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Accounting Chapter 1 Homework And Issues The County Comptroller Should
Chapter 1 1 b. They have the power to enact and enforce a tax levy; c. They have the power to directly issue debt whose interest is exempt from federal tax; or d. There is a potential for a government […]
Accounting Chapter 1 Pronouncements Have Approximately The Same Level
Answer: a Answer: c Answer: c Answer: b Chapter 1: Governmental and Not-for-Profit Accounting Environment and Characteristics Multiple Choice 1. Which of the following is a distinguishing characteristic of a nonbusiness organization? a. Its revenues do not exceed its expenses […]
Accounting Chapter 10 April 2012 The First Payment Principal Was
Chapter 10: Government-Wide Financial Statements Multiple Choice 1. To what extent should fund or fund type data be displayed on the face of government-wide financial statements? a. Information should be displayed for the government as a whole, but individual funds […]
Accounting Chapter 10 Homework E107 10 Minutes Net Position Bonds Payable
————————————————-——-CHAPTER 10–—————————————————– REVIEW QUESTIONS Q10-1 The basic differences between the information content of the fund financial statements and the government-wide statements are: a. Fund statements focus on major funds; government-wide statements aggregate the funds into two broad categories, one for […]
Accounting Chapter 10 Homework Journal entries for fund financial statements
Chapter 10 12 Net Position Invested in capital assets, net of related debt 1,200,000 Requirement c (reconciliation of funds balance sheet to government-wide statement of net assets Total fund balance, fund balance sheet 185,000 Amounts reported in statement of net […]
Accounting Chapter 10 Proceeds Debt expenditures Bond Principal bonds Payable to Report Outstanding
32. If a government uses the “modified approach” in accounting for its infrastructure assets, which of the following items properly will not appear in its government- wide statement of activities? a. depreciation expense for any capital assets b. interest expense […]
Accounting Chapter 11 Federal Government Accounting And Reporting multiple
Answer: a Answer: d Answer: b Chapter 11: Federal Government Accounting and Reporting Multiple Choice 1. In the federal government, which organizations make appropriations and which make apportionments? a. The Congress makes appropriations, and department heads apportion the appropriations to […]
Accounting Chapter 11 Homework Unexpended Appropriations Used Expended Appropriations Record
the appropriation to the department and the department head must allot it to the Bureau. The Bureau director cannot spend more than the amount allotted. over-spending and possible violation of the Antideficiency Act. Its equivalent in state and local accounting […]
Accounting Chapter 12 Homework Unrestricted Asset Reclassifications Satisfaction Building Acquisition
(2) a statement of activities and (3) a statement of cash flows. In addition, VHWOs prepare a statement of functional expenses. 1. Unrestricted net assets are resources that are neither temporarily nor permanently restricted. whose use is limited by donor-imposed […]
Accounting Chapter 12 How Should The Entity report The 300000 Gift
Chapter 12: Accounting for Not-for-Profit Organizations Multiple Choice 1. For not-for-profit entities, external financial reporting focuses on: a. individual funds b. fund groups c. the organization as a whole d. major funds 2. When a not-for-profit entity’s funds are classified […]
Accounting Chapter 12 Wtf is Next Fiscal Year For Any Programs
39. Which of the following is an example of a mandatory transfer in college and university accounting? a. a transfer to a Plant Fund to set aside amounts that will be used to pay debt service in accordance with a […]
Accounting Chapter 13 Homework Because Risk Loss Has Not Been Transferred
13-1 —————————————-————–Chapter 13———————————————— REVIEW QUESTIONS Q 13-1 The Financial Accounting Standards Board (FASB) sets standards for not-for-profit hospitals in its Ac- counting Standards Codification (ASC). Governmental hospitals are governed by generally accepted ac- Q 13-2 General Funds are used to […]
Accounting Chapter 13 Homework Inventory Total Current Assets Limited Use
13–12 Buildings 28,000,000 3. Patient accounts receivable 20,000,000 Patient service revenue 20,000,000 Provision for contractual adjustments 6,000,000 Patient accounts receivable 6,000,000 Cash 12,500,000 Patient accounts receivable 12,500,000 4. Patient accounts receivable 10,000,000 Patient service revenue 10,000,000 Provision for contractual adjustments […]
Accounting Chapter 13 Journal Entries For Patient Service Revenues
Answer: b Answer: c Answer: d Chapter 13: Accounting for Health Care Organizations Multiple Choice 1. Which of the following statements is generally true about the basis of accounting used by governmental and not-for-profit hospitals? a. both use the full […]
Accounting Chapter 14 Homework 20 Minutes Computation Operating Margin Operating
order of nearness to cash and liabilities are listed in order of nearness to being paid. This helps the reader assess the entity’s ability to pay its current obligations. Also, classifying net assets between restricted and unrestricted gives the reader […]
Accounting Chapter 14 Plains Regionals Patient Accounts receivable December 31 2013 patient
Answer: a Answer: b Answer: c Chapter 14: Analysis of Financial Statements and Financial Condition Multiple Choice 1. What is the major purpose of the statement of net position from a financial analysis perspective? a. to describe the major sources […]
Accounting Chapter 15 Homework Depreciation Expense Equipment Accumulated Depreciation Equipment Note
————–———————-————- CHAPTER 15 —————–———————-—— REVIEW QUESTIONS Q15–1 a. Assets are items of value that are owned or controlled by an organization as a result of past transactions and events. b. Liabilities are economic obligations of an organization as a result […]
Accounting Chapter 15 Homework Purchased supplies for inventory on credit.
14 Sally’s Eldercare Statement of Changes in Owner’s Equity For the Month Ended July 31, 2013 S. Golfo, Capital, July 1, 2013 $ 0 Sally’s Eldercare Balance Sheet July 31, 2013 Assets: Cash $20,800 Accounts receivable 3,000 Prepaid rent 4,000 […]
Accounting Chapter 15 Prepare Journal Entries Record The Following
Answer: a Answer: a Answer: c Chapter 15: Fundamentals of Accounting Multiple Choice 1. Which of the following formulations of the accounting equation is incorrect? a. assets – liabilities = equity b. assets = liabilities + equity c. assets = […]
Accounting Chapter 2 General Fund Enterprise Fundc Debt Service Fund
Answer: c Answer: d Answer: a Chapter 2: The Use of Funds in Governmental Accounting Multiple Choice 1. To what does basis of accounting refer? a. whether an entity is trying to measure the excess of inflows over outflows b. […]
Accounting Chapter 2 Homework Review Questions 21 Fund Fiscal And
other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions or limitations. use […]
Accounting Chapter 3 Homework Prepare Non departmental expenditure and interfund
performance budgeting, planning-program budgeting, and zero-based budgeting. The object-of-expenditure approach is the most common in practice. a particular period. It assists the smooth functioning of the organization by enabling the organization to anticipate cash shortages and surpluses before they occur, […]
Accounting Chapter 3 When The Car Received The Actual Cost
Answer: b Answer: a Chapter 3: Budgetary Considerations in Governmental Accounting Multiple Choice 1. When the chief executive of a governmental unit submits a “balanced budget” to the legislative body, it usually means that: a. the budget is balanced on […]
Accounting Chapter 4 Homework Encumbrances Budgetary Fund Balance Reserved For Encumbrances
zero. There is no absolute need for Special Revenue Funds, because the activities can be financed from the General Fund, unless the governing body (or higher level authority) requires that a specific financing source must be used only to finance […]
Accounting Chapter 4 March 31a Other Financing Source Liability Revenue
Answer: c Answer: c Answer: b Chapter 4: The Governmental Fund Accounting Cycle An Introduction to General and Special Revenue Funds Multiple Choice 1. Accounting for a Special Revenue Fund is most like the accounting for which of the following? […]
Accounting Chapter 5 Homework Allowance For Uncollectible Taxes Delinquent Revenues
taxes are available. Available mean the taxes are collected in the current period or soon enough thereafter to be used to pay liabilities of the current period. The period “soon enough thereafter” cannot exceed 60 days, unless unusual circumstances justify […]
Accounting Chapter 5 Journal Entries Property Tax Accounting Prepare
– Chapter 5: The Governmental Fund Accounting Cycle General and Special Revenue Funds (Continued) Multiple Choice 1. The measurement focus used by governmental fund measures: a. capital resources b. spendable resources c. spendable resources and capital resources d. economic resources […]
Accounting Chapter 5 The Town Files Tax Lien Against
46. (Journal entries – tax revenue accounting – year-end adjustments) Prepare entries to record the following transactions and events related to Colfax County’s tax revenues for the year beginning January 1, 2013: a. To raise property tax revenue of $800,000, […]
Accounting Chapter 6 Homework Assets Cash Investments At Fair Value Total
P6-10 (Moderate, 75 minutes) 1. GF Transfer out to Debt Service Fund 1,500,000 Cash 1,500,000 DSF Cash 1,500,000 Transfer in from General Fund 1,500,000 2. DSF Expenditures—bond principal 1,000,000 Expenditures—interest 500,000 Matured bonds payable 1,000,000 Matured interest payable 500,000 Matured […]
Accounting Chapter 6 Homework Expenditures fiscal Agent Fees Vouchers Payable 1000 Income
6-21 3. CPF Cash 320,000 4. CPF Construction contracts payable 270,000 Cash 270,000 5. CPF Cash 15,000 Revenues—Investments 15,000 6. CPF Budgetary fund balance reserved for encumbrances 200,000 Encumbrances—capital project 200,000 CPF Expenditures—construction costs 200,000 Construction contracts payable 180,000 Retainage […]
Accounting Chapter 6 Homework Overspending Appropriations Can Prevented Using Budgetary Encumbrance
—————————————-———-Chapter 6——————————————— REVIEW QUESTIONS Q6-1 The relationship between Debt Service Funds and Capital Project Funds is that the latter are used to record the receipt and disbursement of resources Q6-2 No. Capital assets of a relatively minor nature, such as […]
Accounting Chapter 6 Permanent Funda Both The Corpus The Fund
Answer: c Answer: a Chapter 6: The Governmental Fund Accounting Cycle Capital Projects Funds, Debt Service Funds, and Permanent Funds Multiple Choice 1. What is the purpose of a Debt Service Fund? a. to account for resources that are restricted […]
Accounting Chapter 7 Enterprise Fund Revenues And Expenses What Waya
Answer: c Answer: d Answer: b Chapter 7: The Governmental Accounting Cycle Proprietary-Type Funds Multiple Choice 1. In what way do Internal Service Funds differ from Enterprise Funds? a. in the basis of accounting that they use b. in the […]
Accounting Chapter 7 Homework Depreciation Recorded Internal Service Fund That Uses
7-1 —————————————-————–Chapter 7———————————————— REVIEW QUESTIONS Q 7-1 The “cause and effect” relationship between the revenues and expenses of a proprietary Q 7-2 The revenues and expenditures of governmental-type funds are “independent” of each other because the expenditures relate to the […]
Accounting Chapter 7 Homework The Revenue Should Reported The Operating Statement
7-20 (c) City of Arlington Enterprise Fund Municipal Airport Fund Statement of Revenues, Expenses, and Changes in Fund Net Position For the Year Ended June 30, 2013 Operating revenues: Airline rental revenue, net of $10,000 estimated uncollectible Operating expenses: Salaries […]
Accounting Chapter 8 Homework D85 Assuming The Board Directors The Fund
8-1 —————————————-—Chapter 8——————————————– REVIEW QUESTIONS Q8-1 No. A government can offer benefits to its employees by participating in Q8–2 A defined benefits plan is a plan that specifically identifies the formula that will be used to calculate future pension benefits […]
Accounting Chapter 8 Homework Unfunded Actuarial Accrued Liability Percentage Covered Payroll
(b) Pinnacle County Fiduciary Fund Statement of Changes in Fiduciary Net Position Investment Trust Fund For the Year Ending December 31, 2012 Additions Contributions from participating governments $125,000 Investment income: Interest $56,000 Less investment expense (500) Net investment income 55,500 […]
Accounting Chapter 8 The Entire Amount The Unfunded Actuarially Accrued
Answer: a Answer: d Answer: b Chapter 8: The Governmental Fund Accounting Cycle—Fiduciary Funds Multiple Choice 1. Which of the following characteristics is true of fiduciary funds? a. they report assigned fund balances b. their net assets are unavailable to […]
Accounting Chapter 9 Homework Revenues Property Taxes Deferred Property Tax
Chapter 9 15 Item 5. Debt Service Fund: PART E (20 minutes) Enterprise Fund entries Item 1. No entry needed. Record opening balances in T accounts. Item 2. Cash 70,000 Revenues 70,000 To record swimming pool admissions fees Item 3. […]
Accounting Chapter 9 Homework there is a potential for the organization to provide
————————————————-——-CHAPTER 9——————————————————– REVIEW QUESTIONS Q9-1 The major external users of governmental financial reports are: a. those to whom government is primarily accountable – the citizenry; b. those who directly represent the citizens – legislative and oversight bodies; and c. those […]
Accounting Chapter 9 Reporting Principles And Preparation Fund Financial
Chapter 9: Reporting Principles and Preparation of Fund Financial Statements Multiple Choice 1. An organization is a component unit of a primary government and hence part of the primary government’s financial reporting entity, provided that: a. the primary government provides […]
Accounting Chapter 9 The Invoices Approved After Deducting Percent Retainage general
41. (True or false) State whether each of the following is true or false regarding the financial reporting entity. Explain why the false statements are false. a. An example of a state’s ability to impose its will on the operations […]