Governmental funds report Multiple select question. liabilities that will be settled with current financial resources assets to be converted to cash in the normal course of operations long-term assets that will not be sold during the current year long-term liabilities cash

Governmental funds report Multiple select question. liabilities that will be settled with current financial resources assets to be converted to cash in the normal course of operations long-term assets that will not be sold during the current year long-term liabilities cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Discuss the differences between governmental statements of cash flows prepared for proprietary funds and cash flow statements prepared by nonprofit entities.
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.
Governmental funds report current financial resources. However, governmental funds alsoreport some current assets which are not financial resources. Which of the assets below is acurrent financial resource at December 31, 2022? A. Property taxes receivable expected to be collected between March 2 and December 31, 2023. B.Office supplies that will be used in 2023. C.A and B. D.Neither A nor B.
Money accumulated in excess of funds required to secure life's necessities, which may be used for investment purposes, isA) investment funds. B) surplus income. c) discretionary funds.O D) free income.
Prepare the journal entries for the following transactions to consolidate financial statements from fund-level statements to government-wide statements. 1....An internal service fund had a loss of $50 2.....An internal service fund had interest expense of $30
In funds flow statement, funds from operations is [A] application of fund [B] source of cash [C] application of cash [D] source of fund
The focus of governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b. Financial Resources Measurement Focus. c. Cash Flow Measurement Focus. d. Accrual Measurement Focus.
How is net income adjusted for pension costs under the indirect method of preparing the statement of cash flows? Group of answer choices If pension expense is greater than the amount funded, the difference between the two is added to net income. If pension expense is less than the amount funded, the sum of the two is added to net income. If pension expense is less than the amount funded, the difference between the two is added to net income. If pension expense is greater than the amount funded, the sum of the two is added to net income.
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
Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long - term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other employee benefit) trust funds 9. Investment trust funds 10. Private-purpose trust funds 11. Custodial funds
gener a rullu neverve rullu TULOA Revenues Property taxes Intergovernmental Miscellaneous Total revenues Expenditures Current Personnel services Supplies Capital outlay Debt service Principal Interest Total expenditures Excess of revenues over expenditures Other financing sources (uses): Issuance of debt Transfers from other funds Transfers to other funds Total other financing sources (uses) Fund balance beginning of year Excess of revenues and other sources over (under) expenditures and other uses Fund balance end of year Additional information: $ 284,000 29,700 4,800 $ 20,100 318,500 20,100 $ 284,000 49,800 4,800 338,600 145,500 22,500 14,100 159,600 22,500 115,000 115,000 5,000 7,800 5,000 7,800 $ 295,800 $ 14,100 $ 309,900 22,700 6,000 28,700 38,400 38,400 7,700 7,700 (7,700) (7,700) 30,700 7,700 38,400 53,400 13,700 67,100 24,200 8,200 32,400 $ 77,600 $ 21,900 $ 99,500 a. Property taxes expected to be collected more than 60 days following year-end are deferred in the fund-basis…
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