Which of the following statements is correct? The General Fund, Special Revenue, and Debt Service funds use the modified accrual basis and financial resources focus and the Capital Projects and Permanent funds do not. The General Fund and Special Revenue fund provide budget to actual comparisons and the Capital Projects, Debt Service and Permanent Funds do not. The General Fund and Special Revenue Fund have an indefinite life and the Permanent, Capital Projects and Debt Service have limited lives.

Q: The following events take place: 1. 2. 3. James Smith died and left 100 acres of undeveloped land to…

A: Unlike traditional accounting, which focuses on the overall financial health of an organization,…

Q: Governmental funds report current financial resources. However, governmental funds may report some…

A: To identify the current financial resource, we need to look for an asset that can be used to fund…

Q: Prepare a governmental funds balance sheet; a governmental funds statement of revenues,…

A: 1. General Fund Property taxes- delinquent (net) = Property taxes receivable – delinquent minus…

Q: 3. Which of the following accounts appears on both the interim and year-end balance sheets of the…

A: 3. According to the above question,option (d) is the correct one as Appropriation appears on both…

Q: Proprietary funds:   Multiple Choice

A: Proprietary funds are used to account for activities that are financed and operated in a manner…

Q: What are the measurement focuses and basis of accounting of governmental funds? What is the…

A: It is necessary that every government agency and department maintain accurate financial accounting…

Q: Which of the following is true regarding capital projects funds?

A: Capital projects funds are used to finance large-scale capital projects such as building…

Q: Which governmental fund includes resources that are legally restricted so that the governmental…

A: Government needs to collect funds for different purposes such as meeting regulatory requirements,…

Q: What is the primary difference between revenue grants and capital grants in accounting for…

A: A revenue grant is typically given to an organization to support its operating costs, and when the…

Q: Which of the following is incorrect with respect to fund balances?   Multiple Choice   Restricted…

A: It is the total amount accumulated or deficit incurred from operating surpluses from the beginning…

Q: The governmental fund financial statements are intended to report on fiscal accountability.…

A: Fiscal accountability refers to developing and maintaining budget and independent fiscal review.

Q: How to record a trade-in?

A: Trade-in refers to the situation when an allowance is given for the value of old asset which is…

Q: Please all options information and correct answer

A: The objective of the question is to identify the statement that does not accurately represent the…

Q: At the end of the fiscal year, Palm City was trying to determine which of its funds would be…

A: Funds are designed to limit the ways in which specific financial flows can be utilised. For example,…

Q: Which of the following statements best describes the accounting for inventories in the General Fund?…

A: Option (b) is the correct answer

Q: Which basis of accounting should be used when preparing a budgetary comparison schedule (or…

A: Answer:- Budgetary meaning:- To put it succinctly, budgetary refers to everything associated with a…

Q: A reconciliation must be shown of the items that cause the difference between the total net position…

A: A government wide financial statement refers to the detailed summary of the government funds which…

Q: When a government orders equipment which is to be used by an activity accounted within the General…

A: Encumbrance:Correct: When a government orders equipment which is to be used by an activity accounted…

Q: Payable.

A: The correct answer is  c) Long term bonds payable

Q: In addition to the government-wide statements, governments are required to prepare fund financial…

A: Government wide financial statements are those financial statements of government which are prepared…

Q: The General Fund has a Due from Capital Projects Fund of S48,000 and a Due of $48,000, and the Water…

A: The General Fund, which serves as a government body's main operating fund, is an important part of…

Q: ) Prepare the reconciliation of total fund balance to net assets for governmental activities for the…

A: Reconciliation Statement -An account balance record maintained by a third party is obtained by a…

Q: All of the following statements are true concerning the conversion of governmental funds to…

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

Q: Problem a:  Using the list of transactions below, provide all necessary journal entries for the Fund…

A: Fund accounting is an accounting that requires limited use of funds. The limitation on the use is…