Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Question
Chapter 3, Problem 17.7EP
To determine
State the manner by which expenditure will be classified in the GASB standards.
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Students have asked these similar questions
Which among the following process is related to fund allocation for different activities?
a.Budgeted appropriation
b.Disbursement
c.Encumbrance
d.Reservation
All of the following about Appropriations are
:true except one
.a
An authorization for spending
.b
Allocation of resources
.C
Management expectation
.d
Proposed expenditures
Expenses that are specifically identified with a program or function are reported in the government-wide statement of activities as:
a. Specific expenses.
b. Direct expenses.
c. Incremental expenses.
d. Program expenses.
Chapter 3 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 15CCh. 3 - Prob. 17.1EPCh. 3 - Prob. 17.2EPCh. 3 - GASB standards require that fund balances of...Ch. 3 - Prob. 17.4EPCh. 3 - Prob. 17.5EPCh. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 17.7EPCh. 3 - Prob. 17.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 17.10EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July 2016, the first month of the 2017...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Report. Review the computer generated budgetary...Ch. 3 - The following alphabetic listing displays selected...
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Similar questions
- Which one of the following equations will yield the available balance in an expenditure subsidiary ledger account?a. Appropriations Expenditures Totalb. Appropriations Encumbrances Balancec. Appropriations Expenditures Total Encumbrances Balanced. Appropriations Expenditures Total þ Encumbrances Balancearrow_forwardWhich of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c. Voucher payable d. Unreserved fund balancearrow_forwardWhich of the following uses the flow of current financial resources measurement focus? a. Internal Service Fund b. Agency Fund c. Special Revenue Fund d. Enterprise Fundarrow_forward
- The 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 is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contributionarrow_forward1. Expenditures are used for which type of fund? A. Fiduciary B. Governmental C. Proprietary D. All of the abovearrow_forward
- While 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_forwardComplete the blank as appropriate: Internal Service funds account for activities in which goods or services are provided to other departments for a ......arrow_forwardDistinguish among appropriation, expenditures, encounters, encumbrance, and expensesarrow_forward
- Use the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amounts provided. Various Assets and Amounts Asset Type Development Special Revenue Fund Assets Debt Service Fund Assets Total Governmental Fund Assets Total Governmental Fund and Enterprise Fund Assets Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major. Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major. The Development Special Revenue Fund should be reported as major. The Debt Service Fund should be reported as major. Asset Amount $ 740,000 $ 150,000 $ 7,500,000 $8,750,000arrow_forwardWhat mechanism ensure that funds have been properly allocated and spent?arrow_forwardShow the treatment of items of Income and Expenditure Account whenthere is a specific fund for those items.arrow_forward
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