Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 17, Problem 29P
To determine
Identify the correct option out of the given statements.
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Check out a sample textbook solutionStudents have asked these similar questions
Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown?
Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.
General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.
General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.
General revenues are broken down by type; program revenues are reported as a single figure for the government.
In the statement of activities,a. all expenses are subtracted from all revenues to get net income.b. the net program expense (revenue) for major functions and programs of the primary government and its component units are presented before general revenues.c. tax revenues designed to benefit the whole government are considered program revenues.d. extraordinary items are those that are either unusual in nature or infrequent in occurrence.
The government-wide statement of activities includes which of the following characteristics (may be more than one):
Net program expense is a measure of the extent to which a program is self-financing (versus needs subsidies from general revenue)
Calculates net program revenue or expense by subtracting applicable revenues from expenses
Internal balance is reported as a transfer between activities
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Similar questions
- Which of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contributionarrow_forwardWhy does a government determine the net expenses or revenues for each of the functions within its statement of activities?arrow_forwardWhich of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue fundsarrow_forward
- 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 fundsarrow_forwardWhich of the following is true regarding government-wide financial statements? a. Internal service funds are normally included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the abovearrow_forwardWhat measurement focus is used in government-wide financial statements, and what system is applied to determine the timing of revenue and expense recognition?arrow_forward
- Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?arrow_forwardWhich of the following accounts of a governmental unit is usually credited when taxpayers are billed for property taxes?a. Appropriationsb. Taxes Receivable—Currentc. Estimated Revenuesd. Revenuesarrow_forwardMultiple choice:  The accrual basis of accounting is used to account for revenues and expenditures reported in the financial statements of: a. Governmental funds. b. Proprietary funds. c. Governmental activities at the government-wide level. d. Business-type activities at the government-wide level.arrow_forward
- Expenses that are specifically identified with a program or function are reported in the government-wide statement of activities as: a. Specific expenses. b. Direct expenses. c. Incremental expenses. d. Program expenses.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_forwardWhich of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide financial statements measure revenues and expenses based on modified accrual accounting.c. Fund financial statements measure revenues and expenses based on accrual accounting.d. Government-wide financial statements measure revenues and expenditures based on accrual accounting.arrow_forward
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