Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Chapter 17, Problem 30P
To determine
Identify the correct option out of the given statements.
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Which of the following statements is correct concerning a governmental entity’s combined statement of cash flows?a. Cash flows from capital financing activities are reported separately from cash flows from non-capital-related financing activities.b. The statement format is the same as that of a business enterprise’s statement of cash flows.c. Cash flows from operating activities may be reported using the indirect method.d. The statement format includes columns for the general, governmental, and proprietary fund types.
Categorize the following as source or use of funds. Also classify them under operating,investing and financing activities sections of cashflow statement (indirect method)a. Selling a piece of land b. Dividend paid c. payment of some accrued taxesd. reducing inventory level e. Depreciation charges f. Sale of government bonds
Which of the following is true regarding government-wide financial statements?a. The government-wide statements include a statement of net position, a statement of activities, and a statement of cash flows.b. The government-wide statements include a statement of net position and a statement of activities, but not a statement of cash flows.c. The government-wide statements include a balance sheet, an income statement, and a statement of cash flows.d. None of the above
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- With respect to the statement of cash flows A.) Both the FASB and the GASB encourage entities to use the direct method B.) The GASB, but not the FASB, requires entities to use the direct method C.) The FASB, but not the GASB, requires entities to use the direct method D.) Both the FASB and the GASB require entities to use the direct methodarrow_forwardThe statement of cash flows of a not-for-profit should be divided into which of the following categories of cash flows? A.) Operating activities, noncapital financing activities, capital and related financing activities, investing activities B.) Operating activities, capital activities, investing activities C.) Operating activities, financing activities, capital activities D.) Operating activities, financing activities, investing activitiesarrow_forwardAccess the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Disclosure of interest and income taxes paid if the indirect method is used. 2. Primary objectives of a statement of cash flows. 3. Disclosure of noncash investing and financing activities.arrow_forward
- Which of the following is not a GASB's required statement for proprietary funds? A.) Statement of net position B.) Statement of revenues, expenses, and changes in fund net position C.) Statement of cash flows D.) Statement of changes in fund net positionarrow_forwardDiscuss the differences between governmental statements of cash flows prepared for proprietary funds and cash flow statements prepared by nonprofit entities.arrow_forwardThe IPSASB developed the IPSASs for government entities and departments who use the fund or cash accounting in recording and reporting transactions. Using the principles, concepts and definitions set out by the IPSASB explain in detail the differences between Cash Basis and Accrual Basis (where applicable, use examples to support your answers), and the reasons whythere is a move from the Cash Basis to the Accrual Basis.arrow_forward
- The IPSASB developed the IPSASs for government entities and departments who use the fund or cash accounting in recording and reporting transactions. Using the principles, concepts and definitions set out by the IPSASB explain in details the differences between Cash Basis and Accrual Basis , and the reasons why there is a move from the Cash Basis to the Accrual Basis.arrow_forwardIf a company has both an inflow and outflow of cash related to property, plant, and equipment, the two cash effects can be netted and presented as one item in the investing activities section. cash inflow and cash outflow should be reported separately in the investing activities section. two cash effects can be netted and presented as one item in the financing activities section. cash inflow and cash outflow should be reported separately in the financing activities section.arrow_forwardThe IPSASs indicated some benefits of Cash Flow Information. State any two of these benefits to an entity and also the general public.arrow_forward
- A government entity is required to include a statement of cash flows in which of the following financial statements? Governmental fund financial statements. Government-wide financial statements. Proprietary fund financial statements. Fiduciary fund financial statements.arrow_forwardWhich statement is incorrect? A. An entity shall report cash flows from operating activities either using direct or indirect method. B. Interest payments to lenders should be classified as cash outflows for financing activities. C. Cash receipts from commissions and other revenues are cash flows from operating activities. D. The aggregate cash flows arising from acquisition of subsidiary should be classified as investing activities.arrow_forwardThe modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust fundsarrow_forward
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