Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Option 2. |
| Because these are called committed fund balance not assigned fund balance. |
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Which of the following is incorrect with respect to fund balances? Multiple Choice 0 Inventory and...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources of the fund that are currently available for future spending O Fund balance is analogous to the capital account of an investor-owned business Fund balance classificators are nonspendable, spendable, assigned and unassigned Fund balance represents the legal con property owners and voters have on the excess of fund assets over abilities
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of...
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of an encumbrance suggests that the government has expressed an intent to use resources for a particular purpose and should not be classified as unassigned. O Once goods or services are received, the encumbrance is reversed for the original amount and a liability is recorded for the amount of the invoice. O Governments frequently choose not to record encumbrances for expenditures that are relatively predictable...
Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day...
Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day funds are classified as committed or restricted if imposed externally or by law. Rainy day funds are classified as unassigned if the funds are available for emergencies or revenue shortfalls which may be accessed on an ongoing basis. Both of the choices are correct. Neither of the choice is correct.
Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day...
Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day funds are classified as committed or restricted if imposed extemally or by low. Ο Roiny day funds are classified as unassigned if the funds are available for emergencies or revenue shortfalls which may be accessed on an ongoing basis Ο Both of the choices are correct. Ο Neither of the choice is correct
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $80,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $215,000. 2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,196,000. All expenditures are classified as General Government 3. Property taxes were levied in the amount of $902,000. All of the taxes are expected to be collected before February 2021....
The following transactions relate to the General Fund of the City of Buffalo Falls for the...
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $97,000; Taxes Receivable,
$195,500; Accounts Payable, $55,250; and Fund Balance,
$237,250.
The budget was passed. Estimated revenues amounted to
$1,270,000 and appropriations totaled $1,266,600. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $935,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
Please complete all of Part B and C and the following parts for part a: Part...
Please complete all of Part B and C and the following parts for
part a:
Part A:
4. Cash receipts totaled $910,000 for property taxes and
$310,000 from other revenue.
6a. Record the invoices amounting to $90,400 from the
contracts.
6b. Record the Contracted services of $93,000 as performed.
9b. Record the transfer of encumbrances control account.
9c. Record the closure of revenues and expenditures to fund
balance.
The following transactions relate to the General Fund of the City of...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources of the fund that are currently available for future spending O Fund balance is analogous to the capital account of an investor-owned business Fund balance classificators are nonspendable, spendable, assigned and unassigned Fund balance represents the legal con property owners and voters have on the excess of fund assets over abilities
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of an encumbrance suggests that the government has expressed an intent to use resources for a particular purpose and should not be classified as unassigned. O Once goods or services are received, the encumbrance is reversed for the original amount and a liability is recorded for the amount of the invoice. O Governments frequently choose not to record encumbrances for expenditures that are relatively predictable...
Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day funds are classified as committed or restricted if imposed extemally or by low. Ο Roiny day funds are classified as unassigned if the funds are available for emergencies or revenue shortfalls which may be accessed on an ongoing basis Ο Both of the choices are correct. Ο Neither of the choice is correct
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020: 1. Beginning balances were: Cash, $80,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $215,000. 2. The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,196,000. All expenditures are classified as General Government 3. Property taxes were levied in the amount of $902,000. All of the taxes are expected to be collected before February 2021....
The following transactions relate to the General Fund of the
City of Buffalo Falls for the year ended December 31,
2020:
Beginning balances were: Cash, $97,000; Taxes Receivable,
$195,500; Accounts Payable, $55,250; and Fund Balance,
$237,250.
The budget was passed. Estimated revenues amounted to
$1,270,000 and appropriations totaled $1,266,600. All expenditures
are classified as General Government.
Property taxes were levied in the amount of $935,000. All of
the taxes are expected to be collected before February 2021.
Cash receipts totaled...
Please complete all of Part B and C and the following parts for
part a:
Part A:
4. Cash receipts totaled $910,000 for property taxes and
$310,000 from other revenue.
6a. Record the invoices amounting to $90,400 from the
contracts.
6b. Record the Contracted services of $93,000 as performed.
9b. Record the transfer of encumbrances control account.
9c. Record the closure of revenues and expenditures to fund
balance.
The following transactions relate to the General Fund of the City of...
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