Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 6Q
Why might a local government not prepare and adopt its General Fund annual operating budget on the modified accrual (GAAP) basis?
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Which basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?
Why are budgetary entries recorded in the individual funds of a state or local government?
What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?
Chapter 3 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 3 - Governmental budgeting and budgetary control are...Ch. 3 - Distinguish between the following types of...Ch. 3 - Prob. 3QCh. 3 - What are budgetary control points? How do they...Ch. 3 - Prob. 5QCh. 3 - Why might a local government not prepare and adopt...Ch. 3 - Revenue estimates and appropriations enacted are...Ch. 3 - In business accounting, a single general ledger...Ch. 3 - Illustrations 3-2 and 3-3 show Revenues Subsidiary...Ch. 3 - An interim budgetary comparison statement for a...
Ch. 3 - Prob. 11QCh. 3 - An annual budgetary comparison schedule for a...Ch. 3 - General budgets are most common for which of the...Ch. 3 - Special budgets are best defined as budgets a....Ch. 3 - Prob. 1.3ECh. 3 - Which of the following statements is false? a....Ch. 3 - Which of the following statements is true? a....Ch. 3 - Appropriation requests for the General Fund are...Ch. 3 - Which of the following statements would be true...Ch. 3 - Prob. 2.3ECh. 3 - Which of the following GAAP requirements for...Ch. 3 - Prob. 2.5ECh. 3 - Prob. 3.1ECh. 3 - Which of the following items does a government...Ch. 3 - The budget data presented in a school district...Ch. 3 - Allotments are best defined as a. legislative...Ch. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - (Budgetary EntriesGeneral Ledger) The city of...Ch. 3 - (General LedgerSubsidiary Ledgers Relationship,...Ch. 3 - (General Ledger Entries) Record the following...Ch. 3 - (Encumbrances) Record the following transactions...Ch. 3 - (Operating Budget Preparation) The finance...Ch. 3 - (Budgetary and Other EntriesGeneral and Subsidiary...Ch. 3 - Prob. 3PCh. 3 - (Budgetary Comparison StatementBudgetary Basis...Ch. 3 - (a) Prepare general ledger and subsidiary ledger...Ch. 3 - Using the information from C3-2 and assuming that...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Where is the Fed Funds rate as of today? Are there any other steps that can be taken by the government in terms of fiscal policies? Please elaborate.arrow_forwardAt what point in time does a governmental fund report an expenditure?arrow_forwardBudget 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_forward
- It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit entities begin planning their expenditures instead of their revenues?arrow_forward1. How is the annual national budget prepared? 2.Who are the persons/ agency involved in budget preparation?arrow_forwardWhat costs necessitate the reporting of an expenditure by a governmental fund?arrow_forward
- Explain the budgetary process providing practical examples. This is in terms of Government Accounting.arrow_forwardDiscuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?arrow_forwardWhat is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?arrow_forward
- 8. All of the following are requirements unique to a government entity. Which is not? Group of answer choices Accrual basis of accounting Fund cluster accounting Incorporating budgetary controls in the financial reporting system Presenting budget information in the financial statementsarrow_forwardAn internal service fund normally uses which of the following budgetary accounts? Multiple Choice Encumbrances. Estimated Revenues. Appropriations. An internal service fund normally does not use budgetary accounts.arrow_forwardWhich of the following statements is correct about the reporting of governmental funds? Fund financial statements measure revenues and expenditures based on modified accrual accounting. Government-wide financial statements measure revenues and expenses based on modified accrual accounting. Fund financial statements measure revenues and expenses based on accrual accounting. Government-wide financial statements measure revenues and expenditures based on accrual accounting.arrow_forward
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