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 9, Problem 17.2EP
To determine
Identify the option that correctly states the manner by which a public financing corporation must be reported by the city.
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Students have asked these similar questions
The proceeds of a long-term bond issue were used by a county to acquire general fixed assets. The long-term liability is recordeda. only in the general long-term debt account group.b. only in the general fund.c. both in the general fund and in the general long-term debt account group.d. in the appropriate governmental fund, depending on the nature of the asset involved.
Which of the following is not a power that a municipality must have to be considered fiscally independent of other governments?
A.) To determine its budget
B.) To levy taxes and set rates
C.) To establish debt limitations
D.) To issue bonds
1) Which of the following statement(s) is (are) true regarding municipal bonds?
1.I) A municipal bond is a debt obligation issued by state or local governments.
2.II) A municipal bond is a debt obligation issued by the federal government.
3.III) The interest income from a municipal bond is exempt from federal income taxation.
4.IV) The interest income from a municipal bond is exempt from state and local taxation in the issuing state.
A) I and II only
B) I and III only
C) I, II, and III only
D) I, III, and IV only
E) I and IV only
Please provide an accurate answer with justification.
Chapter 9 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - What is a component unit?Ch. 9 - Explain the difference between a blended and a...Ch. 9 - Prob. 6QCh. 9 - Prob. 7QCh. 9 - Prob. 8QCh. 9 - Give examples of items (transactions) that would...Ch. 9 - Prob. 10Q
Ch. 9 - Prob. 11QCh. 9 - Prob. 12CCh. 9 - The MDA for the 2016 City and County of Denver...Ch. 9 - Prob. 14CCh. 9 - Prob. 17.1EPCh. 9 - Prob. 17.2EPCh. 9 - Prob. 17.3EPCh. 9 - Interim government financial reports a. Are not...Ch. 9 - The comprehensive annual financial report (CAFR)...Ch. 9 - Prob. 17.6EPCh. 9 - The city council of Lake Jefferson wants to...Ch. 9 - Prob. 17.8EPCh. 9 - Prob. 17.9EPCh. 9 - Prob. 17.10EPCh. 9 - A positive unassigned fund balance can be found in...Ch. 9 - A city established a special revenue fund for gas...Ch. 9 - The county commission passed into law through an...Ch. 9 - Prob. 17.14EPCh. 9 - Prob. 17.15EPCh. 9 - Prob. 18EPCh. 9 - Prob. 19EPCh. 9 - The City of Lynnwood was recently incorporated and...Ch. 9 - Prob. 21EPCh. 9 - Prob. 22EPCh. 9 - Prob. 23EPCh. 9 - Prob. 24EPCh. 9 - You have recently started working as the...Ch. 9 - Prob. 26EPCh. 9 - Prob. 27EP
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- Property owners in the City of N e pay property taxes that are earmarked, in part, to provide debt service for the outstanding debt of the city. Property owners in the city also provide debt service support for a share of the outstanding debt of Center Township and Delaware County, proportionate to the ratio of the assessed valuation of property located within the city to that of all taxable property in the township and the county. The sum of the city's outstanding debt plus a proportionate share of the township and county's debt is referred to as: a. Total direct debt. b. Overlapping debt. c. Legal debt margin. d. Total general obligation debt outstanding. (ne)sarrow_forwardIn which of the following fund types of a city government are revenues and expenditures recognized on the same basis of accounting as the general fund?a. Private-purpose trust fundsb. Internal servicec. Enterprised. Debt servicearrow_forwardDiscuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Include how monitoring and reporting of business-type funds is similar and how it differs from the same functions in a corporation.arrow_forward
- 187. Which of the following funds should be reported as part of local government's governmental activities column in its government-wide statements? a. Debt service b. Agency c. Private-purpose trust. d. Pension trust. 188. A nongovernmental not-for-profit organization's statement of activities is similar to which of the fol- lowing for-profit financial statements? a. Balance sheet. b. Statement of cash flows. c. Statement of retained earnings. d. Income statement.arrow_forwardThe citizens of a geographic area of the National City authorized a special assessment to be imposed on their properties to finance the reconstruction of the infrastructure of the sewerage system that serves the area. The city will solicit bids, oversee the reconstruction, issue the debt in the city's name, and pay the debt. The city is not bound in any way by the debt, but will collect special assessments and make principal and interest payments to bondholders. 1. Explain the use and purpose of the Capital Projects Fund for the National City construction project.arrow_forwardDiscuss the various types of business-type funds used in governmental units and provide an example of when each is appropriate. Pleae include how monitoring and reporting of business-type funds are similar and how it differs from the same functions in a corporation.arrow_forward
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