Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 17, Problem 15.7EP
Which of the following is a correct mathematical relationship among proprietary account balances?
- a. Net Position equals Total Assets minus Total Liabilities.
- b. Fund Balance with Treasury equals Unexpended Appropriations.
- c. Cumulative Results of Operations equals Revenues and Financing Sources minus Operating/Program Expenses.
- d. Disbursements in Transit equals Fund Balance with Treasury minus Accounts Payable and Other Current Liabilities.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Choose the correct. Which of the following items must be disclosed in interim reports?a. Total assets.b. Total liabilities.c. Cash flow from operating activities.d. Gross revenues.
With reference to the definitions of the basic elements of the Balance Sheet (Assets, Liabilities) and the Income Statement (income, expenses), briefly explain in your own words the relationship between the two statements. That is, not just what information each situation gives, but how the funds of one correlate and affect the funds of the other.
Which one of the following equations will yield the available balance in an expenditure subsidiary ledger account?a. Appropriations Expenditures Totalb. Appropriations Encumbrances Balancec. Appropriations Expenditures Total Encumbrances Balanced. Appropriations Expenditures Total þ Encumbrances Balance
Chapter 17 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - The federal government uses two groups of funds....Ch. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 12CCh. 17 - Prob. 13CCh. 17 - Access the most recent Financial Report of the...Ch. 17 - Prob. 15.1EPCh. 17 - Prob. 15.2EPCh. 17 - Prob. 15.3EPCh. 17 - Prob. 15.4EPCh. 17 - Prob. 15.5EPCh. 17 - Prob. 15.6EPCh. 17 - Which of the following is a correct mathematical...Ch. 17 - Which of the following is not a component of a...Ch. 17 - Fund Balance with the Treasury would be considered...Ch. 17 - Prob. 15.10EPCh. 17 - Which of the following federal funds is most...Ch. 17 - Following is a list of a number of accounts used...Ch. 17 - One amount is missing in the following trial...Ch. 17 - Use the data from Problem 1717 for this...Ch. 17 - Prob. 19EPCh. 17 - Prob. 20EPCh. 17 - Congress authorized the Flood Control Commission...Ch. 17 - Prob. 22EP
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
- Give an example and explanation for each of the following differences between when revenues are recognized and cash flows are received: recognition simultaneous with receipt; recognition prior to receipt; and recognition after receipt.arrow_forwardWhich statement of financial position accounts are most affected by financing activities? a. Non-current assets b. Non-current liabilities and shareholders' equity c. Current liabilities d. Current assetsarrow_forward“Cash float” would be which type of account? a.Expense b.Current asset c.Proprietary d.Fixed asset e.Current liabilityarrow_forward
- 11) A fund A) has its own accounting equation. B) has consolidated financial statements for all funds. C) must follow GAAS. D) always uses modified accrual accountingarrow_forwardAnswer two questions please 1. Distinguish between accountability and inter-period equity. 2. What is meant by the phrase, “A fund is a fiscal and an accounting entity”?arrow_forwardExpenses are recognized and matched against revenues on the basis of three principles. Which is not one the principles? a. immediate recognition b. associating cash flows c. systematic and rational allocation d. association cause and effectarrow_forward
- he Revaluation Reserve Account should be accounted for as part of a. Assets b. Liability c. Equity d. Expensarrow_forwardA financial plan which serves as a framework of accounts A. Appropriation act B. Budget C. Obligational authority D. Allotment request E. Cash disbursement ceilingarrow_forwardWhich of the following is not true? a. Coverage ratio provides information about borrowed funds in relation to owner-contributed funds b. Gross Profit Margin = Gross Profit / Sales c. Turnover ratios are also called activity ratios d. The rule of thumb for current ratio is 2:1arrow_forward
- Financial statements generally include all BUT which of the following? Group of answer choices A. Income statement B. Government income tax return C. Balance sheet D. Statement of cash flowsarrow_forwardBy selecting one among the Balance Sheet, Income Statement, Cost of Sales Table, Fund Flow Statement and Cash Flow Statement; Briefly describe the definition, scope, purpose of arrangement and importance for financial statement users.arrow_forwardWhen income is to be recognized on cash basis. by Safe Trust Bank, a distinction should be made between a. Banking and Non-banking assets b. Monetary and Non-banking assets c. Current and Non-current assets d. Performing and Non-performing assetsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Accounting Basics Explained Through a Story; Author: Leila Gharani;https://www.youtube.com/watch?v=VYNTBWBqncU;License: Standard Youtube License