Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 7, Problem 1.5E
Which of the following statements regarding the required GAAP reporting for a Capital Projects Fund is false?
- a. A GAAP-basis
balance sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balance are required for Capital Projects Funds. - b. The format of the Statement of Revenues, Expenditures, and Changes in Fund Balance for a Capital Projects Fund is the same as for a General Fund.
- c. A GAAP-basis operating statement is not required for a Capital Projects Fund if a multiyear budget has been adopted.
- d. It is not uncommon for a Capital Projects Fund operating statement to report an excess of expenditures over revenues during a project.
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Fiduciary activities should be reported in fund statements, but should be excluded from the government-wide statements.
a. True
b. False
Which of the following neither increases nor decreases fund balance of the General Fund during the current period?
a. Deferred revenues.
b. Revenues.
c. Expenditures.
d. Other financing sour
ources.
Which one of the following fund activities are reported only in the fund financial statements and not reported in the government-wide financial statements?
a.
None of the options
b.
Activities of the fiduciary funds
c.
Activities of the proprietary funds
d.
Activities of the general funds
Chapter 7 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 7 - When is a Capital Projects Fund used by a...Ch. 7 - Prob. 2QCh. 7 - What is the life cycle of a Capital Projects Fund?Ch. 7 - Why is each significant capital project usually...Ch. 7 - In what situations could several capital projects...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Which of the following general government capital...Ch. 7 - Budgets for Capital Projects Funds are a. often...Ch. 7 - Which of the following are sometimes reported as...Ch. 7 - Wakefield Heights sold 6,000,000 of general...Ch. 7 - Which of the following statements regarding the...Ch. 7 - Common expenditures in a Capital Projects Fund...Ch. 7 - Prob. 1.7ECh. 7 - In practice, which of the following is false...Ch. 7 - The funding sources for a Capital Projects Fund...Ch. 7 - Prob. 2.2ECh. 7 - When grant resources are received before...Ch. 7 - Bonds are sold to finance the construction of a...Ch. 7 - After restricted and committed levels of fund...Ch. 7 - Which of the following would not be reported on...Ch. 7 - The City of Hope received an unrestricted grant in...Ch. 7 - Expenditures are made in a Capital Projects Fund...Ch. 7 - A GAAP-based Statement of Revenues, Expenditures,...Ch. 7 - Prob. 2.10ECh. 7 - (General Ledger Entries) The following...Ch. 7 - (Long-Term Debt Issuances) Swenson Township issued...Ch. 7 - (Short Discussion and Analysis) Briefly discuss...Ch. 7 - (Statement of Revenues, Expenditures, and Changes...Ch. 7 - (Multiple Choice Problems and Computations)...Ch. 7 - Prob. 2PCh. 7 - (Statement of Revenues, Expenditures, and Changes...Ch. 7 - Prob. 6PCh. 7 - (CPF Journal EntriesBlue Earth County, Montana)...
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- Which of the following is incorrect with respect to fund balances? Multiple Choice Restricted fund balance are net resources of a government fund that are subject to constraints imposed by external parties or by law. Assigned fund balances are resources that the governing body has specified for a particular use through ordinance or resolution by the government’s highest level of authority. Only unassigned fund balances may have a negative balance. Inventory and prepaid items are classified as nonspendable fund balances..arrow_forwardPrepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.arrow_forwardWhich 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.arrow_forward
- Which of the following is true regarding capital projects funds? Multiple Choice Encumbrances accounting is generally employed. All budgetary accounts are employed and budget to actual statements are prepared. No budgetary accounts are used. Encumbrances accounting is not normally employed, but Appropriations are recorded.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_forwardUse 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_forward
- Governmental-type funds report on financial assets, capital assets, and near-term liabilities. True Falsearrow_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
- For 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_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_forwardThe governmental fund financial statements are intended to report on fiscal accountability. True or Falsearrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License