INSTRUCTIONS: Opposite the transactions given below, write whether the state exercises the Police Power (PP), Power of Eminent Domain (ED) or the Power of Taxation (PT). Use capital letters only and write legibly as an Accountant. TRANSACTIONS POWER OF THE STATE 1. Property is taken to support the government. 2. The collection becomes part of public funds. 3. The authority is also granted to public service companies or public utilities. 4. The property is taken for public use. 5. The property owner is paid its market value. 6. The property taken is destroyed to promote public welfare. 7. The authority is exercised only by government. 8. There is transfer of right or ownership. 9. Amount is limited to cover cost of license and expenses of surveillance and regulation 10. The individual as the owner of a particular property.

INSTRUCTIONS: Opposite the transactions given below, write whether the state exercises the Police Power (PP), Power of Eminent Domain (ED) or the Power of Taxation (PT). Use capital letters only and write legibly as an Accountant. TRANSACTIONS POWER OF THE STATE 1. Property is taken to support the government. 2. The collection becomes part of public funds. 3. The authority is also granted to public service companies or public utilities. 4. The property is taken for public use. 5. The property owner is paid its market value. 6. The property taken is destroyed to promote public welfare. 7. The authority is exercised only by government. 8. There is transfer of right or ownership. 9. Amount is limited to cover cost of license and expenses of surveillance and regulation 10. The individual as the owner of a particular property.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 9MC: A governmental agency can best be described by which of the following statements? A. has a primary...

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1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund. A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements?
1) State whether each of the following items should be classified as taxes, licences and permits, intergovernmental revenues, charges for services, fines and forfeits or miscellaneous revenue in a governmental fund. a) Sales and use taxes levied by the government. 2) Explain the income & expenditure and Receipts & payment? Draw the format with example? What is the difference of both the statement? b) Payments by citizens for use of the city pool. c) Building permits to construct a deck at a residence
1) State whether each of the following items should be classified as taxes, licences and permits, intergovernmental revenues, charges for services, fines and forfeits or miscellaneous revenue in a governmental fund. a) Sales and use taxes levied by the government. b) Payments by citizens for use of the city pool. c) Building permits to construct a deck at a residence
V6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.
These are involuntary fees levied on individuals or corporations and imposed by the government —whether local, regional, or national to finance government activities. a. Taxes b. Excise Taxes c. Property Tax d. VAT
6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.
Which of the following is true regarding the government-wide financial statements?a. The government-wide financial statement includes a statement of cash flows.b. The government-wide financial statements are prepared on the financial resources measurement focus for governmental activities and the economic resources measurement focus for business-type activities.c. The government-wide financial statement includes a statement of net position.d. Infrastructure assets must be depreciated on the statement of activities.
The commercial business activities are governed by the market places then the government organizations activities are governed by___________ a. Fund financial statements b. Governmentwide financial statement c. None of the options d. Appropriations and encumbrances
Which of the following is true regarding the incorporation of internal service funds into government-wide financial statements?a. Internal service funds are not included in the government-wide financial statements.b. Internal service funds are incorporated into the business-type activities section of the government-wide financial statements.c. Both of the aboved. Neither of the above
Which of the following items is not recognized as revenue by a governmental unit? Group of answer choices a.) Sales tax proceeds b.) Bond proceeds c.) Property tax levies
Governments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in: a. the general fund b. governmental funds c. proprietary funds d. special revenue funds
The __________ is the governing body which investigates and reports on the use of public funds while the __________ is the governing body responsible for collecting taxes. a.) IFRS; FASB b.) SEC; GASB c.) GAO; IRS d.) AICPA; GAAP

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TRANSACTIONS	POWER OF THE STATE
1. Property is taken to support the government.
2. The collection becomes part of public funds.
3. The authority is also granted to public service companies or public utilities.
4. The property is taken for public use.
5. The property owner is paid its market value.
6. The property taken is destroyed to promote public welfare.
7. The authority is exercised only by government.
8. There is transfer of right or ownership.
9. Amount is limited to cover cost of license and expenses of surveillance and regulation
10. The individual as the owner of a particular property.