Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 17.4EP
To determine
Find the correct option, the option that indicates the format of government-wide statement of net position.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which of the following statements is true?
O a. The principal of permanent funds are classified as Nonspendable Fund Balance
O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston
O. Any governmental fund may have an Unassigned Fund Balance.
O d. Fund balances of debt service funds are classified as Restricted and Unrestricted
Which of the following neither increases nor decreases fund balance of the General Fund during the current period?
a.
Revenues.
b.
Other financing sources.
c.
Deferred revenues.
d.
Expenditures.
Which of the following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statements
Chapter 4 Solutions
Accounting For Governmental & Nonprofit Entities
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
- 4. Governmental fund financial statements are prepared using: a) A current financial resources measurement focus and the modified accrual basis of accounting. b) A current financial resources measurement focus and the accrual basis of accounting. O c) An economic resources measurement focus and the modified accrual basis of accounting. d) An economic resources measurement focus and the accrual basis of accounting.arrow_forwardWhich of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No Noarrow_forwardWhich of the following adjustments is necessary to move from governmental fund financial statements to government-wide financial statements? a. Eliminate expenditures for debt principal b. Eliminate expenditures for capital outlay and add depreciation expense c. Both of the above d. Neither of the abovearrow_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_forward3. A government-wide statement of net position may include a column for each of the following except: A. business type activities B. component units C. governmental activities D. major funds 4.Which type of interfund transactions result in one fund reporting revenues? A. interfund advances B. interfund services provided and used C. reimbursements D. transfersarrow_forwardA statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds. True Falsearrow_forward
- What amount should be reflected in the reconciliation of the fund balance sheet to the government-wide statement of net position for "fiduciary fund net assets" (hint: this is only governmental activities in the government-wide financial statements)?arrow_forwardFor a government that has a trust fund in which it is accumulating sufficient assets to pay OPEB, the net OPEB liability should be reported in both the governmental fund balance sheet and the government- wide statement of net position. A. True B. Falsearrow_forwardWhat measurement focus is used in fund financial statements for governmental funds, and what system is applied to determine the timing of revenue and expenditure recognition?arrow_forward
- Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial entities: a. Bond sinking Fund b. Retained earnings c. Capital Stock d. Unearned revenuearrow_forwardIn a governmental fund, which of the following is considered an expenditure? a. The purchase of a capital asset b. The consumption of supplies c. Salaries earned by employees d. All of the abovearrow_forwardIdentify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education