Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Question
Chapter 2, Problem 10Q
To determine
Write the criteria for determining government fund or enterprise fund as a major fund. List the other funds that should be reported as major funds.
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Students have asked these similar questions
how may resources in the general fund can be assigned to a specific purpose (if that is the intent of the government)?
Which of the following is a governmental fund?
Special revenue fund
Internal service fund
Capital projects fund
Debt service fund
What measurement focus is used in fund financial statements for governmental funds, and what system is applied to determine the timing of revenue and expenditure recognition?
Chapter 2 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Explain the modified accrual basis of accounting....Ch. 2 - Prob. 4QCh. 2 - What is the primary reason government entities use...Ch. 2 - What is meant by the terms deferred outflows of...Ch. 2 - How do expenses and expenditures differ?Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Prob. 11CCh. 2 - Prob. 12CCh. 2 - Prob. 15.1EPCh. 2 - Prob. 15.2EPCh. 2 - Prob. 15.3EPCh. 2 - The measurement focus and basis of accounting that...Ch. 2 - Which of the following amounts that are identified...Ch. 2 - Prob. 15.6EPCh. 2 - Prob. 15.7EPCh. 2 - Under the modified accrual basis of accounting a....Ch. 2 - Prob. 15.9EPCh. 2 - A certain city reports the following year-end...Ch. 2 - Prob. 16EPCh. 2 - Prob. 17EPCh. 2 - Prob. 18EPCh. 2 - Fund Balance Classifications. Section A provides a...Ch. 2 - Prob. 20EP
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Similar questions
- For governmental funds, what measuring emphasis is utilized in the fund financial statements, and what mechanism is used to establish the timing of income and expenditure recognition?arrow_forwardWhile preparing the Funds Flow Statement, the Sources and Uses of Funds are to be disclosed clearly so as to highlight the Sources from where the Funds have been generated the Uses to which these Funds have been applied.Discuss the statement, explaining the various items that are considered as sources and applications of fund while preparing a Funds Flow Statement.arrow_forwardWhich of the following is not a governmental fund? Choose the correct.a. Special revenue fundb. Internal service fundc. Capital projects fundd. Debt service fundarrow_forward
- Use the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amounts provided. Various Assets and Amounts Asset Type Development Special Revenue Fund Assets Debt Service Fund Assets Total Governmental Fund Assets Total Governmental Fund and Enterprise Fund Assets Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major. Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major. The Development Special Revenue Fund should be reported as major. The Debt Service Fund should be reported as major. Asset Amount $ 740,000 $ 150,000 $ 7,500,000 $8,750,000arrow_forwardcapital assets used by governmental funds should be reported in?arrow_forwardAn inter-fund transfer out should be reported in a governmental fund operating statement as a (an)arrow_forward
- Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?arrow_forwardWhich fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?arrow_forwardDoes the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements).arrow_forward
- Which of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.arrow_forwardWhich among the following process is related to fund allocation for different activities? a.Budgeted appropriation b.Disbursement c.Encumbrance d.Reservationarrow_forwardWhich of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.arrow_forward
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