Under GASB standards, if a government only has six governmental funds and two enterprise funds how...
Under GASB standards, if a government only has six governmental funds and two enterprise funds how many basic financial statements would it prepare?
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Under GASB standards, if a government only has six governmental
funds and two enterprise funds how...
1.) Hannah Township has a General Fund, two Capital Projects Funds, one Permanent Fund, two Enterprise...
1.) Hannah Township has a General Fund, two Capital Projects Funds, one Permanent Fund, two Enterprise Funds, two Internal Service Funds, three Pension Trust Funds, and one Private-Purpose Trust Fund. Assuming all governmental and enterprise funds meet the major fund criteria, how many columns will the proprietary fund statement of net position have? Select one: a. Two (2). b. Three (3). c. Four (4). d. Five (5). 2.) In the proprietary fund statements, a government should include a separate column...
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...
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first...
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. A new truck for the sanitation department was ordered at a cost of $113,000. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). An $10 million bond was issued to build a new road. Cash of $193,000 is transferred from the general fund to...
1 Exercises 4. If the GASB has not issued a pronouncement on a specific issue, which...
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Exercises 4. If the GASB has not issued a pronouncement on a specific issue, which of the following is true with respect to FASB pronouncements? a. They would automatically govern b. They could be taken into account but would have no higher standing than other accounting literature c. They are irrelevant d. They could be taken into account by the reporting entity but only if disclosure is made in notes to the financial statements The FASB is to the...
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first...
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. A new truck for the sanitation department was ordered at a cost of $113,000. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). An $10 million bond was issued to build a new road. Cash of $193,000 is transferred from the general fund to...
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...
Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures/expenses Governmental funds...
Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures/expenses Governmental funds $ 45,000,000 16,000,000 250,000,000 242,000,000 Enterprise funds $ 12,000,000 8,000,000 40,000,000 39,000,000 The county has four special revenue funds, with the following characteristics: Beach preservation Health education Community protection Emergency call service $ 5,000,000 $ 2,000,000 $ 4,800,000 $3,000,000 Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures 3,000,000 21,000,000 19,000,000 1,400,000 10,000,000 9,000,000 30,000,000 25,000,000 2,000,000 27,000,000 23,000,000...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
Explain the following as they relate to Governmental Accounting: E: What funds follow the flow of...
Explain the following as they relate to Governmental Accounting: E: What funds follow the flow of economic resources and accrual accounting F: Major fund reporting and the two tests G: Major sections of a CAFR H: Basic financial statements I: Required Supplementary Information J: How to record budgets and encumbrances K: How to classify fund balance L: Revenue and expenditure recognition M: Interfund transactions N: Accounting for inventories O: Debt refunding
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:...
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Exercises 4. If the GASB has not issued a pronouncement on a specific issue, which of the following is true with respect to FASB pronouncements? a. They would automatically govern b. They could be taken into account but would have no higher standing than other accounting literature c. They are irrelevant d. They could be taken into account by the reporting entity but only if disclosure is made in notes to the financial statements The FASB is to the...
Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures/expenses Governmental funds $ 45,000,000 16,000,000 250,000,000 242,000,000 Enterprise funds $ 12,000,000 8,000,000 40,000,000 39,000,000 The county has four special revenue funds, with the following characteristics: Beach preservation Health education Community protection Emergency call service $ 5,000,000 $ 2,000,000 $ 4,800,000 $3,000,000 Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures 3,000,000 21,000,000 19,000,000 1,400,000 10,000,000 9,000,000 30,000,000 25,000,000 2,000,000 27,000,000 23,000,000...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
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