Which of the following is correct with respect to the governmental fund Statement of Revenues, Expenditures...
Which of the following is correct with respect to the governmental fund Statement of Revenues, Expenditures and Changes in Fund Balance?
Multiple Choice
-
Reconciliation of the change in net position to the balance sheet is recommended but not required.
-
The statement is prepared using the current financial resources measurement focus and the accrual basis of accounting.
-
Revenues are reported by source, and expenditures are reported by character such as current, debt service and capital outlay.
-
Other financing sources are reported with revenues and other financing uses are reported with expenditures.
Homework Answers
REVENUES ARE REPORTED BY SOURCE AND EXPENDITURES ARE REPORTED BY CHARACTER SUCH AS CURRENT, DEBT SERVICES AND CAPITAL OUTLAY
Add Answer to:
Which of the following is correct with respect to the
governmental fund Statement of Revenues, Expenditures...
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to...
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? Multiple Choice Both When total assets, liabilities, revenues, or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise fund category and When total assets, liabilities, revenues, or expenses of that individual enterprise fund are 5% of the total of the governmental and enterprise categories, combined required to be a major...
Which of the following is incorrect with respect to the Balance Sheet for Governmental funds? Multiple...
Which of the following is incorrect with respect to the Balance Sheet for Governmental funds? Multiple Choice a. The statement is prepared using the current financial resources measurement focus and the modified accrual basis of accounting b.Governmental funds report capital assets net of depreciation. c.The excess of assets and deferred outflows over liabilities and deferred inflows is labeled fund balance. d.The total fund balance must be reconciled to total net position in the governmental activities column of the government-wide statement...
Statement preparation-General Fund Using the following data, prepare a statement of revenues, expenditures, and changes in...
Statement preparation-General Fund Using the following data, prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of Jasmin City for the year ended December 31, 2019. Miscellaneous revenues $ 180,000 Licenses and permits revenues 1,000,000 Education program expenditures 2,000,000 Public safety expenditures 4,000,000 Transfers to other funds 1,500,000 Property tax revenues 7,000,000 State and federal grants 2,000,000 Parks program expenditures 750,000 Highways program expenditures 900,000 Transfers from other funds 700,000 Fund balance at beginning...
9. The City of Henderson reported a change in fund balances of $2,20 governmental funds Statement...
9. The City of Henderson reported a change in fund balances of $2,20 governmental funds Statement of Revenues, Expenditures ted a change in fund balances of $2,267,000 in its Balances for the year ended December 31, 2017. In a of Revenues, Expenditures, and Changes in Fund information is relevant: the year ended December 31, 2017. In addition, the following A. Capital outlay expenditures amounted to $8,755,000 statement. General government capital assets amoun enditures amounted to $8,755,000 in the modified accrual...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer out of the General Fund and into the Debt Service Fund be reported in the governmental funds statement of revenues, expenditures and changes in fund balance? a. As expenditures of the General Fund and revenues of the Debt Service Fund b. As adjustments of the beginning of year fund balances of both funds c. They should not be reported because the transfers out and...
Below is a list of various governmental accounting terms and concepts. Match the letter next to t...
Below is a list of various governmental accounting terms and concepts. Match the letter next to the choices in the space provided below. There is only one choice per item. a. Debt Services Fund b. Intra-period Equity c. Encumbrances d. Imposed Non-exchange Revenue e. Fiscal Accountability f. Intemal Services Fund g. Enterprise Fund h. Agency Fund i. Statement of Revenues. Expenditures and Changes in Fund Balance j. Statement of Net Position k. General Revenues 1. Balance Sheet m. Appropriations n....
1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial...
1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial statements consist of the government-wide, the governmental fund, the proprietary fund, and the fiduciary fund financial statements (and the notes to the financial statements). b.The government-wide financial statements include the Statement of Net Position, the Statement of Activities, and the Statement of Cash Flows. c. Both are true d. Neither is true 2. Which of the following is true regarding the proprietary fund financial...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for...
Greenville has provided the following information from its
General Fund Revenues and Appropriations/Expenditure/Encumbrances
subsidiary ledgers for the fiscal year ended. Assume the beginning
fund balances are $167 (in thousands) and that the budget was not
amended during the year.
Required
Prepare a General Fund statement of revenues, expenditures, and
changes in fund balance.
Prepare a General Fund schedule of revenues, expenditures, and
changes in fund balance—budget and actual (assume the budget is
prepared on a GAAP basis).
514 308 367...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for...
Greenville has provided the following information from its General Fund Revenues and Appropriations/Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund balances are $156 (in thousands) and that the budget was not amended during the year. City of Greenville General Fund Subsidiary Ledger Account Balances (in thousands) For the Fiscal Year Debits Credits Estimated Revenue Taxes 6,048 Fines & Forfeits 303 Intergovernmental Revenue 504 Charges for Services 370 Revenues Taxes 6,056 Fines & Forfeits 308 Intergovernmental Revenue...
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its go...
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its government-wide statement of net position for the year ended December 31, 2019. During 2020, Sai-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000 of bonds outstanding at the beginning of the year. Based on this information, determine the reconciliation amounts reported in the two funds’ financial statements to the two government-wide financial statements....
Statement preparation-General Fund Using the following data, prepare a statement of revenues, expenditures, and changes in fund balance for the General Fund of Jasmin City for the year ended December 31, 2019. Miscellaneous revenues $ 180,000 Licenses and permits revenues 1,000,000 Education program expenditures 2,000,000 Public safety expenditures 4,000,000 Transfers to other funds 1,500,000 Property tax revenues 7,000,000 State and federal grants 2,000,000 Parks program expenditures 750,000 Highways program expenditures 900,000 Transfers from other funds 700,000 Fund balance at beginning...
9. The City of Henderson reported a change in fund balances of $2,20 governmental funds Statement of Revenues, Expenditures ted a change in fund balances of $2,267,000 in its Balances for the year ended December 31, 2017. In a of Revenues, Expenditures, and Changes in Fund information is relevant: the year ended December 31, 2017. In addition, the following A. Capital outlay expenditures amounted to $8,755,000 statement. General government capital assets amoun enditures amounted to $8,755,000 in the modified accrual...
Below is a list of various governmental accounting terms and concepts. Match the letter next to the choices in the space provided below. There is only one choice per item. a. Debt Services Fund b. Intra-period Equity c. Encumbrances d. Imposed Non-exchange Revenue e. Fiscal Accountability f. Intemal Services Fund g. Enterprise Fund h. Agency Fund i. Statement of Revenues. Expenditures and Changes in Fund Balance j. Statement of Net Position k. General Revenues 1. Balance Sheet m. Appropriations n....
Greenville has provided the following information from its
General Fund Revenues and Appropriations/Expenditure/Encumbrances
subsidiary ledgers for the fiscal year ended. Assume the beginning
fund balances are $167 (in thousands) and that the budget was not
amended during the year.
Required
Prepare a General Fund statement of revenues, expenditures, and
changes in fund balance.
Prepare a General Fund schedule of revenues, expenditures, and
changes in fund balance—budget and actual (assume the budget is
prepared on a GAAP basis).
514 308 367...
Most questions answered within 3 hours.
-
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 2 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 8 minutes ago -
You begin preparation of the calibration curve to measure
absorbance vs concentration of FeSCN2+. To do...
asked 26 minutes ago -
When you speak after breathing helium, in which the speed of
sound is much greater than...
asked 18 minutes ago -
3. Stock Valuation: You are the CEO of Under Armour, Inc. and
are thinking about how...
asked 23 minutes ago -
Choose a brand. Critique the brand in terms of its brand
positioning, brand identity and brand...
asked 25 minutes ago -
A vertical curve has grades G1 = 2.8% (downgrade) and
G2 = 2.2 (upgrade) Assume design...
asked 26 minutes ago -
(a) Derive planar density expressions for BCC
(110) plane in terms of the atomic radius R....
asked 21 minutes ago -
I have this problem now and I am not sure what we are exactly
supposed to...
asked 27 minutes ago -
Use the following set of observed frequencies to test the
independence of the two variables. Variable...
asked 50 minutes ago -
Two kg of ice at -15 °C are placed in a 2 kg bath of water...
asked 50 minutes ago -
Describe the following with suitable
examples.
1- Security Policy Heterogeneity
2-Security Model Heterogeneity
3-Security Mechanism Heterogeneity...
asked 51 minutes ago