Homework Answers
Each and every option given are true in respect of public college.
So ,option D all of the above are true.
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11. Which of the following is not true regarding the Statement of Revenues, Expenses, and Changes...
12. Which of the following is not true of a Statement of Activities prepared for a...
12. Which of the following is not true of a Statement of Activities prepared for a private college or university? A) Reimbursement type grants are recorded as operating revenue when qualifying expenses are made, not when the grant is approved. B) Reclassifications from temporarily restricted to unrestricted net assets are reported when the donor's restrictions have been met. C) Expenses may be unrestricted or temporarily restricted depending on donor intent. D) All of the above are true.
Changes in Net Position for a public college? A) State appropriations and Pell Grants are reported...
Changes in Net Position for a public college? A) State appropriations and Pell Grants are reported as operating revenue B) Revenues from residence halls, dining services and bookstores are reported as Auxiliary Enterprises - within operating revenue. C) Expenses associated with central management, planning and administration are classified as Institutional Support D) None of the above, these are all true. mecording the Statement of Revenues, Expenses, an
public university reporting as 5. Miami University, a public university, has chosen to report as a special-purpose...
public university reporting as 5. Miami University, a public university, has chosen to report as a special-purpose entity engaged only in business-type activities. Deferred Revenues were reported as of July 1, 2016 in the amount of $3,000,000. Record the following transactions related to revenue recognition for the year ended June 30, 2017. Include in the account titles the proper revenue classification (operating revenues, nonoperating revenues, etc.): a Deferred revenues related to unearned revenues for the summer session, which ended in...
1. The government-wide statement of activities should report which of the following categories of program revenues?...
1. The government-wide statement of activities should report which of the following categories of program revenues? I. Taxes and unrestricted grants. II. Charges for services. III. Program-specific restricted capital grants and contributions. A. I only. B. II and III only. C. I and III only. D. I, II and III. 2. The governmental funds operating statement presents all of the following except A. Revenues. B. Other financing sources. C. Expenses. D. Expenditures.
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...
CITY OF NORTHERN PINES Statement of Activities For the Year Ended June 30, 2020 Program Revenues...
CITY OF NORTHERN PINES Statement of Activities For the Year Ended June 30, 2020 Program Revenues Net (Expense) Revenue and Change in Net Position Functions/Programs Expenses Charges for Services Operating Grants Governmental Activities Business-Type Activities Total Governmental Activities: General Government $9,540,000 $1,091,000 $(8,449,000) $(8,449,000) Culture and Recreation 4,128,000 2,160,000 (1,968,000) (1,968,000) Health and Sanitation 6,107,000 2,511,000 1,189,000 (2,407,000) (2,407,000) Public Safety 22,620,000 1,190,000 686,000 (20,744,000) (20,744,000) Public Works 11,988,000 (11,988,000) (11,988,000) Interest on Long-Term Debt 1,004,000 (1,004,000) (1,004,000) 0 Total...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned...
In a nonprofit, nongovernmental hospital, courtesy allowances are charity care services. revenue deductions. expenses. revenues earned even if the standard charge is above or below the allowance. 3.75 points QUESTION 3 The key focus of government fund accounting concerns the current ability to provide and fund services and goods. capital expenditures. income measurement. intergovernmental transfers from the general fund. 3.75 points QUESTION 4 Voluntary health and welfare organizations are supported by, and provide voluntary services to, the public....
The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000 Delinquent...
The General Fund collected the following amounts in cash: Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 Interest and Penalties Receivable on Taxes 23,860 Sales Taxes 748,000 Licenses and Permits 479,000 Fines and Forfeits 519,000 Intergovernmental Revenues 515,000 Charges for Services 361,000 Miscellaneous Revenues 226,500 Total $9,704,360 Required: Record the receipt of cash and the related credits to receivables and revenues accounts, as applicable, in both the General Fund and governmental activities journals. (Select “Received in Cash” in the...
I am not sure what you are asking about more time taking. I can attach a...
I am not sure what you are asking about more time taking. I can
attach a copy of the excel spreadsheet with the T-accounts on
them.
Will that help.
Show all steps 7 Bookmarks Chapter 11, Problem 9QE ON Problem The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields 1. The Institute began the year with the following account balances: Beginning Balances...
1. Which of the following regarding financial statement analysis is false? a) According to the DuPont...
1. Which of the following regarding financial statement analysis is false? a) According to the DuPont identity, Return on Equity is affected by operating efficiency (or profitability), asset use efficiency, and financial leverage. b) We can calculate the market value based measures of firm performance using only financial statements prepared according to GAAP. c) Asset management ratios measure the intensity and efficiency of asset use. d) For common size statements, we divide balance sheet items by total assets and income...
12. Which of the following is not true of a Statement of Activities prepared for a private college or university? A) Reimbursement type grants are recorded as operating revenue when qualifying expenses are made, not when the grant is approved. B) Reclassifications from temporarily restricted to unrestricted net assets are reported when the donor's restrictions have been met. C) Expenses may be unrestricted or temporarily restricted depending on donor intent. D) All of the above are true.
Changes in Net Position for a public college? A) State appropriations and Pell Grants are reported as operating revenue B) Revenues from residence halls, dining services and bookstores are reported as Auxiliary Enterprises - within operating revenue. C) Expenses associated with central management, planning and administration are classified as Institutional Support D) None of the above, these are all true. mecording the Statement of Revenues, Expenses, an
public university reporting as 5. Miami University, a public university, has chosen to report as a special-purpose entity engaged only in business-type activities. Deferred Revenues were reported as of July 1, 2016 in the amount of $3,000,000. Record the following transactions related to revenue recognition for the year ended June 30, 2017. Include in the account titles the proper revenue classification (operating revenues, nonoperating revenues, etc.): a Deferred revenues related to unearned revenues for the summer session, which ended in...
I am not sure what you are asking about more time taking. I can
attach a copy of the excel spreadsheet with the T-accounts on
them.
Will that help.
Show all steps 7 Bookmarks Chapter 11, Problem 9QE ON Problem The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields 1. The Institute began the year with the following account balances: Beginning Balances...
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