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 17.13EP
To determine
Identify how the Bond Anticipation Notes are recorded in the Governmental Activities column of government-wide statement of net position.
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Vouchers payable denote:
a.
A future liability estimated when order is made
b.
Amount due to government from user charges
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A liability incurred when goods/services are received
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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 government
What are the reasons for statutory debt limits and explain the terms debt margin and overlapping debt? What are the purpose and types of debt service funds? What are the journal entries utilized to account for activities of debt service funds?
How are general long-tern liabilities distinguished from other long-term liabilities of government? How does the financial reporting of general long-term liabilities differ from the financial reporting of other long-term liabilities?
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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- Aside from issuing bonds, what do you suggests as other means of funding or can government source funds other than bonds?arrow_forwardWhich of the following is a promise by the Government to pay a stated sum after expiry of the stated period from the date of issue? a. Commercial Papers b. Bankers’ Acceptance c. Treasury Bills d. Bills of Exchangearrow_forwardWhich of the following statements is not true for debt service funds? Multiple Choice Interest payable may be reported as a liability of the debt service fund. Special assessment debt for which the government has some obligation is paid through the debt service fund. All tax-supported bond principal is shown as a liability of the debt service fund. Bond principal can be shown as a liability when financial resources dedicated for payment of the principal have been transferred to the debt service fund and payment of principal is due early in the following year.arrow_forward
- Which of the following statements is false? Unmatured principal installments and accrued interest which is due shortly after year end are required to be reported as liabilities in the debt service fund at year end. An encumbrance in a capital project fund is created when the contract for the work is signed or issued. Premiums generated from the issuance of bonds for a capital projects fund are generally transferred to the Debt Service Fund. If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are recognized as revenues of the Debt Service Fund.arrow_forwardGovernment debt securities are issued by Whose obligations are they?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
- Bonds are issued at a premium by a capital projects fund. The premium should bea. retained in the capital projects fund.b. credited directly to the restricted fund balance of the capital projects fund.c. transferred to the debt service funds.d. used to reduce the net cost of the project involved.arrow_forward1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…arrow_forwardWhich of the following shall an entity disclose for loans payable recognized at the end of the reporting period? * Select all that applies. Details of any defaults during the period of principal, interest, sinking fund, or redemption terms of those loans payable Whether the terms of the loans payable were renegotiated, before the financial statements were authorised for issue The fair value of the loans payable in default at the end of the reporting periodarrow_forward
- Central Bank of Oman issues the Government Development bonds to finance Select one. O a. Short-term obligations O b. Day-to-day recurrent O c. Capital expenditure O d. Financial instrumentsarrow_forwardKA The following transactions take place: • A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. • Construction bonds were issued at a premium. The premium is to be included in funds accumulated to retire the debt. • Police salaries were paid. • Interest and principal were paid on general obligation serial bonds. Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded.arrow_forwardAssume you are working in public accounting and the client you are assisting has a question on the appropriate guidance regarding the how to determine the number of periods to amortize a bond discount. What section in the codification would be appropriate to search for guidance on this issue? Question 22 options: a) Initial Measurement b) Subsequent Measurement c) Recognition d) Other Presentation Mattersarrow_forward
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