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
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 5, Problem 2.10E
To determine
Identify from the options, the criteria sufficient for grant revenues that should be recognized in the General fund of the government.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Encumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.
3. Which of the following accounts appears on both the interim and year-end balance
sheets of the General Fund?
a) Revenues.
b) Reserve for encumbrances.
c) Encumbrances.
d) Appropriations.
4. Which of the following would be considered a general capital asset?
a) A vehicle purchased from general fund revenues.
b) A vehicle purchased and maintained by an enterprise fund.
c) A computer purchased from revenues of an internal service fund and used by the
supplies department.
d) Real estate purchased with the assets of a pension trust fund.
5. A machine is sold for $500. It had originally been purchased for $8,000 using GF
It is fully depreciated. Gain on sale of equipment account
revenues.
should be
recorded in the General fund journal as:
a) Debit in 500S.
b) Credit in 500$.
c) Credit in 7500S.
d) Gain on sale of equipment account will not recorded in general fund journal.
Question Three: mini cases
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 bodies
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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 Noarrow_forwardFor each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses: A. Governmental funds only. B. Proprietary funds only. Bond Proceeds Long Term liability for Compensated Absences Deferred Inflows/Outflows of Resources Taxes Receivable Estimated Revenues Operating Revenuesarrow_forwardWhich of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.arrow_forward
- The 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_forwardWhich 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_forwardWhat is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.arrow_forward
- 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.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 No In a government’s comprehensive annual financial report, account groups are included in which of the following combined…arrow_forwardAll oI toe above are 3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations. 4. Which of the following would be considered a general capital asset? a) A vehicle purchased from general fund revenues. b) A vehicle purchased and maintained by an enterprise fund. c) A computer purchased from revenues of an internal service fund and used by the supplies department. d) Real estate purchased with the assets of a pension trust fund. 5. A machine is sold for S500. It had originally been purchased for $8,000 using GF It is fully depreciated. Gain on sale of equipment account should be revenues. recorded in the General fund journal as: a) Debit in 500$. b) Credit in 500$. c) Credit in 7500$. d) Gain on sale of equipment account will not recorded in general fund journal. الولايات المتحدة الأمريكية( hparrow_forward
- Which of the following funds of a governmental unit recognizes revenues only in the accounting period in which they become available and measurable in their fund financial statements? General Fund Enterprise Fund Yes No No Yes Yes Yes No Noarrow_forwardA gift to a government company is recorded to Select one: a Permanent fund b. Special revenue fund c. General fund d. Debt service fundarrow_forwardIf not expenditure driven, a grant approved and paid by the federal government to assist in a city’s welfare program during the current year should be credited to a. Revenues. b. Fund Balance—Reserved forWelfare Programs. c. Fund Balance—Unassigned. d. Other Financing Sources.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License