Homework Answers
| Answer- Option D | ||||||||||||||
| * Unassigned fund balance doesn’t represent funds available for future spending. Instead fund balance represents funds available for future spending. | ||||||||||||||
| * Fund balance is not analogous ( comparable) to capital account of investor owned business . It is a residual portion of assets over liabilities | ||||||||||||||
| * Fund balance categories are non spendable, restricted, committed, assigned, unassigned | ||||||||||||||
| *Fund balance represents the excess of assets over liabilities on which legal claim of owner is there. | ||||||||||||||
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Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources...
Which of the following is incorrect with respect to fund balances? Multiple Choice 0 Inventory and...
Which of the following is incorrect with respect to fund balances? Multiple Choice 0 Inventory and prepaid items are classified as nonspendable fund balances 0 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 0 Only unassigned fund balonces may have a negative belance 0 Restricted fund balance are netresources of government fund that are subject to constraints imposed by external parties or...
The Township of Thomasville's General Fund has the following net resources at year end: $69,000 of...
The Township of Thomasville's General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $2,500 of supplies inventory $49,000 state grant for snow removal $190,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105.000 for the purchase of furniture & fixtures (assume no contractual obligation) . Total Fund Balance is $1,010,500 What would be the total Nonspendable fund...
The Township of Thomasville's General Fund has the following net resources at year end: . $69,000...
The Township of Thomasville's General Fund has the following net resources at year end: . $69,000 of prepaid insurance • $410,000 rainy day fund approved by the township governing board with specific conditions for its use • $2,500 of supplies inventory • $49,000 state grant for snow removal • $190,000 contractual obligations for the purchase of equipment • Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) • Total Fund Balance is $1,010,500 What...
All of the following funds have a financial resources measurement focus with the exception of which...
All of the following funds have a financial resources measurement focus with the exception of which fund? a. debt service fund b. enterprise fund c. special revenue fund d. capital projects fund All of the following are elements of the statement of financial condition for 12. state and local governments with the exception of a. Assets and Liabilities b. Deferred inflow and outflow of resources c. Net position d. Inflow and outflow of resources Which of the following items should...
Which of the following would not appear on a governmental fund balance sheet? Multiple Choice A)...
Which of the following would not appear on a governmental fund balance sheet? Multiple Choice A) Accounts receivable. B) Inventory. C) Vouchers payable. D)Bonds payable.
Multiple Choice Question Which of the following statements is the correct definition of equity? O Equity...
Multiple Choice Question Which of the following statements is the correct definition of equity? O Equity includes the things of value owned by a business. O Equity is the cost of doing business during a period. O Equity is the owner's claim on a company's assets. O Equity addresses the rights of creditors against the assets of a business.
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...
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice...
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice Each debit entry in the Cash account represents a cash receipt. O Credit entries in the Cash account represent cash payments. Debit entries are made before credit entries. o oo The balance of the account indicates the amount of cash owned by the business on a particular date.
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice The payments made by the employer to fund a defined contribution pension plan create a pension fund asset on the balance sheet of the employer. The employer receives a tax deduction for amounts contributed to the pension plan trust and subsequent investment retums do not generate tax for the employer. The anticipated life span of the employees after retirement must be taken into consideration...
Which of the following is incorrect with respect to fund balances? Multiple Choice 0 Inventory and prepaid items are classified as nonspendable fund balances 0 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 0 Only unassigned fund balonces may have a negative belance 0 Restricted fund balance are netresources of government fund that are subject to constraints imposed by external parties or...
The Township of Thomasville's General Fund has the following net resources at year end: $69,000 of prepaid insurance $410,000 rainy day fund approved by the township governing board with specific conditions for its use $2,500 of supplies inventory $49,000 state grant for snow removal $190,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $105.000 for the purchase of furniture & fixtures (assume no contractual obligation) . Total Fund Balance is $1,010,500 What would be the total Nonspendable fund...
The Township of Thomasville's General Fund has the following net resources at year end: . $69,000 of prepaid insurance • $410,000 rainy day fund approved by the township governing board with specific conditions for its use • $2,500 of supplies inventory • $49,000 state grant for snow removal • $190,000 contractual obligations for the purchase of equipment • Outstanding encumbrance of $105,000 for the purchase of furniture & fixtures (assume no contractual obligation) • Total Fund Balance is $1,010,500 What...
All of the following funds have a financial resources measurement focus with the exception of which fund? a. debt service fund b. enterprise fund c. special revenue fund d. capital projects fund All of the following are elements of the statement of financial condition for 12. state and local governments with the exception of a. Assets and Liabilities b. Deferred inflow and outflow of resources c. Net position d. Inflow and outflow of resources Which of the following items should...
Multiple Choice Question Which of the following statements is the correct definition of equity? O Equity includes the things of value owned by a business. O Equity is the cost of doing business during a period. O Equity is the owner's claim on a company's assets. O Equity addresses the rights of creditors against the assets of a business.
Which of the following is not true regarding the general ledger account for Cash? Multiple Choice Each debit entry in the Cash account represents a cash receipt. O Credit entries in the Cash account represent cash payments. Debit entries are made before credit entries. o oo The balance of the account indicates the amount of cash owned by the business on a particular date.
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Which of the following statements is correct with respect to a defined contribution plan? Multiple Choice The payments made by the employer to fund a defined contribution pension plan create a pension fund asset on the balance sheet of the employer. The employer receives a tax deduction for amounts contributed to the pension plan trust and subsequent investment retums do not generate tax for the employer. The anticipated life span of the employees after retirement must be taken into consideration...
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