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 4, Problem 17.1EP
Choose the best answer.
When equipment is purchased with General Fund resources, which of the following accounts should be debited in the General Fund?
- a. Expenditures.
- b. Equipment.
- c. Encumbrances.
- d. No entry should be made in the General Fund.
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Students have asked these similar questions
Which one of the following will be recorded when the encumbered purchase order is executed whole or part in the general fund account?
a.
Encumbrance liquidation will not be recorded
b.
None of the options
c.
Appropriation will be recorded
d.
Encumbrance liquidation will be recorded
Which of the following statements best describes the accounting for inventories in the General Fund?
Select one:
A. Inventories on hand at the end of the accounting period are not reflected on the balance sheet.
B. Inventories used during the period are reflected as an expense in the statement of revenues, expenditures, and changes in fund balances.
C. There is generally no recognition in the fund accounts of any remaining balance of inventories at the end of the accounting period.
D. None of the above
Which of the following serve as the basis for recording appropriate expenses each time the fund is replenished?
a. Receipts
b. Request letter from cash custodian
C Cheques issued to cash custodian
d. None of the given options
Chapter 4 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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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
- If an internal service fund is intended to operate on a cost-reimbursement basis, then user charges should a. cover the full costs, both direct and indirect, of operating the fund. b. cover the full costs of operating the fund and provide for future expansion and replacement of capital assets. c. cover at a minimum the direct costs of operating the fund. d. do all of the above.arrow_forwardAfter closing entries, a special revenue fund's Fund Balance account represents the net amount of resources available for future appropriation. O true falsearrow_forwardA credit to _____ is necessary upon the receipt of property assessments when the special assessment receivables are recorded in a custodial fund.arrow_forward
- Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c. Voucher payable d. Unreserved fund balancearrow_forwardWhich 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.arrow_forwardhow do resources in the general fund get assigned to a specific purpose?arrow_forward
- 18 The receipt of equipment that had previously been ordered should be recorded in the General Fund as a debit to: Multiple Choice Appropriations. Equipment. Encumbrances. Expenditures.arrow_forwardSupplies recorded in the General Fund under the consumption method will initially include a Multiple Choice Debit to Inventory of Supplies. Credit to Fund Balance—Restricted—Inventory of Supplies. Debit to Expenditures. Debit to Fund Balance—Restricted—Inventory of Supplies.arrow_forwardwhat is actuarial valuatio and explain the advantages and disadvantages of carrying out this exercise on; the fund and the scheme.arrow_forward
- State the kinds of note disclosures that need to be made to help users understand the nature of “Transfers in” to the General Fund.arrow_forwardWhich of the following neither increases nor decreases fund balance of the General Fund during the current period? a. Revenues. b. Other financing sources. c. Deferred revenues. d. Expenditures.arrow_forwardWhat is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.arrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License