Notification to the COA for any loss of government funds from unforeseen events shall be made within ___ days
Q: Chase City uses an internal service fund for its central motor pool. The assets and liabilities…
A: The correct answer is: (A) Governmental activities The balance in the internal service fund would…
Q: Required information The following information applies to the questions displayed below) The Village…
A: A journal entry known as an accounting closing entry is made at the conclusion of an accounting…
Q: How much income from government grant will Entity A recognize? * On January 1, 2021, Entity A…
A: As per IAS 20 : Accounting for government grants and disclosure of government assistance "If any…
Q: On December 10, 2020 the Elm Street project was completed and the contractor for the project…
A: Journal entries in Street improvement fund Date Particulars Debit Credit December 10 Reserve…
Q: On June 1, 2020, the City of Cape May authorized the construction of a police station at an expected…
A: A capital project fund is a financial tool used to ensure that the money for significant…
Q: Record the following transactions in the general journal for the general fund and tge general jornal…
A: General fund is one of the primary fund which is being used by government activity. This fund will…
Q: The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,…
A: Government-wide financial statements are an integral part of the financial reporting model used by…
Q: The following gifts are received in 2019 by a not-for-profit entity: $3,000 specified by the donor…
A: Donor restricted funds means those funds which are restricted for use as per instructions given by…
Q: According to the FASB, net assets with donor restrictions are released from restrictions: A. At the…
A: Assets are the resources owned by an entity for the purpose of using them or selling them…
Q: When preparing government-wide financial statements, the modified accrual based governments funds…
A: Journal entry: An act of recording the daily transaction of a firm in the journal is called journal…
Q: Which of the following would not be included as a reconciling item in reconciling the governmental…
A: Reconciliations helps in detecting the mistakes, errors, frauds by checking the accuracy of the data…
Q: Prepare the journal entries for the following transactions to consolidate financial statements from…
A: Consolidated Financial statements: A parent's and its subsidiaries' financial statements are…
Q: The City maintains its books and records in a manner that facilitates the preparation of the…
A: Government-Wide Financial Statement: A government-wide financial statement is a nitty-gritty…
Q: On January 1, 2024, the first day of its fiscal year, Carter City received notification that a…
A: The purpose of journal entries in accounts is to maintain accurate and reliable financial records.…
Q: True or False questions H. According to the Governmental Accounting Standards Board, there are three…
A: Solution Concept As per GASB Fund categories Fund types Restricted general fund…
Q: When a city holds pension monies for city employees, the monies should be recorded in Multiple…
A: Funds are the source for which accumulated money is deposited in banks for which the expenses of the…
Q: Explain the adjustments necessary to convert to a government-wide statement of activities, assuming…
A: The GASB is the board that provides the guideline to the governmental units about proper accounting…
Q: 1) State whether each of the following items should be classified as taxes, licences and permits,…
A:
Q: The Commissioner has the authority to prescribe real property values subject to limitations set by…
A: Under the powers and responsibilities of the commissioner, authority to value the real property has…
Q: In the case of grants related to an asset, which of these accounting treatments (balance sheet…
A: Para 8.1 of IAS 20 states that: "Grants related to specific fixed assets are government grants…
Q: When a governmental entity is concerned about shifting costs and expenditures from this ye called
A: Ans. Government companies may follow various principles while preparing books of accounts of its…
Q: 1.Which of the following transactions or events will not be reported in a governmental fund's…
A: Operating Statement includes the revenues and expenditure of a business related to day to day…
Q: A city creates a solid waste landfill. It assesses a charge to every person or company that uses the…
A:
Q: 1. To close Reserve for encumbrances at the end of the year which of the following entries should be…
A: The reserve for encumbrances is an account that maintains track of how much of a fund's balance has…
Q: Presented below is the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund…
A: Governmental organizations use the Statement of Revenues, Expenditures, and Changes in Fund Balances…
Q: Forest City has recently implemented GAAP reporting and is attempting to determine which of the…
A: 10% threshold: The total assets, total liabilities, total revenues, and total expenses of the…
Q: A city orders a new computer for its police department that is recorded within its general fund. The…
A: A journal entry is a record of a business transaction in an organization's accounting system.…
Q: Why does the operation of a solid waste landfill create reporting concerns for a local government?
A: Corporate Social Responsibility: It refers to all the actions of the corporate enterprise towards…
Q: Ben City maintains its books and records in a manner that facilitates the preparation of fund…
A: The entries for part b and c are similar, hence are classified together. The estimated…
Q: period? wer. t be deposted nto the brokeragers commission urt within 24hours of recept Funds must be…
A: Real estate and brokers act refers to the act which specifies all the desired set of rules and…
Q: Prepare the journal entries for the following transactions to consolidate financial statements from…
A: Consolidate Financial Statements: Combine financial data by constructing a balance sheet that…
Q: Exercise 7-6 (Algo) On July 1, 2019, the City of Belvedere accepted a gift of cash in the amount of…
A: **Required A:**Belvedere Community Trust Fund| Date | Account…
Q: For the following event, prepare journal entries under a governmental fund (using modified accrual),…
A: The main records of financial transactions in accounting are journal entries. They are utilized to…
Q: permits. The processing of a permit would normally take a 9. A government entity collects fees for…
A: ●8.The receipt of which of the following may not give rise to revenue by a government entity? Answer…
Q: The citizens of a geographic area of the National City authorized a special assessment to be imposed…
A: Given is the information regarding the people of an area of the National city.
Q: portionments from OMB lotments-first quarter laries paid ccrued salaries payable upplies ordered and…
A: The total amount spent after any relevant discounts, rebates, or allowances are subtracted is…
Notification to the COA for any loss of government funds from unforeseen events shall be made within ___ days
Step by step
Solved in 3 steps
- Bilberry County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The county engaged in the following activities related to the new fund on 1/1/2019. a) The county commission voted to transfer $300,000 from the general fund to the internal service fund to establish the new fund. b) Entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. c) Issued $2 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment and are to be serviced from the internal service fund. d) Purchased equipment for $1,950,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $150,000. e) Billed the general fund for copying and printing charges, $70,000. f) Paid salaries to printing employees, $50,000. a. Total Fixed Asset reported on the financial statement as of 1/1/2019 is? b. Total…1. Beachfront property owners of the Town of Eden Beach requested a seawall be constructed to protect their beach. The seawall was financed through a note payable, which was to be repaid from taxes raised through a special assessment on their properties. The Town guarantees the debt and accounts for the special assessment through a debt service fund. Assume the special assessments were levied in 2023, recording a special assessment tax receivable and deferred inflow in the amount of $330,000. One-third of the assessment is to be collected each year and used to pay the interest and principal on the note. Requried: Record the following transactions that occurred in 2024: On June 30, $110,000 of the assessments became due and currently receivable. (Hint: The special assessment tax is recorded as revenue in the debt service fund when it becomes due.) July 31, the $110,000 was collected. September 30, interest of $19,800 and principal of $90,200 were paid. December 31, the books were…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?
- please answer within 30 minutes.The City of Algonquin maintains its books to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: Deferred inflows of resources—property taxes of $73,500 at the end of the previous fiscal year were recognized as property tax revenue in the current year's Statement of Revenues, Expenditures, and Changes in Fund Balance. The City levied property taxes for the current fiscal year in the amount of $13,789,400. When making the entries, it was estimated that 2 percent of the taxes would not be collected. At year-end, $309,200 is thought to be uncollectible, $365,000 would likely be collected during the 60-day period after the end of the fiscal year, and $52,800 would be collected after that time. The City had recognized the maximum of property taxes allowable under modified accrual accounting. In addition to the expenditures…Assume that the City of Pasco maintains its books and records in a manner that facilitates preparation of the fund financial statements. The city engaged in the following transactions related to its general fund during the current fiscal year. The city formally integrates the budget into the accounting records. The city does not maintain an inventory of supplies. All amounts are in thousands. Prepare, in summary form, the appropriate journal entries. (a) The city council approved a budget with revenues estimated to be $800 and expenditures of $785. (b) The city ordered supplies at an estimated cost of $25 and equipment at an estimated cost of $20. (c) The city incurred salaries and other operating expenses during the year totaling $730. The city paid for these items in cash. (d) The city received the supplies at an actual cost of $23. (e) The city collected revenues of $795.
- Sohar municipality has given the order for supplies on 10 January 2020 for the cost RO 15,500 and recorded the encumbrance in the general fund account. On 25th January Sohar municipality cancelled the supplies order due to an unavoidable situation and recorded it in the general fund account. Which one of the following will be the effect of the cancellation of a supplies purchase order? a. All of the options b. No change in the unassigned fund balance c. Unassigned fund balance will decrease RO 15,500 d. Unassigned fund balance will increase RO 15,500Prepare the necessary governmental fund and government-wide journal entries, assuming a December 31, 2022 fiscal year end. A.) Salaries of $45,000 are earned between December 16 and December 31, 2022. They will be paid on January 3, 2023. B.) A city allows employees one day of sick leave a month and permits them to accumulate any sick leave that they do not take. If they terminate after at least 5 years of service, they will be paid for unused sick leave up to 60 days. In 2022, employees earned $1 million of sick leave that they did not take during the year. The city estimates that of this amount $600,000 will be paid to employees in future years as sick leave, $250,000 will be paid to five-year employees upon termination, and $150,000 will not be paid. No employees (with accrued sick leave) retired in 2022. C.) A city offers its employees participation in a defined benefit plan. The city’s actuary advised leadership that the required pension contribution for the year, based on…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.
- The following gifts are received in 2019 by a not-for-profit entity: $3,000 specified by the donor to be used to pay salaries. $12,000 specified by the donor for new conference room furniture. $6,000 specified by the donor to be held for one year before being expended. The salaries are paid in 2020 and the conference room furniture is purchased in 2019. The donor did not specify any time restriction on holding the conference room furniture. With respect to the donations received in 2019, what amount should be reported in the Statement of Activities as net increase to Net Assets with Donor Restrictions for the year 2019? Multiple Choice $ 3,000 $ 9,000 $15,000 $18,000 $21,000P. 10-8 Fiduciary funds are accounted for on a full accrual basis. Upon the death of a police officer, Leff City establishes a trust fund to provide for the education of the officer's college-age children. 1. In what type of fund should the resources contributed to the fund be recorded?A teacher working for the City of Lights will be provided with a defined benefit pension plan. The city sets up a pension trust fund to monitor the resources held for these future payments. How is the amount of net pension liability to be reported in the government-wide financial statements determined?