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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Question
Chapter 5, Problem 17.12EP
To determine
Identify how the capital assets donated are valued by the government.
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When an asset acquired through government grants is recorded using the capital approach,
Select one:
a. assets and liabilities increase by the cost of the asset.
b, assets and equity increase by the fair value of the asset.
C. assets and equity increase by the cost of the asset.
d. assets and liabilities increase by the fair value of the asset.
Which of the following would be considered a general capital asset?
Select one:
a. Real estate purchased with the assets of a pension trust fund.
b. A vehicle purchased from General Fund revenues.
c. A vehicle purchased and maintained by an enterprise fund.
d. A computer purchased from revenues of an internal service fund and used by the supplies department.
The acquisition of capital assets by a special revenue fund would be shown as:
O a. long term asset
O b. short term asset (supplies)
O c. expenditure
O d. cannot have capital acquisitions in governmental funds
Oe. expense
Chapter 5 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 5 - What are general capital assets? How are they...Ch. 5 - Explain what disclosures the GASB requires for...Ch. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What is the accounting difference between using...Ch. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - What is a service concession arrangement, and why...
Ch. 5 - Prob. 13CCh. 5 - Prob. 14CCh. 5 - Prob. 15CCh. 5 - Under GASB standards, which of the following would...Ch. 5 - Two new copiers were purchased for use by the city...Ch. 5 - Maxim County just completed construction of a new...Ch. 5 - A capital projects fund would probably not be used...Ch. 5 - Machinery and equipment depreciation expense for...Ch. 5 - Prob. 17.6EPCh. 5 - Prob. 17.7EPCh. 5 - Callaway County issued 10,000,000 in bonds at 101...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Prob. 17.11EPCh. 5 - Prob. 17.12EPCh. 5 - Prob. 17.13EPCh. 5 - Arbitrage rules under the Internal Revenue Code a....Ch. 5 - Prob. 17.15EPCh. 5 - Make all necessary entries in the appropriate...Ch. 5 - Prob. 19EPCh. 5 - Prob. 20EPCh. 5 - In the current year, the building occupied by...Ch. 5 - Prob. 22EPCh. 5 - Make all necessary entries in a capital projects...Ch. 5 - The year-end pre-closing trial balance for the...Ch. 5 - Prob. 25EPCh. 5 - This year Riverside began work on an outdoor...
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Similar questions
- In a governmental fund, which of the following is considered an expenditure? a. The purchase of a capital asset b. The consumption of supplies c. Salaries earned by employees d. All of the abovearrow_forwardWhat is a donated capital and how it is accounted?arrow_forwardA donated fixed asset （from a governmental unit) for which the fair value has been determined should be recorded as a debit to Fixed Assets and a credit to: a. Contributed Capital b. Retained Earnings c. Deferred Income d. Other Incomearrow_forward
- In which of the following funds is it appropriate to record depreciation of capital assets? Multiple Choice Capital projects fund. General fund. Permanent fund. Internal service fund.arrow_forwardThe long-term asset account group is used for which of the following funds? Enterprise Capital Projects Internal Service General Both b and darrow_forwardAmount at which to record donated property? Which funds would record things such as long-term assets, long-term liabilities, encumbrance, etc?arrow_forward
- 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 paymentsarrow_forwardcapital assets used by governmental funds should be reported in?arrow_forwardExplain the recording of repayment of grant related to an asset?arrow_forward
- What measurement focus and basis of accounting should be used by a local government's private-purpose trust fund? Current financial resources Modified accrual Economic resources Modified accrual Current financial resources Accrual Economic resources Accrualarrow_forward1. Expenditures are used for which type of fund? A. Fiduciary B. Governmental C. Proprietary D. All of the abovearrow_forwardDistinguishing capital expenditures from revenue expenditures Consider the following expenditures: Classify each of the expenditures as a capital expenditure or a revenue expenditure related to machinery.arrow_forward
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