Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 7, Problem 16.3EP
Under GASB standards, the City of Parkview is required to use an enterprise fund to account for its nature center if
- a. It charges fees to assist in paying for the maintenance of the nature center.
- b. The nature center was originally financed through the issuance of general obligation bonds.
- c. The ordinance that was passed to establish the nature center requires that all costs of the nature center be paid for by user fees.
- d. All of the above are true.
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Students have asked these similar questions
The City of Reagan entered into a contract with Diamond Construction to build a new civic center. The encumbrance will be recorded in:
Select one:
O a. General Fund
b. Permanent Fund
c. Capital Projects Fund
d. Debt Service Fund
Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field.)
Fund/ Governmental
Activties
Transaction
Debit
Credit
General Journal
1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had an acquisition
value of $5,200,000 and was recorded on the donor's books at a historical cost of $4,500,000.
1
General Fund
2. The Public Works Department sold machinery with a historical cost of $35,100 and accumulated depreciation of $28,700 for $6,000. The machinery had
originally been purchased with special revenue funds.
2
General Fund
3b
3. A car was leased for the mayor's use. The first payment was $1,000 and the present value of the remaining lease payments was $29,000. (Note: The initial cash
payment was made by the General Fund.)
3a
General Fund
4a…
7
The City of Kastle purchased a vehicle for the parks department. If the operations of the parks department are financed by general
revenues, an asset would be recorded in which journal(s)?
A)
B)
C)
D)
General
Fund
Yes
No
No
Yes
Multiple Choice
O
O
O
Governmental
Activities
No
Choice A.
Choice B.
Choice C.
Choice D.
No
Yes
Yes
Chapter 7 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11CCh. 7 - Prob. 12CCh. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 16.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 16.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Prob. 16.6EPCh. 7 - Prob. 16.7EPCh. 7 - Prob. 16.8EPCh. 7 - Prob. 16.9EPCh. 7 - Prob. 16.10EPCh. 7 - Prob. 17EPCh. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Prob. 20EPCh. 7 - Prob. 21EPCh. 7 - Prob. 22EPCh. 7 - Prob. 23EPCh. 7 - Prob. 24EP
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