Homework Answers
GASB has come up with a lot of rules for preparing statement of cash flow of a proprietary fund.
Such statement shall have four sections, Operating, non capital related financing activities, capital and related financing and investing and investing activities.
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Which of the following statements is correct with respect to the Statement of Cash Flow for...
8. Which statement is incorrect with respect to prop A) The required financial statements of proprietary...
8. Which statement is incorrect with respect to prop A) The required financial statements of proprietary funds include a Stac Position, a Statement of Revenues, Expenses, and Changes in Fund Net Position, and a Statement of Cash Flows. B) The net position (i.e., fund equity) section of the Statement of Net Position is displayed within three categories: (1) Net Investment in Capital Assets, (2) Restricted, and (3) Unrestricted Net Position. C) The Statement of Cash Flows must be prepared using...
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...
che QE 6-9 Statement of Cash Flow The following is a Statement of Cash Flows for...
che QE 6-9 Statement of Cash Flow The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. CITY OF WRIGHTVILLE Risk Management...
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...
Which of the following is NOT a requirement for a statement that reports changes in cash...
Which of the following is NOT a requirement for a statement that reports changes in cash over a period of time? a Non-cash transactions, such as investing and financing transactions that do not require the use of cash or cash equivalents, are included in the statement of cash flows as well. b The period in which the statement of cash flows is prepared must be provided in the title of the statement c The statement must classify cash flows into...
Wages paid in cash are shown in which section of the statement of cash flows? Multiple...
Wages paid in cash are shown in which section of the statement of cash flows? Multiple Choice O Investing activities. Schedule of noncash investing or financing activity. O Financing activities. This is not reported on the statement of cash flows. Operating activities.
The following is a Statement of Cash Flows for the risk management internal service fund of...
The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. $ 930,000 (125,000) (729,100) 260,500 26,000 (15,500) 346,900 CITY OF WRIGHTVILLE Risk...
Which section in the statement of cash flows would a company report the purchase of a...
Which section in the statement of cash flows would a company report the purchase of a building for cash? Multiple Choice Operating activities Financing activities. Schedule of noncosh investing or financing activity, Investing activities o This is not reported on the statement of cash flows.
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
Which of the following sections of the statement of cash flows include activities that affect current...
Which of the following sections of the statement of cash flows include activities that affect current assets and current liabilities on the balance sheet? (Assume the Indirect method is used) O A. the investing section OB. the financing section O c. the non-cash investing and financing section O D. the operating section
8. Which statement is incorrect with respect to prop A) The required financial statements of proprietary funds include a Stac Position, a Statement of Revenues, Expenses, and Changes in Fund Net Position, and a Statement of Cash Flows. B) The net position (i.e., fund equity) section of the Statement of Net Position is displayed within three categories: (1) Net Investment in Capital Assets, (2) Restricted, and (3) Unrestricted Net Position. C) The Statement of Cash Flows must be prepared using...
che QE 6-9 Statement of Cash Flow The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. CITY OF WRIGHTVILLE Risk Management...
Wages paid in cash are shown in which section of the statement of cash flows? Multiple Choice O Investing activities. Schedule of noncash investing or financing activity. O Financing activities. This is not reported on the statement of cash flows. Operating activities.
The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. $ 930,000 (125,000) (729,100) 260,500 26,000 (15,500) 346,900 CITY OF WRIGHTVILLE Risk...
Which section in the statement of cash flows would a company report the purchase of a building for cash? Multiple Choice Operating activities Financing activities. Schedule of noncosh investing or financing activity, Investing activities o This is not reported on the statement of cash flows.
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
Which of the following sections of the statement of cash flows include activities that affect current assets and current liabilities on the balance sheet? (Assume the Indirect method is used) O A. the investing section OB. the financing section O c. the non-cash investing and financing section O D. the operating section
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