Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False...

Question

Question

Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False...

Indicate whether each statement is true or false by selecting the appropriate circle.

Statement	True	False
1. Capital projects funds account for proceeds of specific revenue sources that are legally required to be spent for specified purposes.
2. Utility bill payments are recognized in a proprietary fund.
3. The economic resources measurement focus is used to report the government-wide financial statements.
4. Capital assets and long-term liabilities specifically related to proprietary funds activities are accounted for using the modified accrual basis of accounting.
5. Governmental funds are accounted for using the accrual basis of accounting.
6. Government-wide financial statements report general long-term liabilities.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

1) Solution: False

Explanation: Special projects funds are those funds that proceeds of specific revenue sources which are legally needed to be spent for specified tasks

2) Solution: True

Explanation: In proprietary fund the utility bill payments are also recognized

3) Solution: True

Explanation: The government-wide financial statements are reported with the usage of the economic resources measurement focus

4) Solution: True

Explanation: The long-term liabilities and Capital assets specifically associated with proprietary funds activities would be accounted with the usage of the modified accrual basis of accounting

5) Solution: True

Explanation: The modified accrual basis focuses mainly on short-term financial assets as well as liabilities thus revenues are recognized when they become measurable and available

Add a comment

Answer 2

Similar Homework Help Questions

Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False...

Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False 1. Capital projects funds account for proceeds of specific revenue sources that are legally required to be spent for specified purposes. 2. Utility bill payments are recognized in a proprietary fund. 3. The economic resources measurement focus is used to report the government-wide financial statements. 4. Capital assets and long-term liabilities specifically related to proprietary funds activities are accounted for using the modified accrual...
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...
State whether the following are true or false. For the false items, explain why they are...

State whether the following are true or false. For the false items, explain why they are false. a. Enterprise Funds are used only when all services are provided to non-governmental entities, and Internal Service Funds are used only when all services are provided to governmental agencies that are a part of the reporting government. b. Enterprise Funds use the economic resources measurement focus and full accrual basis of accounting only when they want to compute the costs of...

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...
The City of Madison, a general purpose government, reported fund balances in the amount of $24,300,000 in the government...

The City of Madison, a general purpose government, reported fund balances in the amount of $24,300,000 in the governmental funds balance sheet dated December 31, 2018. In addition, the following information is relevant: A. General government fixed assets amounted to $37,000,000. Accumulated depreciation of those fixed assets amounted to $18,000,000. B. General long-term liabilities of the government amounted to $ 6,000,000. C. Property taxes, which should be recognized as receivables in the government-wide statements, amounted to $3,000,000. Property taxes recognized...
Which of the following statements is false? A)With respect to fund basis financial statements, a government...

Which of the following statements is false? A)With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful. B)When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds. C)When preparing fund basis financial statements, any funds not reported separately are reported by function. D)In addition to the government-wide statements, governments are...

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...
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...
8. The City of Madison, a general purpose government, reported fund balances in the amount of...

8. The City of Madison, a general purpose government, reported fund balances in the amount of $19,700,000 in the governmental funds balance sheet dated December 31, 2017. In addition, the following information is relevant: A. General government capital assets amounted to $28,000,000. Accumulated depreciation of those capital assets amounted to $13,000,000. Enterprise fund capital assets amounted to $ 17,000,000 with accumulated depreciation of $ 8,400,000. B. Internal service fund's net assets amounted to $2,500,000. These were reported in the proprietary...

Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report...

Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report a Statement of Fiduciary Net Position but not a Statement of Changes in Fiduciary Net Position. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. Fiduciary funds are reported in the fund basis statements and in a separate column in the...

Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False...

Homework Answers

Add Answer to:
Indicate whether each statement is true or false by selecting the appropriate circle. Statement True False...

Post as a guest

Earn Coins