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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Chapter 4, Problem 3Q
To determine
Explain the way in which governments would manage
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6. It is a redistribution of income and wealth through government making a payment,without goods or services being received in return
a. Capital expenditure b. Consumption c. Utilization d. Transfer payments
7. The funds allocated to products and services used to satisfy citizens' needs are classified as ___________________ expenditures.
a. Capital expenditure b. Consumption c. Utilization
d. Transfer payments
8. Retirement programs, unemployment benefits, financial aid and other expenses that involve transfers of money are considered _________________.
a. Capital expenditure b. Consumption c. Utilization
d. Transfer payments
9. Transfer payments are included in the gross domestic product or GDP.
a. True b. False c. Maybe
10.Which statement is NOT true?
a. Government expenditure has direct control of a country's economic growth and businesses.
b. investments in education and infrastructure are not likely to boost economic growth and labor productivity in the long run.
c. Government…
What would be the appropriate account title for funds collected by a sales tax custodial fund?
A. Sales tax revenue
B. Other financing sources
C. Additions-tax collections for other governments
D. Sales taxes receivable
Which of the following is an example of activities that are likely to be accounted for in a government's general fund?
a.
sales taxes collected by a state on behalf of counties within the state
b.
donations that must be kept intact, but whose income must be used to beautify parks
c.
property taxes levied and collected.
d.
electricity utilities of government that are financed by user charges
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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Similar questions
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- What is the purpose of enterprise funds? To account for operations that provide services to other departments within a government. To account for asset transfers. To account for ongoing activities such as the police and fire departments. To account for operations financed in whole or in part by outside user charges.arrow_forward1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund. A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements? 15 degrees.arrow_forwardWhat is the purpose of enterprise funds? Choose the correct.a. To account for operations that provide services to other departments within a government.b. To account for asset transfers.c. To account for ongoing activities such as the police and fire departments.d. To account for operations financed in whole or in part by outside user charges.arrow_forward
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- Which of the following determine(s) the level of real interest rates? 1) The supply of savings by households and business firms II) The demand for investment funds III) The government's net supply and/or demand for funds O I, II, and III OI and II only O I only Oll onlyarrow_forwardWhat 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?arrow_forwardVouchers payable denote: a. A future liability estimated when order is made b. Amount due to government from user charges c. A liability incurred when goods/services are received d. Amount payable by government on long term debts Question 2 Question text Which of the following is not an example of the function of an Agency Fund? a. Collection of property tax by one government unit for the other b. All the options listed c. Payment of interest and principle on long-term debt d. Collection of local government sales taxes by the state governmentarrow_forward
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