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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Textbook Question

Chapter 2, Problem 15.10EP

A certain city reports the following year-end total assets:

Chapter 2, Problem 15.10EP, A certain city reports the following year-end total assets: Based on this information, which funds

Based on this information, which funds should be reported as major funds?

a. General Fund only.
b. General Fund and Library Fund.
c. General Fund and Debt Service Fund.
d. All three funds should be reported as major funds.

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Chapter 2, Problem 15.9EP

Chapter 2, Problem 16EP

Students have asked these similar questions

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.

3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations. 4. Which of the following would be considered a general capital asset? a) A vehicle purchased from general fund revenues. b) A vehicle purchased and maintained by an enterprise fund. c) A computer purchased from revenues of an internal service fund and used by the supplies department. d) Real estate purchased with the assets of a pension trust fund. 5. A machine is sold for $500. It had originally been purchased for $8,000 using GF It is fully depreciated. Gain on sale of equipment account revenues. should be recorded in the General fund journal as: a) Debit in 500S. b) Credit in 500$. c) Credit in 7500S. d) Gain on sale of equipment account will not recorded in general fund journal. Question Three: mini cases

A City Administration has provided the following information related to their activity to various government funds. Required: - a. Prepare Statement of Revenues, Expenditure and Changes in Fund Balance and b. Prepare Statement of Net Assets/Balance Sheet.

Chapter 2 Solutions

Accounting for Governmental & Nonprofit Entities

Ch. 2 - Prob. 1Q Ch. 2 - Prob. 2Q Ch. 2 - Explain the modified accrual basis of accounting....Ch. 2 - Prob. 4Q Ch. 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. 8Q Ch. 2 - Prob. 9Q Ch. 2 - Prob. 10Q

Ch. 2 - Prob. 11C Ch. 2 - Prob. 12C Ch. 2 - Prob. 15.1EP Ch. 2 - Prob. 15.2EP Ch. 2 - Prob. 15.3EP Ch. 2 - The measurement focus and basis of accounting that...Ch. 2 - Which of the following amounts that are identified...Ch. 2 - Prob. 15.6EP Ch. 2 - Prob. 15.7EP Ch. 2 - Under the modified accrual basis of accounting a....Ch. 2 - Prob. 15.9EP Ch. 2 - A certain city reports the following year-end...Ch. 2 - Prob. 16EP Ch. 2 - Prob. 17EP Ch. 2 - Prob. 18EP Ch. 2 - Fund Balance Classifications. Section A provides a...Ch. 2 - Prob. 20EP

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Identification of activities with particular governmental-type funds Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events. GF General Fund SRF Special Revenue Fund DSF Debt Service Fund CPF Capital Projects Fund PF Permanent Fund 1. Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest. 2. The city received its share of a state sales tax that is legally required to be used solely to finance library operations. 3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs. 4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets. 5. The city received a grant from the state to build an addition to the city hall. 6. The city received the proceeds of general obligation bonds to finance the construction of a new police station. 7. The mayor was paid his monthly…
In a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes No
All oI toe above are 3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations. 4. Which of the following would be considered a general capital asset? a) A vehicle purchased from general fund revenues. b) A vehicle purchased and maintained by an enterprise fund. c) A computer purchased from revenues of an internal service fund and used by the supplies department. d) Real estate purchased with the assets of a pension trust fund. 5. A machine is sold for S500. It had originally been purchased for $8,000 using GF It is fully depreciated. Gain on sale of equipment account should be revenues. recorded in the General fund journal as: a) Debit in 500$. b) Credit in 500$. c) Credit in 7500$. d) Gain on sale of equipment account will not recorded in general fund journal. الولايات المتحدة الأمريكية( hp
Encumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.
In which of the following fund types of a city government are revenues and expenditures recognized on the same basis of accounting as the general fund?a. Private-purpose trust fundsb. Internal servicec. Enterprised. Debt service
In a governmental fund, which one of the following constitutes revenue?a. Cash received from another fund of the same unitb. Bond proceedsc. Property taxesd. Refund on an invoice for fuel
1.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 bodies
In a county's ACFR, the basic financial statements are Select one: O O O O a. the government-wide and fund statements plus notes to the financial statements. b. the government-wide and fund statements. c. the government-wide and fund statements plus MD&A. d. the government-wide statements.
In a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes No In a government’s comprehensive annual financial report, account groups are included in which of the following combined…
The capital projects fund of Plant City completed construction of a new building. The building account should be reported in the: I. capital projects fund balance sheet. II. general fund balance sheet. III. government-wide statement of net position. A) II only. B) Il only. C) I only. D) I and II only.
For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses: A. Governmental funds only. B. Proprietary funds only. Bond Proceeds Long Term liability for Compensated Absences Deferred Inflows/Outflows of Resources Taxes Receivable Estimated Revenues Operating Revenues
Which Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental Fund Balance Sheet B. Government-Wide Statement of Activities C. Statement of Revenues, Expenditure and changes in Fund Balances D. Both A and B choices are true.

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