Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 7, Problem 17.3EP
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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The City of Reagan entered into a contract with Diamond Construction to build a new civic center. The encumbrance will be recorded in:
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O a. General Fund
b. Permanent Fund
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Prepare journal entries for each of the following transactions entered into by the City of Loveland. (If no entry is required for a
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Fund/ Governmental
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Debit
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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
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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
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3a
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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
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No
Choice A.
Choice B.
Choice C.
Choice D.
No
Yes
Yes
Chapter 7 Solutions
Loose-leaf For 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. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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