - Prob. 20EPCh. 10 - Prob. 21EP
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- The GASB identifies one of the broadest objectives of government financial reporting as: A. assisting users in assessing profitability of the government B. assisting users in making economic, social, and political decisions. C. fairly presenting government financial condition and operating results D. providing information about the inflows and outflows of cash 2. The 60-day limit on the period after the end of the fiscal year that is used for governmental fund revenue recognition cutoff purposes: A. is optional for property taxes, but required for most other governmental fund revenues B. must be applied to all revenue sources except charges for licenses and permits C. must be applied to property taxes, but cannot be applied to other governmental fund revenue sources D. must be applied to property taxes, but may also be applied to other revenue sourcesarrow_forward1. In a county's CAFR for the current fiscal year, governmental activities expenses on the government-wide statement of activities are $200 million and governmental fund expenditures on the governmental funds statement of revenues, expenditures, and changes in fund balances are $225 million.What is a possible reason why expenditures are higher than expenses? Select one: A. Large principal payments on general obligation debt. B. Large accruals of pension benefits not requiring current resources. C. Large amounts of general obligation debt issued. D. Large amounts of depreciation expense on governmental capital assets. 2. For the question below, use the numbers from the following financial statements required in a county government's CAFR to identify where the account is reported: 1. Government-wide statement: Statement of net position 2. Government-wide statement: Statement of activities 3. Fund statement: Balance sheet–Governmental funds 4. Fund statement:…arrow_forwardSelect all the true statements from the following pool of statements: A - Tax, being one of the indispensable inherent powers, is the government's primary source of revenue. B - Generally, government revenues arising from exchange transactions are measured at face amount of the cash consideration received. C- For revenues that are long-term and deferred in nature, the revenue is measured at present value. D- Taxes are enforced payments by any taxable subjects, in support of government for its fiscal purpose. Taxes, being comprehensive in nature, may include fines, fees and penalties. E- Generally, payments made to the government in the form of checks are not allowed.arrow_forward
- Suppose that an estimate of U.S. federal spending showed that 46% was for entitlements, 18% was for defense, 15% was for grants to states and localities, 14% was for interest on debt, 6% was for other federal operations, and 1% was for deposit insurance. Construct a pie chart to show this information.arrow_forwardGovernment-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.arrow_forwardA local government has the following transactions during the current fiscal period. Prepare journal entries without dollar amounts, first for fund financial statements and then for government-wide financial statements.a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected.b. A bond is issued at face value to fund the construction of a new municipal building. c. A computer is ordered for the tax department.d. The computer is received.e. The invoice for the computer is paid.f. The city council agrees to transfer money from the general fund as partial payment for a special assessments project but has not yet done so. The city will be secondarily liable for any money borrowed for this work.g. The city council creates a motor pool to service all government vehicles.…arrow_forward
- Choose the best answer from the four choices Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its governmental fund statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the government Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its government‐wide statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the governmentarrow_forwardQ9) Monetary policy is ✅a)the management of the money supply and interest rates. b) involves decisions about government spending and taxation. c)the excess of expenditures over revenues for a particular year d) is the excess of revenues over expenditures for a particular yeararrow_forwardProperty taxes levied on the citizens of the Hill County would most appropriately be budgeted in which of the following budgets? Select one :- a. expenditures budget b. Capital budget. c. Flexible budget. d. Operating budget. Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial entities: Select one : a. Capital Stock b. Bond sinking Fund c. Unearned revenue d. Retained earningsarrow_forward
- According to PAS 20 Accounting for Government Grants and Disclosure of Government Assistance, which of the following is a government grant? a. Tax benefits Free technical or marketing advice Public improvements that benefit the entire community Provision of guarantees Noninterest-bearing loan from the government According to PAS 20 Accounting for Government Grants and Disclosure of Government Assistance, which of the following is not a government grant? Aid from the government to compensate for casualty losses already incurred. Cash received from the government to be used to acquire land. Government procurement policy that is responsible for a portion of the entity’s sales. Aid from the government to defray expenses which are yet to be incurred.arrow_forward39. The receipt of which of the following may not give rise to the revenue by a government entity? Notice of Cash Allocation Tax Remittance Advice Subsidy from another Government entity Inter-agency fund transferarrow_forward1.Which of the following transactions or events will not be reported in a governmental fund's operating statement, assuming that all relate to general government activities? A. Depreciation of capital assets B. Incurrence of construction costs on a construction project C. Incurrence of salary costs D. Issuance of bonds payable due in 10 year 2.General long-term debt proceeds are reported in governmental fund financial statements as: A. Direct additions to fund balance B. other financing sources C. Revenues D transfers 3.What user groups does the GASB not view as primary user groups for government external financial reporting? A. Citizenry B. Investors and creditors C. Labor unions representing government employees D. Legislative and oversight bodiesarrow_forward
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