On what do the government-wide financial statements report?
Question 5 options:
|
|||
|
|||
|
|||
|
Hi
Let me know in case you face any issue:
On what do the government-wide financial statements report? Question 5 options: A) Budgetary compliance. B) Operational...
1 question 2 parts thanks
For government wide financial statements, what is the budgetary entry to record estimated revenues? Debit Estimated Revenues Credit Budgetary Fund Balance Debit Estimated Revenues Credit Appropriations Credit Budgetary Fund Balance Debit Budgetary Fund Balance Credit Estimated Revenues None of these entries is correct Government wide financial statements are concerned with which of the following? Operational accountability Fiscal accountability Budgetary compliance Internal Controls
The governmental fund financial statements are useful in assessing operational accountability. Question 8 options: True False
Who are the users of 1-Operational audit report 2-Compliance Audit Report 3-Financial Statement audit report. Choose from the drop -down list and then check answer a. Collection agent b. Accounting staff of the organization c. Purchasing agent d. Different groups for different purposes-many outside entities e. Authority setting down procedures, internal or external f. Management of the organization
The amount of pension expense that a government should recognize in its government-wide financial statements during the current year is A The amount paid. B The amount paid plus the amount that will be paid with available expendable financial resources. C The amount paid so long as it does not exceed the contractually agreed amount. D The contractually agreed amount.
40 With regard to GASB No. 34, which of the following statements is true? A Government-wide financial statements should be prepared on a modified accrual basis. B Governmental activities should be combined with the financial statements of business-type activities. C Neither government-wide statements nor fund statements are considered superior or subordinate to the other. D Airports would be considered a government- type activity
1 question 2 parts thanks
Which fund type is not included in Government Wide Financial Statements? 1) Trust Fund 2) Enterprise Fund 3) Internal Service Fund O 1) and 3) 2) and 3) O2) Only 1) Only Question 10 4 pts When would the Estimated Revenues Account be Credited? Record Amend Budget Budget to Increase Revenue Close Budget at Year End A) Yes Yes Yes B) Yes Yes No C) Yes No No D) No No Yes B ОА Ос
Government-wide statements report on assets and liabilities that are denied recognition on funds statements. Entrepreneurs Consultants, a state agency, was estab- lished to provide consulting services to small businesses. It maintains only a single general fund and accounts for its activities on a modified accrual basis. During its first month of operations, the association engaged in, or was affected by, the following transactions and events: 1. It received an unassigned grant of $100,000. 2. It purchased five computers at $2,000...
for the first and second part to this question to record fund
financial statements and government wide ,
we use these accounts for journal entries
allowance for uncollectible current taxes
bonds payable
cash
deferred revenues
encumbrances
encumbrances-equipment
encumbrences- warehouse
encumbrences outstanding
expenditure control- machinery and equip
fund balance - reserved for encumbrances
grant recievable
inventory supplies
machinery and equip
other financing sources- bond proceeds
other financing sources - transfers in
other financing uses - transfers out
revenues- property taxes
taxes...
The government finances the budgetary deficit by A) from the public (through the sale of B) issued by the U.S. Treasury), or from other countries (such as China), or from the Federal Reserve System (we’ll get into that in the next module). People holding U.S. government Treasury Bills, Treausry notes and Treasury bonds are C) (lenders/borrowers – fill in the number from the word bank) to/from the federal government. The total amount owed by the federal government is known as...
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...