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
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 4Q
To determine
Write the three categories of funds prescribed by Government Accounting Standards Board (GASB). Indicate the types of fund included and basis of accounting used in each category of fund.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Which fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?
Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?
The modified accrual foundation of accounting is used by which fund category? Under the modified accrual basis of accounting, what are the revenue and expenditures recognition rules?
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
Knowledge Booster
Similar questions
- What is the purpose of reporting fund balance in five classifications? What is the difference between restricted fund balance and assigned fund balance?arrow_forwardAccounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.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_forward
- Does the modified accrual accounting method apply to this kind of fund? What are the requirements for recognizing sales and expenses under the modified accrual accounting method?arrow_forwardFund financial statements have separate columns for each activity. Which activities are reported in this manner?arrow_forwardWhat are types of activities are reported in Custodial Funds?arrow_forward
- In applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements?arrow_forwardWhich of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.arrow_forwardWhich among the following process is related to fund allocation for different activities? a.Budgeted appropriation b.Disbursement c.Encumbrance d.Reservationarrow_forward
- Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?arrow_forwardWhich of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c. Voucher payable d. Unreserved fund balancearrow_forwardfor which funds are budgetary comparison schedules or statements required? should the actual revenues and expenditureson the budgetary comparison schedules be reported on the GAAP basis? why or why not?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
