Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 8Q
To determine
Identify the funds for which the budgetary comparison schedules or statements required and also state and explain whether the actual revenues and expenditures on the budgetary comparison schedules must be reported on the GAAP basis.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
for 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?
Which basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?
What are the purpose and financial reporting requirements for the General and Special Revenue Funds? Please include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts
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...
Knowledge Booster
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?arrow_forwardWhich of the following terms refers to a budgetary account, rather than actual account a. Unreserved Fund Balance b. Estimated revenue c. Revenue d. Expenditurearrow_forwardWhich fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?arrow_forward
- 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?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_forwardWhat is the difference in program revenues and general revenues? Why is that distinction important?arrow_forward
- Which among the following process is related to fund allocation for different activities? a.Budgeted appropriation b.Disbursement c.Encumbrance d.Reservationarrow_forwardWhich of the following uses the flow of current financial resources measurement focus? a. Internal Service Fund b. Agency Fund c. Special Revenue Fund d. Enterprise Fundarrow_forwardIn applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements?arrow_forward
- What are some major adjustments required when converting from fund financial statements to government-wide statements?arrow_forwardWhat method of determining operating income is required under GAAP for financial statement distribution to external users?arrow_forwardDefine the term revenue expenditure.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
