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
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Chapter 4, Problem 4.5E
To determine
Identify the correct answer related to assignment of fund balance.
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Which 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.
Which of the following statements is correct about the reporting of governmental funds?
Fund financial statements measure revenues and expenditures based on modified accrual accounting.
Government-wide financial statements measure revenues and expenses based on modified accrual accounting.
Fund financial statements measure revenues and expenses based on accrual accounting.
Government-wide financial statements measure revenues and expenditures based on accrual accounting.
In a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements?
Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets
a.Yes Yes
b.No No
c.No Yes
d.Yes No
In a government’s comprehensive annual financial report, account groups are included in which of the following combined…
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,...
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Similar questions
- Which 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_forward8 Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund? Multiple Choice Depreciation expense. Interfund transfers in. Revenues from property taxes. Expenditures for employee salaries.arrow_forwardIn a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes Noarrow_forward
- 1.Which of the following transactions or events will not be reported in a governmental fund's operating statement, assuming that all relate to general government activities? A. Depreciation of capital assets B. Incurrence of construction costs on a construction project C. Incurrence of salary costs D. Issuance of bonds payable due in 10 year 2.General long-term debt proceeds are reported in governmental fund financial statements as: A. Direct additions to fund balance B. other financing sources C. Revenues D transfers 3.What user groups does the GASB not view as primary user groups for government external financial reporting? A. Citizenry B. Investors and creditors C. Labor unions representing government employees D. Legislative and oversight bodiesarrow_forwardWhich of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No Noarrow_forwardWhich one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements? a. None of the options b. Activities of the fiduciary funds c. Activities of the proprietary funds d. Activities of the general fundsarrow_forward
- When a government orders equipment which is to be used by an activity accounted within the General Fund, it should be recorded in the General Fund as a(an): Multiple Choice Encumbrance. Capital asset. Expenditure. None of the choices are correct, the General Fund does not record capital assets purchases..arrow_forwardThe 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_forwardA statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds. True Falsearrow_forward
- Which of the following is incorrect with respect to fund balances? Multiple Choice Restricted fund balance are net resources of a government fund that are subject to constraints imposed by external parties or by law. Assigned fund balances are resources that the governing body has specified for a particular use through ordinance or resolution by the government’s highest level of authority. Only unassigned fund balances may have a negative balance. Inventory and prepaid items are classified as nonspendable fund balances..arrow_forwardcustodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.arrow_forwardRevenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.arrow_forward
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