Funds: Government units and entities provide various services such as police protection, water and sewerage legal courts, constructions, etc. Government units require various resources for these services and it receives these resources from various sources and government must make expenditures in accordance with legal restrictions. To accomplish the governmental objectives, the unit establishes a variety of funds as that unit’s fiscal and accounting entities. To explain :A fund and the manner a fund receives resources.

Question

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Answer 1

Question

Chapter 17, Problem 17.1Q

To determine

Funds: Government units and entities provide various services such as police protection, water and sewerage legal courts, constructions, etc. Government units require various resources for these services and it receives these resources from various sources and government must make expenditures in accordance with legal restrictions. To accomplish the governmental objectives, the unit establishes a variety of funds as that unit’s fiscal and accounting entities.

To explain:A fund and the manner a fund receives resources.

Expert Solution & Answer

Answer to Problem 17.1Q

A fund is an independent fiscal and accounting entity with self-balancing set of accounts. A fund may receive resources from variety of sources, including taxes, commercial sales, grants, fines and service charges collected.

Explanation of Solution

The above answer can be explained as, every governmental entity establishes various funds to achieve its objectives. These funds are separate accounting groups with accounts to record the transactions and prepare financial statements, each fund records those transactions affecting its assets, related liabilities and residual fund balance.

Different funds are established for the specific functions that a government must provide. Most funds obtain resources form taxes on property, income from commercial sales, grants provided by governmental agencies, fines collected, charges on services, and each fund must make expenditures in accordance with its specified purposes.

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Provide correct answer general accounting question

Richardson Industries has budgeted total factory overhead for the year at $710,000, divided into two departments: Cutting ($500,000) and Finishing ($210,000). Richardson manufactures two products: dining tables and chairs. Each dining table requires 4 direct labor hours in Cutting and 2 direct labor hours in Finishing. Each chair requires 3 direct labor hours in Cutting and 4 direct labor hours in Finishing. Each product is budgeted for 3,500 units of production for the year. Determine the total number of budgeted direct labor hours for the year in the Finishing Department.

Answer 2

Question

Chapter 17, Problem 17.1Q

To determine

Funds: Government units and entities provide various services such as police protection, water and sewerage legal courts, constructions, etc. Government units require various resources for these services and it receives these resources from various sources and government must make expenditures in accordance with legal restrictions. To accomplish the governmental objectives, the unit establishes a variety of funds as that unit’s fiscal and accounting entities.

To explain:A fund and the manner a fund receives resources.

Expert Solution & Answer

Answer to Problem 17.1Q

A fund is an independent fiscal and accounting entity with self-balancing set of accounts. A fund may receive resources from variety of sources, including taxes, commercial sales, grants, fines and service charges collected.

Explanation of Solution

The above answer can be explained as, every governmental entity establishes various funds to achieve its objectives. These funds are separate accounting groups with accounts to record the transactions and prepare financial statements, each fund records those transactions affecting its assets, related liabilities and residual fund balance.

Different funds are established for the specific functions that a government must provide. Most funds obtain resources form taxes on property, income from commercial sales, grants provided by governmental agencies, fines collected, charges on services, and each fund must make expenditures in accordance with its specified purposes.

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Answer 3

Question

Chapter 17, Problem 17.1Q

To determine

Funds: Government units and entities provide various services such as police protection, water and sewerage legal courts, constructions, etc. Government units require various resources for these services and it receives these resources from various sources and government must make expenditures in accordance with legal restrictions. To accomplish the governmental objectives, the unit establishes a variety of funds as that unit’s fiscal and accounting entities.

To explain:A fund and the manner a fund receives resources.

Expert Solution & Answer

Answer to Problem 17.1Q

A fund is an independent fiscal and accounting entity with self-balancing set of accounts. A fund may receive resources from variety of sources, including taxes, commercial sales, grants, fines and service charges collected.

Explanation of Solution

The above answer can be explained as, every governmental entity establishes various funds to achieve its objectives. These funds are separate accounting groups with accounts to record the transactions and prepare financial statements, each fund records those transactions affecting its assets, related liabilities and residual fund balance.

Different funds are established for the specific functions that a government must provide. Most funds obtain resources form taxes on property, income from commercial sales, grants provided by governmental agencies, fines collected, charges on services, and each fund must make expenditures in accordance with its specified purposes.

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Answer 4

Question

Chapter 17, Problem 17.1Q

To determine

Funds: Government units and entities provide various services such as police protection, water and sewerage legal courts, constructions, etc. Government units require various resources for these services and it receives these resources from various sources and government must make expenditures in accordance with legal restrictions. To accomplish the governmental objectives, the unit establishes a variety of funds as that unit’s fiscal and accounting entities.

To explain:A fund and the manner a fund receives resources.

Expert Solution & Answer

Answer to Problem 17.1Q

A fund is an independent fiscal and accounting entity with self-balancing set of accounts. A fund may receive resources from variety of sources, including taxes, commercial sales, grants, fines and service charges collected.

Explanation of Solution

The above answer can be explained as, every governmental entity establishes various funds to achieve its objectives. These funds are separate accounting groups with accounts to record the transactions and prepare financial statements, each fund records those transactions affecting its assets, related liabilities and residual fund balance.

Different funds are established for the specific functions that a government must provide. Most funds obtain resources form taxes on property, income from commercial sales, grants provided by governmental agencies, fines collected, charges on services, and each fund must make expenditures in accordance with its specified purposes.

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Answer 5

Chapter 17, Problem 17.1Q

To determine

Funds: Government units and entities provide various services such as police protection, water and sewerage legal courts, constructions, etc. Government units require various resources for these services and it receives these resources from various sources and government must make expenditures in accordance with legal restrictions. To accomplish the governmental objectives, the unit establishes a variety of funds as that unit’s fiscal and accounting entities.

To explain:A fund and the manner a fund receives resources.

Expert Solution & Answer

Answer to Problem 17.1Q

A fund is an independent fiscal and accounting entity with self-balancing set of accounts. A fund may receive resources from variety of sources, including taxes, commercial sales, grants, fines and service charges collected.

Explanation of Solution

The above answer can be explained as, every governmental entity establishes various funds to achieve its objectives. These funds are separate accounting groups with accounts to record the transactions and prepare financial statements, each fund records those transactions affecting its assets, related liabilities and residual fund balance.

Different funds are established for the specific functions that a government must provide. Most funds obtain resources form taxes on property, income from commercial sales, grants provided by governmental agencies, fines collected, charges on services, and each fund must make expenditures in accordance with its specified purposes.

Answer 6

Chapter 17, Problem 17.1Q

To determine

Funds: Government units and entities provide various services such as police protection, water and sewerage legal courts, constructions, etc. Government units require various resources for these services and it receives these resources from various sources and government must make expenditures in accordance with legal restrictions. To accomplish the governmental objectives, the unit establishes a variety of funds as that unit’s fiscal and accounting entities.

To explain:A fund and the manner a fund receives resources.

Expert Solution & Answer

Answer to Problem 17.1Q

A fund is an independent fiscal and accounting entity with self-balancing set of accounts. A fund may receive resources from variety of sources, including taxes, commercial sales, grants, fines and service charges collected.

Explanation of Solution

The above answer can be explained as, every governmental entity establishes various funds to achieve its objectives. These funds are separate accounting groups with accounts to record the transactions and prepare financial statements, each fund records those transactions affecting its assets, related liabilities and residual fund balance.

Different funds are established for the specific functions that a government must provide. Most funds obtain resources form taxes on property, income from commercial sales, grants provided by governmental agencies, fines collected, charges on services, and each fund must make expenditures in accordance with its specified purposes.

Answer 7

Chapter 17, Problem 17.1Q

To determine

Funds: Government units and entities provide various services such as police protection, water and sewerage legal courts, constructions, etc. Government units require various resources for these services and it receives these resources from various sources and government must make expenditures in accordance with legal restrictions. To accomplish the governmental objectives, the unit establishes a variety of funds as that unit’s fiscal and accounting entities.

To explain:A fund and the manner a fund receives resources.

Answer 8

Expert Solution & Answer

Answer to Problem 17.1Q

A fund is an independent fiscal and accounting entity with self-balancing set of accounts. A fund may receive resources from variety of sources, including taxes, commercial sales, grants, fines and service charges collected.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The above answer can be explained as, every governmental entity establishes various funds to achieve its objectives. These funds are separate accounting groups with accounts to record the transactions and prepare financial statements, each fund records those transactions affecting its assets, related liabilities and residual fund balance.

Different funds are established for the specific functions that a government must provide. Most funds obtain resources form taxes on property, income from commercial sales, grants provided by governmental agencies, fines collected, charges on services, and each fund must make expenditures in accordance with its specified purposes.

Answer 12

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

Answer to Problem 17.1Q

Explanation of Solution

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Chapter 17 Solutions