ZuoTi.Pro
Question

The General Capital Assets and General Long-Term Liabilities non-fund accounts would be used to account for...

The General Capital Assets and General Long-Term Liabilities non-fund accounts would be used to
account for
a) All capital assets acquired by a government entity regardless of the type of fund purchasing the
asset.
b) Capital assets acquired with governmental fund resources that will be used in governmental
fund activities.
c) Capital assets acquired with debt proceeds only.
d) Capital assets that are used by a variety of governmental and proprietary funds.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Ans b) Capital assets acquired with governmental fund resources that will be used in governmental
fund activities.

The General Capital Assets and General Long-Term Liabilities non-fund accounts would be used to Capital assets acquired with governmental fund resources that will be used in governmental
fund activities.

0 0
Add a comment
Know the answer?
Add Answer to:
The General Capital Assets and General Long-Term Liabilities non-fund accounts would be used to account for...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 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...

  • 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...

  • 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...

  • 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....

  • Following is the information concerning operating activity for Annette County. For the year ended June 30,...

    Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the net change in total governmental fund balances was $(290,700), and the change in net position of governmental activities was $(423,600). During the year, Annette issued $2,150,000 in general obligation bonds at a premium of 102. The bonds are to be used for a construction project. The county acquired $2,900,000 in capital assets and sold capital assets with a book value of $570,500...

  • Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the ne...

    Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the net change in total governmental fund balances was $(290,800), and the change in net position of governmental activities was S(403,800). During the year, Annette issued $2,160,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,910,000 in capital assets and sold capital assets with a book value of $571,000...

  • The below represent the funds, accounts, and account groups used by the municipality. For each of...

    The below represent the funds, accounts, and account groups used by the municipality. For each of the municipality's funds, accounts, and account groups, select the appropriate method of accounting and reporting. An accounting and reporting method may be selected once, more than once, or not at all. Select answers from list below: Accounted for in a fiduciary fund; accounted for in a proprietary fund; accounted for in a quasi-endowment fund; accounted for in a self-balancing account group; accounted for in...

  • The below represent the funds, accounts, and account groups used by the municipality. For each of...

    The below represent the funds, accounts, and account groups used by the municipality. For each of the municipality's funds, accounts, and account groups, select the appropriate method of accounting and reporting. An accounting and reporting method may be selected once, more than once, or not at all. Select answers from list below: Accounted for in a fiduciary fund; accounted for in a proprietary fund; accounted for in a quasi-endowment fund; accounted for in a self-balancing account group; accounted for in...

  • 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...

  • 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT