Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 16, Problem 9P
To determine
Identify the appropriate answer for the given statement from the given choices.
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How to record a trade-in?
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B.) Fund statement: only the cash aspects of the transaction be recognized as expenditures
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please explain why the option is correct and remainings are incorrect
Which of the following statement is true regarding the net approach of presentinggovernment grants?A. Government grant related to income has a deferred income from governmentgrant account.B. Government grant related to asset has a deferred income from government grantaccount.C. For grants related to asset, depreciation expense is higher as compared togross approach (unearned income from government grant approach).D. Government grant related to asset has to recognize an income from governmentgrant.
From the below statements, which of them is a false statement regarding FSRSC?A. The chairman should be a senior practitioner of any scope of the accountancyprofession.B. FSRSC members serve without compensation for a term of three years, which canbe renewed for another three years.C. Not all members of FSRSC should be CPAs.D. FSRSC is the current standard setting-body in the Philippines. Its currentpronouncements are PASs.
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Chapter 16 Solutions
Advanced Accounting
Ch. 16 - Prob. 1QCh. 16 - Prob. 2QCh. 16 - Prob. 3QCh. 16 - Prob. 4QCh. 16 - What measurement focus is used in fund financial...Ch. 16 - Prob. 6QCh. 16 - Prob. 7QCh. 16 - In applying the current financial resources...Ch. 16 - Prob. 9QCh. 16 - What are the five fund types within the...
Ch. 16 - Prob. 11QCh. 16 - What are the four fund types within the fiduciary...Ch. 16 - Prob. 13QCh. 16 - Fund financial statements have separate columns...Ch. 16 - The general fund of a city reports assets of...Ch. 16 - Why are budgetary entries recorded in the...Ch. 16 - How are budget results shown in the financial...Ch. 16 - Prob. 18QCh. 16 - Prob. 19QCh. 16 - Prob. 20QCh. 16 - How do governmental funds report capital outlay in...Ch. 16 - Prob. 22QCh. 16 - Prob. 23QCh. 16 - Prob. 24QCh. 16 - How is the issuance of a long-term bond reported...Ch. 16 - Prob. 26QCh. 16 - Prob. 27QCh. 16 - Prob. 28QCh. 16 - What is an internal exchange transaction, and how...Ch. 16 - Prob. 1PCh. 16 - Prob. 2PCh. 16 - Prob. 3PCh. 16 - Prob. 4PCh. 16 - Prob. 5PCh. 16 - Prob. 6PCh. 16 - Which of the following statements is correct about...Ch. 16 - Prob. 8PCh. 16 - Prob. 9PCh. 16 - The City of Bagranoff holds 90,000 in cash that...Ch. 16 - Prob. 11PCh. 16 - The general fund pays rent for two months. Which...Ch. 16 - A purchase order for 3,000 is recorded in the...Ch. 16 - At the end of the current year, a government...Ch. 16 - A government buys equipment for its police...Ch. 16 - A city acquires supplies for its fire department...Ch. 16 - Prob. 17PCh. 16 - The state government passes a law requiring...Ch. 16 - The state awards a grant of 50,000 to the Town of...Ch. 16 - A city issues a 60-day tax anticipation note to...Ch. 16 - A city issues five-year bonds payable to finance...Ch. 16 - The City of Dylan issues a 10-year bond payable of...Ch. 16 - Prob. 23PCh. 16 - A 110,000 payment is made on a long-term...Ch. 16 - A city constructs a special assessment project (a...Ch. 16 - A city constructs curbing in a new neighborhood...Ch. 16 - Which of the following is an example of an...Ch. 16 - The governmental funds of the City of Westchester...Ch. 16 - Government officials of Hampstead County ordered a...Ch. 16 - A local government has the following transactions...Ch. 16 - Prepare journal entries for the City of Puddings...Ch. 16 - Prepare journal entries for a local government to...Ch. 16 - The following unadjusted trial balances are for...
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Similar questions
- What is the primary difference between revenue grants and capital grants in accounting for government grants? A. Revenue grants are recognized in the income statement immediately, while capital grants are recognized as deferred income. B. Revenue grants are used for long-term asset acquisition, while capital grants support day-to-day operating activities. C. Both revenue and capital grants are recognized in the income statement immediately. D. Capital grants are not accounted for in financial statements.arrow_forwardPolk County's solid waste landfill operation is accounted for in a governmental fund. Polk used available cash to purchase equipment that is included in the estimated current cost of closure and post-closure care of this operation. How would this purchase affect the asset amount in Polk's governmental capital assets and the liability amount in Polk's government-wide financial statements? Asset Amount Liability Amount A.) Increase Decrease B.) Increase No effect C.) No effect Decrease D.) No effect No effectarrow_forward1.Which of the following transactions or events will not be reported in a governmental fund's operating statement, assuming that all relate to general government activities? A. Depreciation of capital assets B. Incurrence of construction costs on a construction project C. Incurrence of salary costs D. Issuance of bonds payable due in 10 year 2.General long-term debt proceeds are reported in governmental fund financial statements as: A. Direct additions to fund balance B. other financing sources C. Revenues D transfers 3.What user groups does the GASB not view as primary user groups for government external financial reporting? A. Citizenry B. Investors and creditors C. Labor unions representing government employees D. Legislative and oversight bodiesarrow_forward
- A government grant related to should bearrow_forwardWhich of the following would be considered a general capital asset? Select one: a. Real estate purchased with the assets of a pension trust fund. b. A vehicle purchased from General Fund revenues. c. A vehicle purchased and maintained by an enterprise fund. d. A computer purchased from revenues of an internal service fund and used by the supplies department.arrow_forwardThe City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. which of the following statements is true about reporting a revenue in connection with this gift? Choose the correct.a. A revenue will be reported.b. Revenue is reported but only if the asset is reported.c. If the asset is not capitalized, no revenue should be recognized.d. As a gift, no revenue would ever be reported.arrow_forward
- Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5 million b. RO 30 million c. None of the options d. RO 25 million Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5 million b. RO 30 million c. None of the options d. RO 25 million Shina township's financial transaction during the year as follows, Equipment purchased from restricted fund RO 25 million, Paid salary to government employees RO 5 million, Government grant RO 2 million. The amount that should report as expenditure in its general funds is a. RO 5…arrow_forwardAll of the following statements are true concerning the conversion of governmental funds to governmental activities except a. Depreciation expenditure reported in governmental funds simply becomes depreciation expense in governmental activities. b. A decrease in the long-term liability for compensated absences will result in expenses of various functions at the government-wide level being less than expenditures at the governmental fund level. c. Assuming capital outlay expenditures all reflect purchases of capital assets as per the government's capitalization threshold policy, capital outlay expenditures simply become additions to capital assets. d. Bonds payable are not reported in the governmental funds financial statemarrow_forwardFor a government that has a trust fund in which it is accumulating sufficient assets to pay OPEB, the net OPEB liability should be reported in both the governmental fund balance sheet and the government- wide statement of net position. A. True B. Falsearrow_forward
- Property tax revenue recorded in the governmental funds may differ from the amount recorded at the government-wide level in any given year. True or Falsearrow_forwardGovernment grant related to non-depreciable assets that requires fulfillment of certain conditions* Should not be recognized as income Should be recognized as income immediately Should be recognized as income over 40 years Should be recognized as income over the periods which bear the cost of meeting the conditionsarrow_forwardAssume in question (9) that the city does not choose to report the painting on the government-wide financial statements as a capital asset. Must the city report a revenue for the gift?arrow_forward
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