Long-term debt to be paid from proprietary funds is reported as a liability in: Multiple Choice...
Long-term debt to be paid from proprietary funds is reported as a liability in:
Multiple Choice
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neither the proprietary fund Statement of Net assets (or Net Position) nor the government-wide Statement of Net assets (or Net Position).
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the government-wide Statement of Net assets (or Net Position).
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the proprietary fund Statement of Net assets (or Net Position).
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both the proprietary fund Statement of Net assets (or Net Position) and the government-wide Statement of Net assets (or Net Position).
Homework Answers
Ans both the proprietary fund Statement of Net assets (or Net Position) and the government-wide Statement of Net assets (or Net Position).
Long-term debt to be paid from proprietary funds is reported as a liability in both the proprietary fund Statement of Net assets (or Net Position) and the government-wide Statement of Net assets (or Net Position).
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Long-term debt to be paid from proprietary funds is reported as
a liability in:
Multiple Choice...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
Which of the following is true regarding fiduciary funds? rev: 02_18_2019_QC_CS-159267 Multiple Choice Agency funds would...
Which of the following is true regarding fiduciary funds? rev: 02_18_2019_QC_CS-159267 Multiple Choice Agency funds would be reported in both the Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations. Fiduciary funds are reported in the fund basis statements and in a separate...
Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report...
Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report a Statement of Fiduciary Net Position but not a Statement of Changes in Fiduciary Net Position. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. Fiduciary funds are reported in the fund basis statements and in a separate column in the...
Which of the following is correct regarding the recording of long-term debt in an enterprise fund?...
Which of the following is correct regarding the recording of long-term debt in an enterprise fund? Multiple Choice Bonds would be reported in both enterprise fund fund-basis statements and in the government-wide statements. When revenue bonds are sold at par, Cash is debited and Bonds Payable is credited. Neither of the choice is correct. ( Both of the choices are correct
1. Which of the following is true regarding fiduciary funds? a.Fiduciary funds are reported in the...
1. Which of the following is true regarding fiduciary funds? a.Fiduciary funds are reported in the fiduciary fund financial statements but not in the government-wide financial statements. b.Custodial funds should present both a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position. c. Both are true d. Neither are true
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....
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...
Which of the following is accurate regarding a federal agency’s Statement of Net Costs? Multiple Choice...
Which of the following is accurate regarding a federal agency’s Statement of Net Costs? Multiple Choice Costs are reported within the broad categories of current, capital, and debt service. Both the statements "Costs are reported within the broad categories of current, capital, and debt service" and "It is similar in presentation to the GASB government-wide Statement of Activities in that earned revenues are subtracted from costs to determine the net cost of government services" are accurate. Neither the statement "Costs...
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...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O Pension trust funds are reported in the fiduciary funds of the government only if the city acts as trustee for the retirement plan. Ο The net pension liability for a city administered pension plan is reported in the Statement of Fiduciary Net Position. Ο C) Both of the choices are true. Neither of the choice is true.
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
Which of the following is correct regarding the recording of long-term debt in an enterprise fund? Multiple Choice Bonds would be reported in both enterprise fund fund-basis statements and in the government-wide statements. When revenue bonds are sold at par, Cash is debited and Bonds Payable is credited. Neither of the choice is correct. ( Both of the choices are correct
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...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O Pension trust funds are reported in the fiduciary funds of the government only if the city acts as trustee for the retirement plan. Ο The net pension liability for a city administered pension plan is reported in the Statement of Fiduciary Net Position. Ο C) Both of the choices are true. Neither of the choice is true.
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