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 9Q
To determine
Indicate the classifications of Government fund balances. Write an example for each classification.
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Which among the following process is related to fund allocation for different activities?
a.Budgeted appropriation
b.Disbursement
c.Encumbrance
d.Reservation
List and define the five classifications of government funds and provide an example for each government fund.
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?
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
- 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?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_forwardAn inter-fund transfer out should be reported in a governmental fund operating statement as a (an)arrow_forward
- What costs necessitate the reporting of an expenditure by a governmental fund?arrow_forwardhow may resources in the general fund can be assigned to a specific purpose (if that is the intent of the government)?arrow_forwardDescribe the physical structure of a complete set of government-wide financial statements and a complete set of fund financial statements.arrow_forward
- Prepare a statement of Revenues, Expenditures, and changes in fund balance for the governemental funds ( the General Fund and special revenue fund financial statements have already been prepared).arrow_forwardWhich of the following is a governmental fund? Special revenue fund Internal service fund Capital projects fund Debt service fundarrow_forwardWhich of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. Encumbrancesarrow_forward
- What are the five fund types within the governmental funds? What types of events does each of these report?arrow_forwardAccording to GASB standards, expenditures are classified by: a. Fund, function or program, organization unit, source, and character. b. Fund, function or program, organization unit, activity, character, and object. c. Fund, appropriation, organization unit, activity, character, and object. d. Fund, organization unit, encumbrance, activity, character, and object.arrow_forwardWhat is the purpose of reporting fund balance in five classifications? What is the difference between restricted fund balance and assigned fund balance?arrow_forward
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