Governmental Accounting GASB Statement No.34 mandates that the government reconcile total governmental fund balances per the...
Governmental Accounting
GASB Statement No.34 mandates that the government reconcile total governmental fund balances per the fund balance sheet with net assets of governmental activities per the government-wide statements. What are likely to be the two largest reconciling items for most major cities? Why?
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Governmental Accounting
GASB Statement No.34 mandates that the government reconcile
total governmental fund balances per the...
40 With regard to GASB No. 34, which of the following statements is true? A Government-wide...
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
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...
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...
3. GASB Statement No. 34 has been widely criticized for mandating the preparation and presentation of...
3. GASB Statement No. 34 has been widely criticized for mandating the preparation and presentation of government-wide statements. Mainly, the critics contend that the benefits of the statements are not commensurate with the costs of preparing them. They argue that the statements provide little information that is "decision-useful." Do you agree? For what types of decisions are statement users most likely to use the govemment-wide statements? If you have difficulty identifying such decisions, then is the GASB requirement defensible?
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its go...
Reporting reconciliation between fund and government-wide financial statements Sai-Tu Village reported outstanding long-term bonds payable of $6,000,000 in the governmental activities column of its government-wide statement of net position for the year ended December 31, 2019. During 2020, Sai-Tu Village sold $500,000 of new general obligation bonds and repaid $300,000 of bonds outstanding at the beginning of the year. Based on this information, determine the reconciliation amounts reported in the two funds’ financial statements to the two government-wide financial statements....
A governmental fund reports derivative investments that qualify for hedge accounting. How are unrealized gains and...
A governmental fund reports derivative investments that qualify for hedge accounting. How are unrealized gains and losses on these investments reported in the government-wide financial statements? a. They are not reported. b. They appear on the governmental funds balance sheet as part of fund balance—nonspendable. c. Unrealized gains appear on the statement of net position as deferred inflows and unrealized losses appear as deferred outflows. d. Unrealized gains appear on the statement of net position as deferred outflows and unrealized...
Find the 2017 Annual Report for the City of Maumee before you begin this assignment. Go...
Find the 2017 Annual Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2017 Annual Report" under the Current Reports Heading on the right. 1.The Balance Sheet--governmental funds shows a fund titled Fallen Timbers TIF". What kind of fund is this? Hint:...
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...
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...
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...
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
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...
3. GASB Statement No. 34 has been widely criticized for mandating the preparation and presentation of government-wide statements. Mainly, the critics contend that the benefits of the statements are not commensurate with the costs of preparing them. They argue that the statements provide little information that is "decision-useful." Do you agree? For what types of decisions are statement users most likely to use the govemment-wide statements? If you have difficulty identifying such decisions, then is the GASB requirement defensible?
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...
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