ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 4, Problem 17.10EP
To determine
Find the correct option, the option that indicates the accounting treatment of reimbursement grant for which the notification of the award was released, and the expenditures for weatherization activities were not incurred.
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Nizwa municipality received a grant from the government RO 5 million for the construction of houses for economically weak people. The grant received from the government should be recorded under which fund?
a.
Special revenue fund account
b.
Permanent fund account
c.
Pension fund account
d.
None of the options
Vacation City was awarded a $500,000 federal operating grant for use in Year 2. On December 1 of year 1, half of the grant money was received by the City. The journal entry to record receipt of the grant funds will include: Multiple Choice A. A credit to Revenues in the amount of $250,000. B. A credit to Deferred Inflow of Resources- Grant Proceeds in the amount of $250,000. C. A debit to Grant Expenditures in the amount of $250,000. D. No journal entry will be made until expenditures are made in Year 2.
Using the information below, what amount should be accounted for in a special revenue fund or funds? Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis $ 300,000 Equipment used for supplying electric power to residents $ 1,750,000 Receivables for completed sidewalks to be paid for in installments by affected property owners. Construction was financed by special assessment bonds for which the town has no liability $ 1,500,000 Cash received from federal government, dedicated to highway maintenance, that must be accounted for in a separate fund $ 1,800,000 Multiple Choice A. $1,800,000. B. $2,100,000. C. $5,350,000. D. $3,300,000.
Chapter 4 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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