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

Want to see more full solutions like this?

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero. For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017. As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device. The company also paid €5,000 to an…

I need answer typing clear urjent no chatgpt used pls i will give 5 Upvotes.only typing .

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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

Want to see more full solutions like this?

Chapter 17 Solutions