ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
17th Edition
ISBN: 9781308820217
Author: RECK
Publisher: Mcgraw-Hill/Create
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Question
Chapter 2, Problem 1Q
To determine
Describe the three broad categories of service activities that are performed by general purpose governments.
Expert Solution & Answer
Explanation of Solution
General-purpose government: General-purpose governments serve in wide range. They do not have any special function to provide, as they serve many functions.
The three broad categories of service activities performed by the general-purpose governments are as follows:
- Governmental activities: The activities such as supporting administrative and the core government services are categorized under the governmental activities. Examples of governmental activities include city manager’s officer, the public works, fire and police.
- Business type: The activities that are generally proposed to be self-supporting are categorized under the business types. Examples of business type include public utilities, hospitals, and transportation systems.
- Fiduciary activities: There are the activities where the government acts as a representative for the non-government party. Example of fiduciary activities include working as an agent for billing and collecting taxes for the other government and working as a trustee for employee pension plans.
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Journal entry worksheet
A
B
Record Fairfield Company's payroll costs to be paid at a later date.
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S.No Date
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Chapter 2 Solutions
ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - Explain the modified accrual basis of accounting....Ch. 2 - Prob. 4QCh. 2 - What is the primary reason government entities use...Ch. 2 - What is meant by the terms deferred outflows of...Ch. 2 - How do expenses and expenditures differ?Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Prob. 11CCh. 2 - Prob. 12CCh. 2 - Prob. 15.1EPCh. 2 - Prob. 15.2EPCh. 2 - Prob. 15.3EPCh. 2 - The measurement focus and basis of accounting that...Ch. 2 - Which of the following amounts that are identified...Ch. 2 - Prob. 15.6EPCh. 2 - Prob. 15.7EPCh. 2 - Under the modified accrual basis of accounting a....Ch. 2 - Prob. 15.9EPCh. 2 - A certain city reports the following year-end...Ch. 2 - Prob. 16EPCh. 2 - Prob. 17EPCh. 2 - Prob. 18EPCh. 2 - Fund Balance Classifications. Section A provides a...Ch. 2 - Prob. 20EP
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