Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 10, Problem 17.9EP
To determine
Identify the option that suggests the government relies on the directly controllable revenue.
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Students have asked these similar questions
1. In many cases, property taxes comprise a significant source of revenue and cash receipts for a government. If prperty tax cash colletions typically occur during one or two collection periods, how do governments manage working capital needs?
2. while governments are not required to issue interim financial reports, what role does interim financial reporting play in local government administration?
Which of the following is an example of activities that are likely to be accounted for in a government's general fund?
a.
sales taxes collected by a state on behalf of counties within the state
b.
donations that must be kept intact, but whose income must be used to beautify parks
c.
property taxes levied and collected.
d.
electricity utilities of government that are financed by user charges
Property taxes levied on the citizens of the Hill County would most appropriately be budgeted in which of the following budgets?
Select one :-
a.
expenditures budget
b.
Capital budget.
c.
Flexible budget.
d.
Operating budget.
Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial entities:
Select one :
a.
Capital Stock
b.
Bond sinking Fund
c.
Unearned revenue
d.
Retained earnings
Chapter 10 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 10 - The GASB indicates that economic condition is...Ch. 10 - What is the Financial Trend Monitoring System and...Ch. 10 - The International City/County Management...Ch. 10 - Prob. 4QCh. 10 - Prob. 5QCh. 10 - Prob. 6QCh. 10 - Prob. 7QCh. 10 - Illustration 104, adapted front Crawford and...Ch. 10 - What is EMMA and when would someone want to use...Ch. 10 - Prob. 10Q
Ch. 10 - Prob. 11QCh. 10 - Prob. 17.1EPCh. 10 - Which of the following terms or concepts focuses...Ch. 10 - Prob. 17.3EPCh. 10 - Prob. 17.4EPCh. 10 - Prob. 17.5EPCh. 10 - Prob. 17.6EPCh. 10 - Prob. 17.7EPCh. 10 - Prob. 17.8EPCh. 10 - Prob. 17.9EPCh. 10 - Prob. 17.10EPCh. 10 - Prob. 17.11EPCh. 10 - Which of the following would be considered a sign...Ch. 10 - Prob. 17.13EPCh. 10 - Prob. 17.14EPCh. 10 - What is Electronic Municipal Market Access, or...Ch. 10 - Prob. 18EPCh. 10 - Examine the following tables from the Financial...Ch. 10 - Prob. 20EPCh. 10 - Prob. 21EP
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- A local government has the following transactions during the current fiscal period. Prepare journal entries without dollar amounts, first for fund financial statements and then for government-wide financial statements.a. The budget for the police department, ambulance service, and other ongoing activities is passed. Funding is from property taxes, transfers, and bond proceeds. All monetary outflows will be for expenses and fixed assets. A deficit is projected.b. A bond is issued at face value to fund the construction of a new municipal building. c. A computer is ordered for the tax department.d. The computer is received.e. The invoice for the computer is paid.f. The city council agrees to transfer money from the general fund as partial payment for a special assessments project but has not yet done so. The city will be secondarily liable for any money borrowed for this work.g. The city council creates a motor pool to service all government vehicles.…arrow_forwardIn the statement of activities,a. all expenses are subtracted from all revenues to get net income.b. the net program expense (revenue) for major functions and programs of the primary government and its component units are presented before general revenues.c. tax revenues designed to benefit the whole government are considered program revenues.d. extraordinary items are those that are either unusual in nature or infrequent in occurrence.arrow_forwardThe general principles of revenue recognition are the same for both governmental and government-wide statements. For each of the following situations, indicate the amount of revenue that the government should recognize in an appropriate governmental fund as well as in its government-wide statement of activities in its fiscal year ending December 31, 2021. Briefly justify your response, making certain that, as appropriate, you identify the key issue of concern. 1. In October 2020, a state received a federal grant of $300 million (in cash) to assist local law enforcement efforts. The federal government has established specific criteria governing how the funds should be distributed and will monitor the funds to ensure that they are used in accordance with grant provisions. The grant is intended to cover any allowable expenditure incurred in the calendar years 2021 through 2022. In 2021, the state incurred $160 million of allowable expenditures. 2. In December 2020, a city levied property…arrow_forward
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