Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Question
Chapter 2, Problem 9Q
To determine
Identify the fund types that are classified as fiduciary funds and find financial statements are required to be presented for these types of funds.
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Which of the following funds are classified as fiduciary funds?
Group of answer choices
a.) Internal service and enterprise funds.
b.) Trust and agency funds.
c.) Capital projects and debt service funds.
Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?
Which fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?
Chapter 2 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 2 - Governmental accounting systems are different from...Ch. 2 - Funds used in state and local government...Ch. 2 - Prob. 3QCh. 2 - Why are a municipalitys general capital assets and...Ch. 2 - Prob. 5QCh. 2 - Under what circumstances should a government use a...Ch. 2 - Identify the fund types that are classified as...Ch. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Define interfund loans and interfund transfers,...Ch. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - What is the accounting equation for a governmental...Ch. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 1.1ECh. 2 - Financial assets include a. capital assets that...Ch. 2 - All of the following are considered governmental...Ch. 2 - Each of the following is a fiduciary fund except...Ch. 2 - Prob. 1.5ECh. 2 - Which of the following transactions would not be...Ch. 2 - The transactions associated with a Community...Ch. 2 - The city of Hannah has established a trust to...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - Prob. 1.10ECh. 2 - The operations of a municipal governments public...Ch. 2 - The proceeds of a federal grant made to assist in...Ch. 2 - The receipts from a special tax levy to retire and...Ch. 2 - The operations of a municipal swimming pool with...Ch. 2 - Prob. 2.5ECh. 2 - A municipalitys issuance of general obligation...Ch. 2 - Expenditures of 200,000 were made during the year...Ch. 2 - The activities of a central motor pool that...Ch. 2 - A city collects property taxes on behalf of the...Ch. 2 - A transaction in which a municipal electric...Ch. 2 - (Fund and Nonfund Accounts Identification)...Ch. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - a. Analyze the effects of each of the following...Ch. 2 - a. Analyze the effects of the following...Ch. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - (State of CaliforniaFund Identification) The...Ch. 2 - a. Analyze the effects of the following...
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Similar questions
- What is a fund? Distinguish between a fund and an appropriation of retained earnings.arrow_forwardWhat are the two different ways that supplies and prepaid items can be recorded on fund financial statements?arrow_forwardState the kinds of note disclosures that need to be made to help users understand the nature of “Transfers in” to the General Fund.arrow_forward
- Fiduciary Funds includes: a. Agency Fund b. Special Revenue Fund c. Debt Service Fund d. Internal Service Fundarrow_forwardWhile preparing the Funds Flow Statement, the Sources and Uses of Funds are to be disclosed clearly so as to highlight the Sources from where the Funds have been generated the Uses to which these Funds have been applied.Discuss the statement, explaining the various items that are considered as sources and applications of fund while preparing a Funds Flow Statement.arrow_forwardTo assist users better comprehend "Transfers in" to the General Fund, describe the types of note disclosures that should be provided..arrow_forward
- Show the treatment of items of Income and Expenditure Account whenthere is a specific fund for those items.arrow_forwardTo assist users better comprehend "Transfers in" to the General Fund, describe the types of note disclosures that need to be made.arrow_forwardAccounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.arrow_forward
- Does the modified accrual accounting method apply to this kind of fund? What are the requirements for recognizing sales and expenses under the modified accrual accounting method?arrow_forwardThe modified accrual foundation of accounting is used by which fund category? Under the modified accrual basis of accounting, what are the revenue and expenditures recognition rules?arrow_forwardWhich of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.arrow_forward
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