All of the following statements are true concerning the conversion of governmental funds togovernmental activities excepta. Depreciation expenditure reported in governmental funds simply becomes depreciation expense ingovernmental activities.b. A decrease in the long-term liability for compensated absences will result in expenses of variousfunctions at the government-wide level being less than expenditures at the governmental fund level.c. Assuming capital outlay expenditures all reflect purchases of capital assets as per the government'scapitalization threshold policy, capital outlay expenditures simply become additions to capital assets.d. Bonds payable are not reported in the governmental funds financial statem

Government funds are a category of funds used in governmental accounting to track and manage public…

Answered: All of the following statements are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The governmental funds balance sheet will never report: A) Property Taxes Receivable. B) Vouchers Payable. C) Long-term Bonds Payable. D) Accumulated Depreciation. E) Both C. and D.
Hh2.
In addition to the government-wide statements, governments are required to prepare fund financial statements for governmental funds only. true or false
DO NOT GIVE SOLUTION IN IMAGE
The fund that records the payment of principal and interest associated with long-term debt is the _________________, and the fund that records construction project activity is the _______________. None of these capital projects fund; debt service fund general fund; permanent fund capital projects fund; general fund debt service fund; capital projects fund
How is depreciation handled in the federal government’s General Fund? How does it differ from how depreciation is handled in the General Fund of a state or local government?
Which of the following funds of a government uses the same basis of accounting as a proprietary fund? Multiple Choice Permanent fund. Special revenue fund. Capital projects fund. Investment trust fund.
Governmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government. True or False
Assets and liabilities of activities for which the government is acting in either an agency or trustee capacity for individuals, organizations, or other governments should be reported in: a. The fiduciary column of the government-wide financial statements. O b. The fiduciary fund financial statements. c. Both government-wide and fiduciary fund statements. d. Neither government-wide nor fiduciary fund statements.
Which of the following funds accounts for legally restricted resources for which only the earnings may be used for some public purpose? Capital projects fund Special revenue fund Private purpose trust fund Permanent fund None of these
CORIS RA is a government owned enterprise which is legislated to generate its own income which it usesto cover capital and recurrent expenditures. The legislations also give the government the powers toorder CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit.Outside of these powers, its government also provide CORIS RA with monthly subventions to cover itsrecurrent expenditures based on CORIS RA budgetary demands and the legal allocations by thegovernment.For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs.You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final…
Which of the following identifies the reason that we need reconciliations between governmental funds and government-wide governmental activities (select all that apply)? Internal service funds are often categorized as governmental funds. Governmental funds use the modified accrual basis of accounting, and the government-wide governmental activities use the accrual basis of accounting. Internal service funds are often categorized as governmental activities. Governmental funds use the accrual basis of accounting, and the government- wide governmental activities use the modified accrual basis of accounting.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS