ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Chapter 4, Problem 9Q
To determine
Discuss the difference between permanent fund and the public purpose trusts reported in special revenue funds.
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Which of the following is not a fiduciary fund? a. Permanent fund b. Agency fund c. Investment trust fund d. Pension trust fund
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?
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 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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Similar questions
- Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?arrow_forwardFiduciary Funds includes: a. Agency Fund b. Special Revenue Fund c. Debt Service Fund d. Internal Service Fundarrow_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_forward
- 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.arrow_forwardWhat is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?arrow_forwardFiduciary activities should be reported in fund statements, but should be excluded from the government-wide statements. a. True b. Falsearrow_forward
- The modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust fundsarrow_forwardWhat is a fund? Distinguish between a fund and an appropriation of retained earnings.arrow_forwardFiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accountingarrow_forward
- Show how items in the Income and Expenditure Account are handled when they are part of a separate fund.arrow_forwardAccounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.arrow_forwardThe permanent fund is one of the several types of governmental funds. a. True b. Falsearrow_forward
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