ADVANCED FIN. ACCT. LL W/ACCESS>CUSTOM<
12th Edition
ISBN: 9781265074623
Author: Christensen
Publisher: MCG CUSTOM
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Chapter 17, Problem 17.4.3E
To determine
Introduction: General fund is the primary fund maintained by the companies for recording all inflows and outflows except which are associated with the special purpose funds. It is mostly the difference between assets and liabilities of the company’s fund.
Budgetary fund balance: It is fund set aside for the required for the differences which will arise between the anticipated inflows and outflows related to budgetary period.
To choose:The correct option.
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Which of the following neither increases nor decreases fund balance of the General Fund during the current period?
a. Deferred revenues.
b. Revenues.
c. Expenditures.
d. Other financing sour
ources.
An internal service fund normally uses which of the following budgetary accounts?
Multiple Choice
Encumbrances.
Estimated Revenues.
Appropriations.
An internal service fund normally does not use budgetary accounts.
Supplies recorded in the General Fund under the consumption method will initially include a
Multiple Choice
Debit to Inventory of Supplies.
Credit to Fund Balance—Restricted—Inventory of Supplies.
Debit to Expenditures.
Debit to Fund Balance—Restricted—Inventory of Supplies.
Chapter 17 Solutions
ADVANCED FIN. ACCT. LL W/ACCESS>CUSTOM<
Ch. 17 - Prob. 17.1QCh. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4QCh. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6QCh. 17 - Prob. 17.7QCh. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9QCh. 17 - Prob. 17.10Q
Ch. 17 - When is the expenditure for inventories recognized...Ch. 17 - Prob. 17.12QCh. 17 - Prob. 17.13QCh. 17 - Prob. 17.14QCh. 17 - Prob. 17.15QCh. 17 - Prob. 17.1CCh. 17 - Prob. 17.2CCh. 17 - Prob. 17.3CCh. 17 - Prob. 17.1.1ECh. 17 - Prob. 17.1.2ECh. 17 - Prob. 17.1.3ECh. 17 - Prob. 17.1.4ECh. 17 - Prob. 17.1.5ECh. 17 - Prob. 17.2ECh. 17 - Prob. 17.3.1ECh. 17 - Prob. 17.3.2ECh. 17 - Prob. 17.3.3ECh. 17 - Prob. 17.3.4ECh. 17 - Prob. 17.3.5ECh. 17 - Prob. 17.3.6ECh. 17 - Prob. 17.3.7ECh. 17 - Prob. 17.3.8ECh. 17 - Prob. 17.3.9ECh. 17 - Prob. 17.3.10ECh. 17 - Prob. 17.4.1ECh. 17 - Prob. 17.4.2ECh. 17 - Prob. 17.4.3ECh. 17 - Prob. 17.4.4ECh. 17 - Prob. 17.4.5ECh. 17 - Prob. 17.4.6ECh. 17 - Prob. 17.4.7ECh. 17 - Prob. 17.4.8ECh. 17 - Prob. 17.4.9ECh. 17 - Prob. 17.4.10ECh. 17 - Prob. 17.5ECh. 17 - Prob. 17.6ECh. 17 - Prob. 17.7ECh. 17 - Computation of Revenues Reported on the Statement...Ch. 17 - Prob. 17.9ECh. 17 - Prob. 17.10ECh. 17 - Prob. 17.11ECh. 17 - Prob. 17.12ECh. 17 - General Fund Entries [AICPA Adapted] The following...Ch. 17 - Prob. 17.14PCh. 17 - Prob. 17.15PCh. 17 - Prob. 17.16PCh. 17 - Prob. 17.17PCh. 17 - Prob. 17.18.1PCh. 17 - Prob. 17.18.2PCh. 17 - Prob. 17.18.3PCh. 17 - Prob. 17.18.4PCh. 17 - Prob. 17.18.5PCh. 17 - Prob. 17.18.6PCh. 17 - Prob. 17.18.7PCh. 17 - Prob. 17.18.8PCh. 17 - Prob. 17.18.9PCh. 17 - Prob. 17.18.10PCh. 17 - Prob. 17.18.11PCh. 17 - Prob. 17.18.12PCh. 17 - Prob. 17.18.13PCh. 17 - Prob. 17.18.14PCh. 17 - Prob. 17.18.15PCh. 17 - Prob. 17.18.16PCh. 17 - Prob. 17.18.17PCh. 17 - Prob. 17.18.18PCh. 17 - Prob. 17.18.19PCh. 17 - Prob. 17.18.20PCh. 17 - Prob. 17.18.21PCh. 17 - Prob. 17.18.22PCh. 17 - Prob. 17.18.23PCh. 17 - Prob. 17.18.24PCh. 17 - Prob. 17.18.25PCh. 17 - Prob. 17.18.26PCh. 17 - Prob. 17.18.27PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.29PCh. 17 - Prob. 17.18.30PCh. 17 - Prob. 17.18.31PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.33PCh. 17 - Prob. 17.18.34PCh. 17 - Prob. 17.18.35PCh. 17 - General Fund Entries [AICPA Adapted] DeKalb City...Ch. 17 - Prob. 17.18.37PCh. 17 - Prob. 17.18.38PCh. 17 - Prob. 17.18.39PCh. 17 - Prob. 17.19PCh. 17 - Prob. 17.20P
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- Which of the following serve as the basis for recording appropriate expenses each time the fund is replenished? a. Receipts b. Request letter from cash custodian C Cheques issued to cash custodian d. None of the given optionsarrow_forwardWhich of the following serve as the basis for recording appropriate expenses each time the fund is replenished ? a . Request letter from cash custodian b . Checks issued to cash custodian • c . Receipts d . None of the given optionsarrow_forwardWhich of the following statements is true? O a. The principal of permanent funds are classified as Nonspendable Fund Balance O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston O. Any governmental fund may have an Unassigned Fund Balance. O d. Fund balances of debt service funds are classified as Restricted and Unrestrictedarrow_forward
- Which of the following neither increases nor decreases fund balance of the General Fund during the current period? a. Revenues. b. Other financing sources. c. Deferred revenues. d. Expenditures.arrow_forwardno handwrittenarrow_forwardIndicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long - term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other employee benefit) trust funds 9. Investment trust funds 10. Private-purpose trust funds 11. Custodial fundsarrow_forward
- This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a: Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund. Problem b: Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed. Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…arrow_forwardFor each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses: A. Governmental funds only. B. Proprietary funds only. Bond Proceeds Long Term liability for Compensated Absences Deferred Inflows/Outflows of Resources Taxes Receivable Estimated Revenues Operating Revenuesarrow_forwardWhich one of the following will be recorded when the encumbered purchase order is executed whole or part in the general fund account? a. Encumbrance liquidation will not be recorded b. None of the options c. Appropriation will be recorded d. Encumbrance liquidation will be recordedarrow_forward
- true / falsearrow_forward"The sum of fund balance in the beginning of the year and estimated revenues are less than the Appropriations". Does it amount to: O a. Compliance to state balance budget laws O b. Violation of state balance budget laws O c. Balanced budget d. None of the abovearrow_forwardWhich of the following is incorrect with respect to fund balances? Multiple Choice Restricted fund balance are net resources of a government fund that are subject to constraints imposed by external parties or by law. Assigned fund balances are resources that the governing body has specified for a particular use through ordinance or resolution by the government’s highest level of authority. Only unassigned fund balances may have a negative balance. Inventory and prepaid items are classified as nonspendable fund balances..arrow_forward
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