Introduction, Conclusion and Suggestion for Title: financing of goverment expenditure using defisit financing (borrowing) and tax financing.

Q: The modified accrual foundation of accounting is used by which fund category? Under the modified…

A: Introduction: Another accounting approach that combines accumulation premise bookkeeping and cash…

Q: Which among the following process is related to fund allocation for different activities? a.…

A: The fund is a fiscal and bookkeeping substance with a self-adjusting set of accounts recording cash…

Q: Which of the following uses the flow of current financial resources measurement focus? a. Internal…

A: Current financial resources measurement focus : The name itself specifies that financial statement…

Q: Is there a standard approach for determining when income and expenses are recognized in financial…

A: The creation of two statements – a statement of net assets and a statement of activities – is…

Q: Timely payment of taxes comes under objective of financial managment a. Social Objectives b.…

A: timely payment of taxes comes under social objective of financial management.

Q: accounts o

A: Modified accrual basis of accouting is generally used by the government agency or say government. it…

Q: Describe the procedures for determining after-tax net cash flows in taxable situations?

A: Net cash flow after tax is an important measure used for the purpose of evaluation of company's…

Q: rmining federal income withholding found?

A: Employers are required to withhold the pay of the employees to extent of the tax liability of the…

Q: Revenues that are legally restricted to expenditures for specified purposes should be accounted for…

A: Revenue: It is the amount earned by a company or governmental organization on the delivery of goods…

Q: When do liabilities show up in a fund's financial statements based on current financial resources…

A: Introduction Government liabilities include pension payments, salary payments, payments for…

Q: What measurement focus is used in government-wide financial statements, and what system is applied…

A: The "current resources focus" is the measurement focus which is used in fund financial statements…

Q: the difference between capital expenditure and revenue expenditure.

A: Expenditure is defined as spending money on something. This can be a cash payment or the exchange of…

Q: What costs necessitate the reporting of an expenditure by a governmental fund?

A: In a government fund, expenditures are recognised in the accounting period in which goods and…

Q: Which fund category uses modified accrual basis of accounting? What are the recognition rules of…

A: The government uses a different way to report their financial statements than the private sector…

Q: What is the appropriate accounting for each of the phases, Capital projects funds and Debt services…

A: Investing in a built environment represents short-term costs that return only benefits on long-term…

Q: Explain the adjustments necessary to convert to a government-wide statement of activities, assuming…

A: The GASB is the board that provides the guideline to the governmental units about proper accounting…

Q: Revenue from property taxes should be recorded in the General Fund: O When received. O When there is…

A: The revenues earned by the government or state from the taxes, fees, interest etc. are recorded in…

Q: Defines the meaning of Capital Projects Fund and Debt Service Funds.

A: Capital Project Fund means a fund used to account for financial resources to be used for the…

Q: Distinguish between the accounting for capital expenditures and revenue expenditures.

A: Fixed Assets: It refers to the long-term assets having a useful life of more than a year which is,…

Q: Explain t

A: Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting…

Q: What are the purpose and financial reporting requirements for the General and Special Revenue Funds?…

A: The general fund is the primary operating fund of a government, and it is responsible for anything…

Q: For governmental funds, what measuring emphasis is utilized in the fund financial statements, and…

A: Solution are as follows

Q: What are some major adjustments required when converting from fund financial statements to…

A: major adjustment for converting from fund financial statements to government-wide statements are…

Q: Explain the modified accrual basis of accounting. Why is it used for governmental fund financial…

A: Modified accrual basis of accounting is a method of accounting where the revenues are recorded when…

Q: Government grants related to income are presented preferably as Other income in the income statement…

A: As per IAS 20 Accounting for government grant and disclosure of government assistance  Government…

Q: In applying the current financial resources measurement focus, when are liabilities recognized in…

A: Introduction Liabilities of Government includes pension payments, salary payments, payments for…

Q: Define after-tax cost of cost of debt

A: The amount that is raised by the company by issuing the bonds or borrowing from the financial…

Q: Describe the disclosure requirements for an Enterprise Fund. Explain how disclosure assists users of…

A: Agencies reporting enterprise funds (a type of proprietary fund) or using enterprise fund accounting…

Q: What measurement focus is used in fund financial statements for governmental funds, and what system…

A: The government wide financial statements includes preparation of two statements – statement of net…

Q: Explain why it is important to distinguish between capital expenditure and revenue expenditure, and…

A: Expenditures: The Expenditures are the way of spending money on something, or the money that is…

Q: What is the general rule for recognizing property taxes as revenues? How would property taxes be…

A: According to the definition of Property Tax Money, it is the amount of revenue earned by the…

Q: Describe the modified accrual foundation for accounting. For what purposes does it appear in the…

A: Accounting on a modified accrual basis: The modified accrual basis of accounting is a form of…

Q: realization in federal taxation

A: For federal income tax purposes, realization is a requirement on what should be included as income…

Q: ________________ is the action by which OMB distributes amounts available for obligation, including…

A: Receiving, managing, obligating, and tracking the use of appropriated funds are all part of the…

Q: Explain the modified accrual foundation for accounting. In the context of governmental funds, why…

A: The modified accrual foundation of accounting is as follows: An accounting method known as the…

Q: Which financial statements are prepared using modified accrual accounting? A) Proprietary fund…

A: Modified accrual accounting is the one where a combination of both cash and accrual basis is being…

Q: What other sources provide resources for capital projects funds?

A: A capital project seems to be a long-term, capital-intensive investing project with the goal of…

Q: cles to use an accrual basis the assist CORIS RA with its accor

A: Cash flow statement which are used to assess the information of total net changes in the assets…