Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Chapter 12, Problem 6Q
To determine
Explain the components of a balanced scorecard and its examples.
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Please research an annual comprehensive financial report of any local municipality of your choice that had a general government capital construction project that was financed. Discuss the project and type of financing that the local government used, and opine on the other various financing options that the government could have used. In your opinion, did the local government use the most effective financing option? Why or why not? Note: Please provide a link to the referenced material used. This can be attached as a website link or a document (PDF/Word). Make sure to reference your source (using APA 7th edition).
Chapter 12 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 12 - Are governments and not-for-profit organizations...Ch. 12 - What is the difference between two types of...Ch. 12 - Describe the advantages of performance budgeting...Ch. 12 - Prob. 4QCh. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 13CCh. 12 - Budgets of government entities a. Are integrated...Ch. 12 - Which of the following statements regarding...Ch. 12 - Which of the following steps would not usually be...Ch. 12 - The budgeting principle in generally accepted...Ch. 12 - Prob. 15.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 15.8EPCh. 12 - Prob. 15.9EPCh. 12 - Prob. 15.10EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - Prob. 17EPCh. 12 - Prob. 18EPCh. 12 - Prob. 19EPCh. 12 - Prob. 20EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
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- discuss five ways used by the national government to demand budgetary accountability by the county government.arrow_forwardPlease help with problem Preparation of fund financial statements and schedules Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the pre-closing trial balances for Croton City’s General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major. Preclosing Trial Balance for Croton City General Fund December 31, 2019 Debits Credits Budgetary Accounts Estimated revenues – property taxes $9,000 Estimated…arrow_forwardIn your own words, explain comprehensively the government budget process. Why is there a need for each process to be done? What is the implication of the government processes to government growth and improvement? Why does the government use fund accounting? Explain in your own words the objective of government accounting and your role as future accountants in achieving such an objective.arrow_forward
- Discuss what you found in the Fiscal Service's TFX websiteLinks to an external site. that you think will be helpful in federal financial management ?arrow_forwardWhich of the following items are included in the governmental activities column of the government- wide financial statements through worksheet journal entries? A) General Capital Assets. B) General Long-Term Debt. C) Internal Service Funds servicing governmental departments. D) All of the choices are correct.arrow_forwardWhich of the following statements is the intended goal or outcome of a performance budget? Classify the budget by goals or objectives (e.g., protection of persons and property, safe and speedy transportation) Manipulate financial data to satisfy government and community stakeholders Link performance objectives to requests for funds Focus on measurable activitiesarrow_forward
- Prepare a one-page memo for a client organization to explain the purpose of a capital funds project as well as your findings from the statement of revenues, expenditures, and changes in fund balance from that project.arrow_forward1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.arrow_forwardWhat is the difference between forecasting and budgeting? Provide examples. Who funds law enforcement agencies? What are some possible new sources of funding for a police department, a municipal court, and a state prison?arrow_forward
- How to tell the panelist that the group will get funds from the municipality treasury and, it is the duty of the municipality treasurer to fully fund all the needed expenses of the project.arrow_forward6) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletins 7) The key focus of government fund accounting concerns A) capital expenditures. B) intergovernmental transfers from the general fund. C) income measurement. D) the current ability to provide and fund services and goods. 8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discrete 9) Governmental accounting differs from corporate financial accounting primarily because A) the size of the government and the various levels would make it unreasonable to use corporate GAAP. B) governments lack a profit motive and…arrow_forwardThe GASB identifies one of the broadest objectives of government financial reporting as: A. assisting users in assessing profitability of the government B. assisting users in making economic, social, and political decisions. C. fairly presenting government financial condition and operating results D. providing information about the inflows and outflows of cash 2. The 60-day limit on the period after the end of the fiscal year that is used for governmental fund revenue recognition cutoff purposes: A. is optional for property taxes, but required for most other governmental fund revenues B. must be applied to all revenue sources except charges for licenses and permits C. must be applied to property taxes, but cannot be applied to other governmental fund revenue sources D. must be applied to property taxes, but may also be applied to other revenue sourcesarrow_forward
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