Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts. The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

Question

Want to see the full answer?

Answer 1

Question

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What is the cost of the ending work in process inventory?

Alina’s Catering has a monthly target operating income of $16,000. Variable expenses are 40% of sales and monthly fixed expenses are $14,000. What is Alina’s operating leverage factor at the target level of operating income? a. 0.40 b. 2.67 c. 1.875 d. 0.63. Answer this financial accounting question

Thompson Aggrotech has a return on equity of 14.85 percent, a debt-equity ratio of 0.65, and a total asset turnover of 1.1. What is the return on assets?

Answer 2

Question

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Answer 6

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

Answer 7

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

Answer 8

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Answer 9

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 17 - Prob. 17.1Q Ch. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4Q Ch. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6Q Ch. 17 - Prob. 17.7Q Ch. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Solution Summary: The author explains the purpose of a governmental accounting system, and how it is used.

Want to see the full answer?

Chapter 17 Solutions