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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Textbook Question
Chapter 5, Problem 10Q
During the course of your audit of a city, you noted an $800,000 payment to the General Fund from an Enterprise Fund. The payment was recorded in both funds as a payment in lieu of property taxes. (a) How should this payment be reported? (b) What would your answer be if the payment were from the county?
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1) 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.
A city issues a 60-day tax anticipation note to fund operations until taxes have been collected. What recording should it make? Choose the correct.a. The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements.b. A liability should be reported in the government-wide financial statements and in the fund financial statements.c. An other financing source should be shown in the government-wide financial statements and in the fund financial statements.d. An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.
A city issues a 60-day tax anticipation note to fund operations until taxes have been collected. What recording should it make?
The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements.
A liability should be reported in the government-wide financial statements and in the fund financial statements.
An other financing source should be shown in the government-wide financial statements and in the fund financial statements.
An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.
Chapter 5 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - The term deferred revenues seems out of place in...Ch. 5 - Governments often collect cash or must record...Ch. 5 - Modified accrual basis revenue recognition is...Ch. 5 - (a) Should estimated uncollectible amounts of...Ch. 5 - (a) What are expenditure-driven intergovernmental...Ch. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - During the course of your audit of a city, you...
Ch. 5 - Prob. 11QCh. 5 - Prob. 1.1ECh. 5 - Prob. 1.2ECh. 5 - Prob. 1.3ECh. 5 - Prob. 1.4ECh. 5 - What would the answer be to number 4 if the city...Ch. 5 - A county received 3,000,000 from the state. Of...Ch. 5 - A Special Revenue Fund expenditure of 40,000 was...Ch. 5 - A state received an unrestricted gift of 80,000 of...Ch. 5 - Prob. 1.9ECh. 5 - Prob. 1.10ECh. 5 - Prob. 2.1ECh. 5 - Prob. 2.2ECh. 5 - Prob. 2.3ECh. 5 - Prob. 2.4ECh. 5 - Prob. 2.5ECh. 5 - Prob. 2.6ECh. 5 - Prob. 2.7ECh. 5 - Prob. 2.8ECh. 5 - Prob. 2.9ECh. 5 - Prob. 2.10ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - a. Prepare the general journal entries to record...Ch. 5 - Prob. 6ECh. 5 - Prepare general journal entries to record the...Ch. 5 - Prob. 8ECh. 5 - The City and County of PreVatte received a state...Ch. 5 - Make all required General Fund journal entries for...Ch. 5 - The city of Asher had the following transactions,...Ch. 5 - 1. The following are the estimated revenues for a...Ch. 5 - Prob. 3PCh. 5 - Prob. 4PCh. 5 - Prob. 5PCh. 5 - Prob. 6PCh. 5 - Prob. 1CCh. 5 - Prob. 2C
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