ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
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Question
Chapter 4, Problem 17.2EP
To determine
Find the correct option, the option that indicates the account that should be debited in the governmental activities journal, if equipment is purchased with General Fund resources.
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Students have asked these similar questions
Which one of the following will be recorded when the encumbered purchase order is executed whole or part in the general fund account?
a.
Encumbrance liquidation will not be recorded
b.
None of the options
c.
Appropriation will be recorded
d.
Encumbrance liquidation will be recorded
A credit to _____ is necessary upon the receipt of property assessments when the special assessment receivables are recorded in a custodial fund.
Agency Funds account for financial resources for which government is acting as an owner.
True
False
Donated assets should be recorded at historical cost.
True
False
Chapter 4 Solutions
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
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
Knowledge Booster
Similar questions
- How to record a trade-in? A.) Government Wide :Record at ticket price of the new asset B.) Fund statement: only the cash aspects of the transaction be recognized as expenditures C.) Losses and gains should be recognized on fund statements. D.) No losses and gains should be recognized on government wide financial statementarrow_forwardDonor-restricted contributions that have been given to a VHWO for the purpose of purchasing fixed assets should be recorded as increases toa. Unrestricted Net Assets.b. Temporarily Restricted Net Assets.c. Permanently Restricted Net Assets.d. Fund Balance—Restricted.arrow_forwardIn which of the following funds is it appropriate to record depreciation of capital assets? Multiple Choice Capital projects fund. General fund. Permanent fund. Internal service fund.arrow_forward
- Fixed assets donated to a governmental unit should be recorded a. at estimated fair value when received. b. at the lower of donor’s carrying amount or estimated fair value when received. c. at the donor’s carrying amount. d. as a memorandum entry only.arrow_forward4.Internal service fund activities are: A. not allowed to be reported as part of businessotype activities B. required to be reported as part of governmental activities Č. sometimes detailed int the management discussion and analysis D. sometimes reported in government activities and sometimes in business-type activitiesarrow_forwardWrite the definition, recognition, measurement and derecognition for the following: Intangible assets Impairment of assets Investment property Agriculture Borrowing cost Government grantarrow_forward
- Why is depreciation recorded as an expense in proprietary funds, but not as an expenditure in governmental-type funds?arrow_forwardWhich of these disclosures is not required by IAS 20? (a) The accounting policy adopted for government grants, including methods of presentation adopted in the financial statements. (b) Unfulfilled conditions and other contingencies attaching to government assistance. (c) The names of the government agencies that gave the grants along with the dates of sanction of the grants by these government agencies and the dates when cash was received in case of monetary grants. (d) The nature and extent of government grants recognized in the financial statements and an indication of other forms of government assistance from which the entity has directly benefited.arrow_forwardA government grant related to should bearrow_forward
- A donated fixed asset (from a governmental unit) for which the fair value has been determined should be recorded as a debit to Fixed Assets and a credit to: a. Contributed Capital b. Retained Earnings c. Deferred Income d. Other Incomearrow_forwardFinancial resources of a college or university that are currently expendable at the discretion of the governing board and that have not been restricted externally and are nondesignated by the board for a specific purpose should be reported in the balance sheet as a. board-designated current funds. b. permanently restricted net assets. c. unrestricted net assets. d. temporarily restricted net assets.arrow_forwardWhich of the following is not a criterion that must be met under FASB ASC 958-605-25-16 for contributed services? a. They are provided by persons possessing required skills. b. They are provided by licensed professionals. c. They create or enhance nonfinancial assets. d. They would typically have to be purchased if not provided by the donors/volunteers.arrow_forward
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