Use the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amountsprovided.Various Assets and AmountsAsset TypeDevelopment Special Revenue Fund AssetsDebt Service Fund AssetsTotal Governmental Fund AssetsTotal Governmental Fund and Enterprise Fund AssetsBoth the Development Special Revenue Fund and the Debt Service Fund should be reported as major.Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major.The Development Special Revenue Fund should be reported as major.The Debt Service Fund should be reported as major.Asset Amount$ 740,000$ 150,000$ 7,500,000$8,750,000

According to the GASB, a fund should be considered major if it meets any one of the following:The…

Use the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amounts provided. Various Assets and Amounts Asset Type Development Special Revenue Fund Assets Debt Service Fund Assets Total Governmental Fund Assets Total Governmental Fund and Enterprise Fund Assets O O O Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major. Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major. The Development Special Revenue Fund should be reported as major. The Debt Service Fund should be reported as maior Asset Amount $ 740,000 $ 150,000 $7,500,000 $8,750,000

Use the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amounts provided. Various Assets and Amounts Asset Type Development Special Revenue Fund Assets Debt Service Fund Assets Total Governmental Fund Assets Total Governmental Fund and Enterprise Fund Assets O O O Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major. Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major. The Development Special Revenue Fund should be reported as major. The Debt Service Fund should be reported as maior Asset Amount $ 740,000 $ 150,000 $7,500,000 $8,750,000

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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Similar questions

The government-wide statement of activities includes which of the following characteristics (may be more than one): Net program expense is a measure of the extent to which a program is self-financing (versus needs subsidies from general revenue) Calculates net program revenue or expense by subtracting applicable revenues from expenses Internal balance is reported as a transfer between activities
Which of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.
What are the purpose and financial reporting requirements for the General and Special Revenue Funds? Please include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts
A reconciliation must be shown of the items that cause the difference between the total net position that are reported for the governmental activities on the government-wide statement of net position, and the total of the fund balances that appears on the balance sheet for the governmental funds. Which of the following items would be included in this reconciliation? I. Long-term liabilities related to governmental activities II. Long-term assets used in governmental activities O A) II only. B) Both I and II. C) I only. D) Neither nor II.
For governmental funds, what measuring emphasis is utilized in the fund financial statements, and what mechanism is used to establish the timing of income and expenditure recognition?
Which of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.
Which of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue funds
Which of the following funds of a governmental unit recognizes revenues only in the accounting period in which they become available and measurable in their fund financial statements? General Fund Enterprise Fund Yes No No Yes Yes Yes No No
the account deffered inflows of resources-unavailable revenues is used in governmental funds to record?
When a government orders equipment which is to be used by an activity accounted within the General Fund, it should be recorded in the General Fund as a(an): Multiple Choice Encumbrance. Capital asset. Expenditure. None of the choices are correct, the General Fund does not record capital assets purchases..
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custodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.