Homework Answers
40. Option A is correct. The main reason behind the modified accrual accounting is to measure flows of current financial resources in governmental fund financial statements.
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40 With regard to GASB No. 34, which of the following statements is true? A Government-wide...
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?
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...
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...
Internal service funds are most commonly reported in which section of the Government-wide financial statements? Multiple...
Internal service funds are most commonly reported in which section of the Government-wide financial statements? Multiple Choice None of the above. Governmental Activities. Component Unit. Business-type Activities.
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities $ 440,000 Cash and cash equivalents, business-type activities 926,000 Receivables, governmental activities 522,000 Receivables, business-type activities 1,542,000 Inventories, business-type activities 604,000 Capital assets, net, governmental activities 15,680,000 Capital assets, net, business-type activities 8,246,000 Accounts payable, governmental activities 754,000 Accounts payable, business-type activities 649,000 General obligation bonds, governmental activities 9,056,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020: Cash and cash equivalents, governmental activities $ 540,000 Cash and cash equivalents, business-type activities 1,136,000 Receivables, governmental activities 642,000 Receivables, business-type activities 1,893,000 Inventories, business-type activities 744,000 Capital assets, net, governmental activities 19,311,000 Capital assets, net, business-type activities 10,156,000 Accounts payable, governmental activities 925,000 Accounts payable, business-type activities 799,000 General obligation bonds, governmental activities 11,147,000 Revenue...
The following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental activities $ 3,120,000 Cash and cash equivalents, business-type activities 713,000 Receivables, governmental activities 527,000 Receivables, business-type activities 1,079,000 Inventories, business-type activities 422,000 Capital assets, net, governmental activities 8,603,000 Capital assets, net, business-type activities 9,212,000 Accounts payable, governmental activities 528,000 Accounts payable, business-type activities 536,000 Noncurrent liabilities, governmental activities 4,432,000 Noncurrent liabilities,...
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 following information is available for the preparation of the government-wide financial statements for the City...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017 Cash and cash equivalents, governmental activities $ 380,000 Cash and cash equivalents, business-type activities 800,000 Receivables, governmental activities 450.000 Receivables, business-type activities 1.330.000 Inventories, business-type activities 520,000 Capital assets, net, governmental activities 13,500,000 Capital assets, net, business-type activities 7.100.000 Accounts payable, governmental activities 650.000 Accounts payable, business-type activities 559,000 General obligation bonds, governmental activities 7,800,000 Revenue...
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...
The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2017 Cash and cash equivalents, governmental activities $ 380,000 Cash and cash equivalents, business-type activities 800,000 Receivables, governmental activities 450.000 Receivables, business-type activities 1.330.000 Inventories, business-type activities 520,000 Capital assets, net, governmental activities 13,500,000 Capital assets, net, business-type activities 7.100.000 Accounts payable, governmental activities 650.000 Accounts payable, business-type activities 559,000 General obligation bonds, governmental activities 7,800,000 Revenue...
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