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
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Question
Chapter 3, Problem 9Q
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.
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Students have asked these similar questions
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?
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
Which basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?
Chapter 3 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 15CCh. 3 - Prob. 17.1EPCh. 3 - Prob. 17.2EPCh. 3 - GASB standards require that fund balances of...Ch. 3 - Prob. 17.4EPCh. 3 - Prob. 17.5EPCh. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 17.7EPCh. 3 - Prob. 17.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 17.10EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July 2016, the first month of the 2017...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Report. Review the computer generated budgetary...Ch. 3 - The following alphabetic listing displays selected...
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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_forwardThe 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_forward
- Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?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 among the following process is related to fund allocation for different activities? a.Budgeted appropriation b.Disbursement c.Encumbrance d.Reservationarrow_forward
- What is the difference in program revenues and general revenues? Why is that distinction important?arrow_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
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