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 2, Problem 16.9EP
To determine
Identify the financial statements in which internal service fund should be reported other than proprietary fund financial statements.
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Assets and liabilities of activities for which the government is acting in either an agency or trustee capacity for individuals, organizations, or other governments
should be reported in:
a. The fiduciary column of the government-wide financial statements.
O b. The fiduciary fund financial statements.
c. Both government-wide and fiduciary fund statements.
d. Neither government-wide nor fiduciary fund statements.
All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements.
a. True
O b. False
Which of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure economic resources.b. Government-wide financial statements measure only current financial resources.c. Fund financial statements measure both economic resources and current financial resources.d. Government-wide financial statements measure economic resources.
Chapter 2 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Prob. 3QCh. 2 - Explain the modified accrual basis of accounting....Ch. 2 - Prob. 5QCh. 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. 9QCh. 2 - Prob. 10Q
Ch. 2 - Accounting and Reporting Principles. (LO2-3) The...Ch. 2 - Prob. 12CCh. 2 - Which of the following statements is true...Ch. 2 - Prob. 16.2EPCh. 2 - Prob. 16.3EPCh. 2 - The measurement focus and basis of accounting that...Ch. 2 - Which of the following amounts that are identified...Ch. 2 - Prob. 16.6EPCh. 2 - Prob. 16.7EPCh. 2 - Under the modified accrual basis of accounting a....Ch. 2 - Prob. 16.9EPCh. 2 - A certain city reports the following year-end...Ch. 2 - Prob. 16.11EPCh. 2 - Prob. 16.12EPCh. 2 - Prob. 16.13EPCh. 2 - Prob. 16.14EPCh. 2 - Which of the following fund(s) will generally be...Ch. 2 - Prob. 17EPCh. 2 - Prob. 18EPCh. 2 - Matching Funds with Transactions. (LO2-3) Choose...Ch. 2 - Fund Balance Classifications. (LO2-3) Section A...Ch. 2 - Prob. 21EPCh. 2 - Major Funds. (LO2-4) At the end of the fiscal...
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Similar questions
- For a government that has a trust fund in which it is accumulating sufficient assets to pay OPEB, the net OPEB liability should be reported in both the governmental fund balance sheet and the government- wide statement of net position. A. True B. Falsearrow_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_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
- Which one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements? a. None of the options b. Activities of the fiduciary funds c. Activities of the proprietary funds d. Activities of the general fundsarrow_forwardWhich financial statements are prepared using modified accrual accounting? A) Proprietary fund financial statements. B) Governmental fund financial statements. C) Government-wide financial statements. D) Both A. and B. E) Both B and C.arrow_forward4.Internal service fund activities are: A. not allowed to be reported as part of businessotype activities B. required to be reported as part of governmental activities Č. sometimes detailed int the management discussion and analysis D. sometimes reported in government activities and sometimes in business-type activitiesarrow_forward
- Fiduciary activities should be reported in fund statements, but should be excluded from the government-wide statements. a. True b. Falsearrow_forwardWhich of the following statements is true regarding the basic financial statements of a state or local government? a. Separate columns must be provided in the government-wide financial statements for governmental activities, business-type activities, and fiduciary activities. b. Discretely presented component units should be reported as a separate column on the fund financial statements. c. Governmental fund financial statements should provide separate columns for each major fund. d. All of the above.arrow_forwardWhich of the following statements is correct about the reporting of governmental funds? Fund financial statements measure economic resources. Government-wide financial statements measure only current financial resources. Fund financial statements measure both economic resources and current financial resources. Government-wide financial statements measure economic resources.arrow_forward
- The governmental fund financial statements are intended to report on fiscal accountability. True or Falsearrow_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_forwardWhich 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.arrow_forward
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