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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Textbook Question
Chapter 3, Problem 16.5EP
Which of the following statements is true for other financing uses but is not true for expenditures?
- a. Arise from interfund transfers out.
- b. Decrease fund balances when they are closed at year-end.
- c. Are included on the budgetary comparison schedule.
- d. Have normal debit balances.
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Which of the following neither increases nor decreases fund balance of the General Fund during the current period?
a. Deferred revenues.
b. Revenues.
c. Expenditures.
d. Other financing sour
ources.
Prepare a statement of revenue, expense, and change in Fund net position.Hint: Not all accounts listed in this problem may be used in the correct solution. This means you need to distinguish between income statement accounts and balance sheet accounts.
Which of the following is budgetary account:
a.
Budgetary fund balance
b.
Revenue- fines and fees
c.
Voucher payable
d.
Unreserved fund balance
Chapter 3 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Discuss the different ways in which depreciation...Ch. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - How do Budgetary Fund Balance and Fund Balances...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 16.1EPCh. 3 - Prob. 16.2EPCh. 3 - Which of the following accounts neither increases...Ch. 3 - Prob. 16.4EPCh. 3 - Which of the following statements is true for...Ch. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 16.7EPCh. 3 - Prob. 16.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 16.10EPCh. 3 - Which of the following is correct concerning the...Ch. 3 - Prob. 16.12EPCh. 3 - Prob. 16.13EPCh. 3 - Prob. 16.14EPCh. 3 - Supplies ordered by the Public Works function of...Ch. 3 - Prob. 17EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The following information is provided about the...Ch. 3 - On February 15, the Town of Evergreen police...Ch. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July, the first month of the fiscal year,...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Review the computer-generated budgetary comparison...Ch. 3 - Prob. 27EPCh. 3 - Greenville has provided the following information...
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- Budget comparison schedules or statements are needed for which funds? Should the budgetary comparison schedules' real revenues and expenditures be presented in accordance with GAAP? Why are you or are you not?arrow_forwardThe total cash count minus the amount of the Change Fund should be equal to: a.the total current liabilities. b.the expenses incurred. c.the income earned. d.the total revenue earned.arrow_forwardFor long-term construction projects, the amount of “billings” is reported in the balance sheet by: Multiple Choice netting it against “construction in progress.” adding it to “construction in progress.” adding it to “accounts receivable.” netting it against “accounts receivable.”arrow_forward
- Which of the following is true regarding capital projects funds? Multiple Choice Encumbrances accounting is generally employed. All budgetary accounts are employed and budget to actual statements are prepared. No budgetary accounts are used. Encumbrances accounting is not normally employed, but Appropriations are recorded.arrow_forward. Float is defined as the difference between which of the following? A. Beginning cash balance and the ending cash balance as shown on a cash budget B. Ledger balance and the available balance C. Book balance and the ledger balance D. Collections and disbursements for any given period of time E. Available balance and the collected balancearrow_forwardDoes a credit balance in the fund balance account(s) at the end of the year necessarily mean the fund has sufficient cash to pay its liabilities in a timely manner? Explain.arrow_forward
- 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 Revenuesarrow_forwardThe journal entry to re-establish an encumbrance from the prior year would include: Multiple Choice A debit to Budgetary Fund Balance – Reserve for Encumbrances. A credit to Appropriations Control. A credit to Budgetary Encumbrances. A debit to Encumbrances Control..arrow_forward"The sum of fund balance in the beginning of the year and estimated revenues are less than the Appropriations". Does it amount to: O a. Compliance to state balance budget laws O b. Violation of state balance budget laws O c. Balanced budget d. None of the abovearrow_forward
- Budget reflects revenue and expense while balance sheet reflects assets and 8. liabilities. Under current GASB standards the revenue from property taxes should be recorded in 9. the period and in the amounts in which taxes are collected. 10. Budget appropriations are sometimes called estimated expenditures.arrow_forwardDescribe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.arrow_forwardWhich of the following would appear on both the budgeted income statement and on the schedule of expected cash disbursements for operating expenses? (A) Depreciation expense (B) Rent expense (C) Sales commission expense (D) Both B and Carrow_forward
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What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license