City employees get paid every Friday for the week. In Year 1, the fiscal year ended...
- City employees get paid every Friday for the week. In Year 1,
the fiscal year ended on Wednesday, so at the end of Year 1 the
city owed the employees 3 days’ pay, which did not get paid until
the second day of Year 2. Under which accounting method will these
three days’ pay be included in the Year 1 expenses (or expendures)?
- Both full accrual and modified accrual
- Neither full accrual nor modified accrual
- Full accrual, but not modified accrual
- Modified accrual, but not full accrual.
- A city spends $4 million to build a new building. It credits
cash. What should be the debit side of the entry in the
government-wide statements, and the fund statements?
- Building (an asset) in both
- Expenditure for building in both
- Building (an asset) in government-wide, “expenditure for building” in fund accounts
- “Expenditure for building in government-wide, Building asset in fund accounts
- Which of the following categories of fund balances for a
governmental fund are LEAST restricted:
- Nonspendable
- Assigned
- Committed
- Restricted
Homework Answers
1. a. Both Full and Modified Accrual.
2. c. Building in govt. Wide and Expenditure for building in fund accounts.
3. b. Assigned
Add Answer to:
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