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Problem IV. (10 points possible). Below is a list of various governmental accounting terms and concepts. Match the...
Below is a list of various governmental accounting terms and concepts. Match the letter next to t...
Below is a list of various governmental accounting terms and concepts. Match the letter next to the choices in the space provided below. There is only one choice per item. a. Debt Services Fund b. Intra-period Equity c. Encumbrances d. Imposed Non-exchange Revenue e. Fiscal Accountability f. Intemal Services Fund g. Enterprise Fund h. Agency Fund i. Statement of Revenues. Expenditures and Changes in Fund Balance j. Statement of Net Position k. General Revenues 1. Balance Sheet m. Appropriations n....
Below is a list of various governmental accounting terms and concepts. Match the letter next to...
Below is a list of various governmental accounting terms and concepts. Match the letter next to the choices in the space provided below. There is only one choice per item. a. Debt Services Fund b. Intra-period Equity c. Encumbrances d. Imposed Non-exchange Revenue e. Fiscal Accountability f. Internal Services Fund g. Enterprise Fund h. Agency Fund i. Statement of Revenues, Expenditures and Changes in Fund Balances j. Statement of Net Position k. General Revenues l. Balance Sheet m. Operational Accountability...
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual...
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual will include which of the following columns? A) Actual revenue and expenditure amounts on the GAAP basis. B) Actual revenue and expenditure amounts on the budget basis. C) Encumbrances outstanding at year-end. D) Unexpended appropriations. 5) Which of the following would properly be reported in the operating statement of a governmental fund? A) Interest on a tax anticipation note issued and repaid during the...
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...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 1 Score Name Section Problem (10 points). Listed...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 1 Score Name Section Problem (10 points). Listed below are the typical funds that might be used by a state or local government to maintain appropriate accounting for the various transactions that could occur. TYPICAL FUNDS USED BY STATE AND LOCAL GOVERNMENTS GF SRF CPF DSF ISF EF PF General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund Internal Service Fund Enterprise Fund Permanent Fund O e ACCA351 Acctg for...
(Government and Not-for-Profit Accounting: Concepts and Practices, Chapter 9, continuing problem) You can take a help...
(Government and Not-for-Profit Accounting: Concepts and Practices, Chapter 9, continuing problem) You can take a help from this book 1. Indicate the activities accounted for in both internal service funds and major enterprise funds. Comment on whether any of these activities could also have been accounted for in a general or other governmental fund. 2. How are the internal service fund activities reported in the government-wide statement of net position? How are they reported in the proprietary funds statement of...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 3 Score Name Section Problem (10 points) In...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 3 Score Name Section Problem (10 points) In fiscal year 20X4, a philanthropic citizen made a gift to the City of Champlin. Under the terms of the gift, the city was to purchase securities and use the earnings on these securities to purchase book on history for the local library. Only the earnings on the securities are eligible for expenditure. During fiscal year 20X4, the attached transactions occurred. REQUIRED: () Prepare the...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 3 Score Name Section Problem (10 points) In...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 3 Score Name Section Problem (10 points) In fiscal year 20x4, a philanthropic citizen made a gift to the City of Champlin. Under the terms of the gift, the city was to purchase securities and use the earnings on these securities to purchase book on history for the local library. Only the earnings on the securities are eligible for expenditure. During fiscal year 20X4, the attached transactions occurred. Prepare the appropriate general...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
e1-19 E1-19 Using accounting vocabulary Consider the following accounting terms and definitions, and match each term...
e1-19
E1-19 Using accounting vocabulary Consider the following accounting terms and definitions, and match each term to the definition: Learnin 1. Accounting equation a. An economic resource that is expected to be of benefit in the future 2. Asset b. Debts that are owed to creditors 3. Balance sheet c. Excess of total expenses over total revenues 4. Expense d. Excess of total revenues over total expenses 5. Income statement 6. Liability e. The basic tool of accounting, stated as...
Below is a list of various governmental accounting terms and concepts. Match the letter next to the choices in the space provided below. There is only one choice per item. a. Debt Services Fund b. Intra-period Equity c. Encumbrances d. Imposed Non-exchange Revenue e. Fiscal Accountability f. Intemal Services Fund g. Enterprise Fund h. Agency Fund i. Statement of Revenues. Expenditures and Changes in Fund Balance j. Statement of Net Position k. General Revenues 1. Balance Sheet m. Appropriations n....
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual will include which of the following columns? A) Actual revenue and expenditure amounts on the GAAP basis. B) Actual revenue and expenditure amounts on the budget basis. C) Encumbrances outstanding at year-end. D) Unexpended appropriations. 5) Which of the following would properly be reported in the operating statement of a governmental fund? A) Interest on a tax anticipation note issued and repaid during the...
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...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 1 Score Name Section Problem (10 points). Listed below are the typical funds that might be used by a state or local government to maintain appropriate accounting for the various transactions that could occur. TYPICAL FUNDS USED BY STATE AND LOCAL GOVERNMENTS GF SRF CPF DSF ISF EF PF General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund Internal Service Fund Enterprise Fund Permanent Fund O e ACCA351 Acctg for...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 3 Score Name Section Problem (10 points) In fiscal year 20X4, a philanthropic citizen made a gift to the City of Champlin. Under the terms of the gift, the city was to purchase securities and use the earnings on these securities to purchase book on history for the local library. Only the earnings on the securities are eligible for expenditure. During fiscal year 20X4, the attached transactions occurred. REQUIRED: () Prepare the...
ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 3 Score Name Section Problem (10 points) In fiscal year 20x4, a philanthropic citizen made a gift to the City of Champlin. Under the terms of the gift, the city was to purchase securities and use the earnings on these securities to purchase book on history for the local library. Only the earnings on the securities are eligible for expenditure. During fiscal year 20X4, the attached transactions occurred. Prepare the appropriate general...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
e1-19
E1-19 Using accounting vocabulary Consider the following accounting terms and definitions, and match each term to the definition: Learnin 1. Accounting equation a. An economic resource that is expected to be of benefit in the future 2. Asset b. Debts that are owed to creditors 3. Balance sheet c. Excess of total expenses over total revenues 4. Expense d. Excess of total revenues over total expenses 5. Income statement 6. Liability e. The basic tool of accounting, stated as...
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