Question 1 The account Deferred Inflows of Resources - Unavailable Revenues is used in governmentalfunds to record Property taxes that have been collected but not yet earned. Property taxes that will not becollected within 60 days of fiscal year end. Property taxes that are considered uncollectible. Uncollectibleand unearned property taxes could be included in Deferred Inflows of Resources Unavailable Revenues. The account Deferred Inflows of Resources-Unavailable Revenues is used in governmental funds to recordA Property taxes that have been collected but not yet earned.B Property taxes that will not be collected within 60 days of fiscal year end.(D)Property taxes that are considered uncollectible.Uncollectible and unearned property taxes could be included in Deferred Inflows of Resources-Unavailable Revenues.

The objective of the question is to understand the purpose of the 'Deferred Inflows of Resources -…

Answered: Question 1 The account Deferred Inflows…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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One amount is missing in the following trial balance of proprietary accounts, and another is missing from the trial balance of budgetary accounts of the Save Our Resources Commission of the federal government. This trial balance was prepared before budgetary accounts were adjusted, such as returning unused appropriations. The debits are not distinguished from the credits. SAVE OUR RESOURCES COMMISSION Preclosing Trial Balance September 30, 2023 Proprietary accounts: Accounts Payable Accumulated Depreciation-Plant and Equipment Appropriations Used Fund Balance with Treasury-2023 Operating Materials and Supplies Cumulative Results of Operations-10/1/22 Operating/Program Expenses Depreciation and Amortization Plant and Equipment Unexpended Appropriations-2023 Budgetary accounts: Other Appropriations Realized-2023 Expended Authority-2023 Undelivered Orders-2023 Allotments-2023 $ 154,000 5,370,000 4,520,000 ? 83,000 1,029,000 2,170,000 770,000 8,131,000 430,000 ? 4,520,000 330,000 120,000…
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All of the following statements are true concerning the conversion of governmental funds to governmental activities except a. Depreciation expenditure reported in governmental funds simply becomes depreciation expense in governmental activities. b. A decrease in the long-term liability for compensated absences will result in expenses of various functions at the government-wide level being less than expenditures at the governmental fund level. c. Assuming capital outlay expenditures all reflect purchases of capital assets as per the government's capitalization threshold policy, capital outlay expenditures simply become additions to capital assets. d. Bonds payable are not reported in the governmental funds financial statem
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Please answer question 12 [Para. 4-a-12]
T/F questions 1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services. 2) General governmental activities provide goods and services to citizens without regard to their ability to pay. 3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting. 4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance. 5) Enterprise funds are used to account for business-type activities that serve primarily internal customers. 27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation. 28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues. 29) Under accrual accounting, revenues are generally recognized in the…
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