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
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 4, Problem 2.7E
The minimum expenditure classifications required in the basic financial statements for governmental funds are
- a. fund and function or program.
- b. fund, character, and function or program.
- c. fund, character, and department.
- d. fund, character, department, and line item.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which among the following process is related to fund allocation for different activities?
a.Budgeted appropriation
b.Disbursement
c.Encumbrance
d.Reservation
Which of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. Encumbrances
Which 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 Fund
Chapter 4 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 4 - Prob. 1QCh. 4 - What characteristics of expenditures distinguish...Ch. 4 - How does the purchase of a capital asset affect...Ch. 4 - Prob. 4QCh. 4 - Explain what is meant by General Ledger control...Ch. 4 - List and explain the five fund balance reporting...Ch. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 11Q
Ch. 4 - Prob. 12QCh. 4 - Define the following interfund transaction terms...Ch. 4 - What are the most likely circumstances to cause...Ch. 4 - Explain the purpose, nature, and effect of the...Ch. 4 - Which of the following is a characteristic of a...Ch. 4 - Prob. 1.2ECh. 4 - Assume that Nathan County has levied its...Ch. 4 - Refer to the previous question. What amount of tax...Ch. 4 - Assume the following transactions that affected...Ch. 4 - Prob. 1.6ECh. 4 - The GAAP-based statements that are required to be...Ch. 4 - A city levies property taxes of 500,000 for its...Ch. 4 - At year end a school district purchases...Ch. 4 - A state borrowed 10,000,000 on a 9-month, 9% note...Ch. 4 - Charges for services rendered by a countys General...Ch. 4 - Prob. 2.5ECh. 4 - In the Statement of Revenues, Expenditures, and...Ch. 4 - The minimum expenditure classifications required...Ch. 4 - Which fund balance category is affected by having...Ch. 4 - Prob. 3.2ECh. 4 - Prob. 3.3ECh. 4 - The GAAP fund balance classifications are...Ch. 4 - The fund balance category that can have either a...Ch. 4 - The fund balance category used to reflect a...Ch. 4 - The fund balance category that must be zero if...Ch. 4 - Enabling legislation requiring that resources be...Ch. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Prob. 5ECh. 4 - (Expenditure Accounting Entries) Record the...Ch. 4 - (Statement of Revenues, Expenditures, and Changes...Ch. 4 - (Fund Balance Classification) Your firm is...Ch. 4 - (Interfund Transactions and Errors) (a) Prepare...Ch. 4 - (General FundTypical Transactions) Prepare all...Ch. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - (GL and SL Entries) Prepare in proper form the...Ch. 4 - (Debt-Related Transactions) Prepare the general...Ch. 4 - (Closing Entries and Financial Statements) The...Ch. 4 - (Statement of Revenues, Expenditures, and Changes...Ch. 4 - Statement of Revenues, Expenditures, and Changes...Ch. 4 - Fund Balance Reporting (Fund Balance Reporting)...Ch. 4 - Prob. 1CCh. 4 - (Financial Statement PreparationCity of Savannah,...
Additional Business Textbook Solutions
Find more solutions based on key concepts
The managers of an organization are responsible for performing several broad functions. They are ______________...
Principles of Accounting Volume 2
BE1-7 Indicate which statement you would examine to find each of the following items: income statement (IS), ba...
Financial Accounting
Assume you are a CFO of a company that is attempting to race additional capital to finance an expansion of its ...
Financial Accounting, Student Value Edition (4th Edition)
How is activity-based costing useful for pricing decisions?
Cost Accounting (15th Edition)
Preparing Financial Statements from a Trial Balance The following accounts are taken from Equilibrium Riding, I...
Fundamentals of Financial Accounting
BE1-7 Indicate which statement you would examine to find each of the following items: income statement (IS), ba...
Financial Accounting: Tools for Business Decision Making, 8th Edition
Knowledge Booster
Learn more about
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
- Which of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contributionarrow_forwardFor governmental funds, what measuring emphasis is utilized in the fund financial statements, and what mechanism is used to establish the timing of income and expenditure recognition?arrow_forwardWhat measurement focus is used in fund financial statements for governmental funds, and what system is applied to determine the timing of revenue and expenditure recognition?arrow_forward
- Which of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.arrow_forwardC. Using the contents presented in the Units supported by information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government.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_forward
- The Appropriations account of a governmental fund is credited when: a. The budgetary accounts are closed b. The budget is recorded c. Supplies are purchased d. Expenditures are recordedarrow_forwardUse the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amounts provided. Various Assets and Amounts Asset Type Development Special Revenue Fund Assets Debt Service Fund Assets Total Governmental Fund Assets Total Governmental Fund and Enterprise Fund Assets Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major. Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major. The Development Special Revenue Fund should be reported as major. The Debt Service Fund should be reported as major. Asset Amount $ 740,000 $ 150,000 $ 7,500,000 $8,750,000arrow_forward4. Governmental fund financial statements are prepared using: a) A current financial resources measurement focus and the modified accrual basis of accounting. b) A current financial resources measurement focus and the accrual basis of accounting. O c) An economic resources measurement focus and the modified accrual basis of accounting. d) An economic resources measurement focus and the accrual basis of accounting.arrow_forward
- An inter-fund transfer out should be reported in a governmental fund operating statement as a (an)arrow_forwardAccounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.arrow_forwardWhich of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide financial statements measure revenues and expenses based on modified accrual accounting.c. Fund financial statements measure revenues and expenses based on accrual accounting.d. Government-wide financial statements measure revenues and expenditures based on accrual accounting.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License