Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Chapter 15, Problem 15.2.3P
To determine
Introduction: The GASB is the board that provides the guideline to the governmental units about proper accounting of transactions. As per GASB, the accounting for funds of a governmental unit is different from that of private units. To select: The correct situation which expresses the available balance in the expenditure subsidiary ledger account.
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Which Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental Fund Balance Sheet B. Government-Wide Statement of Activities C. Statement of Revenues, Expenditure and changes in Fund Balances D. Both A and B choices are true.
What are the purpose and financial reporting requirements for the General and Special Revenue Funds? Please include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts
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Chapter 15 Solutions
Advanced Accounting
Ch. 15 - Prob. 1UTICh. 15 - Name three advantages gained by government...Ch. 15 - Why are budgets crucial in accounting for...Ch. 15 - Prob. 4UTICh. 15 - Prob. 5UTICh. 15 - Prob. 6UTICh. 15 - Prob. 7UTICh. 15 - Prob. 1.1ECh. 15 - Prob. 1.2ECh. 15 - Accounting for transactions. Select the best...
Ch. 15 - Prob. 1.4ECh. 15 - Prob. 1.5ECh. 15 - Prob. 1.6ECh. 15 - Accounting for transactions. Select the best...Ch. 15 - Accounting for transactions. Select the best...Ch. 15 - Prob. 1.9ECh. 15 - Accounting for transactions. Select the best...Ch. 15 - Accounting and reporting. Indicate (he part [(a)...Ch. 15 - Prob. 3ECh. 15 - Prob. 4ECh. 15 - Prob. 15.1.1PCh. 15 - Prob. 15.1.2PCh. 15 - Prob. 15.1.3PCh. 15 - Prob. 15.1.4PCh. 15 - Prob. 15.1.5PCh. 15 - Prob. 15.1.6PCh. 15 - Prob. 15.1.7PCh. 15 - Prob. 15.2.1PCh. 15 - Prob. 15.2.2PCh. 15 - Prob. 15.2.3PCh. 15 - Prob. 15.2.4PCh. 15 - Prob. 15.2.5PCh. 15 - Prob. 15.2.6PCh. 15 - Prob. 15.2.7PCh. 15 - Prob. 15.2.8PCh. 15 - Prob. 15.2.9PCh. 15 - Prob. 15.2.10P
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- The modified accrual foundation of accounting is used by which fund category? Under the modified accrual basis of accounting, what are the revenue and expenditures recognition rules?arrow_forwardGovernment-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.arrow_forwardWhich of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue fundsarrow_forward
- Which of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. Encumbrancesarrow_forward2-Discuss the measurement focus used in governmental accounting and the financial transactions reported in different governmental funds. How do revenues and expenditures of governmental funds differ from the revenues and expenses of other funds?arrow_forward1. How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements. 2. Distinuish among appropriations, expenditures, encumbrances, and expenses.arrow_forward
- Multiple choice:  In the reporting of governmental activities, fiscal accountability is demonstrated by: a. Both fund and government-wide financial statements. b. Government-wide financial statements. c. Neither fund nor government-wide financial statements. d. Fund financial statements.arrow_forwardExpenses that are specifically identified with a program or function are reported in the government-wide statement of activities as: a. Specific expenses. b. Direct expenses. c. Incremental expenses. d. Program expenses.arrow_forwardWhich of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.arrow_forward
- ________________ is the action by which OMB distributes amounts available for obligation, including budgetary reserves established pursuant to law, in an appropriation of and account. An apportionment divide amounts available for obligation by specific time periods. (usually quarters), activities, projects, objects or a combination incurred. In apportioning any account, some funds may be reserved to provide for contingencies or to effect savings, pursuant to the Anti-deficiency Act. Funds, including Anti-deficiency Act reserves, may also be proposed for deferred or recession, pursuant to the impoundment Control Acts of 1974arrow_forwardthe account deffered inflows of resources-unavailable revenues is used in governmental funds to record?arrow_forwardWhich file has as its primary purpose to provide historical financial data for comparative financial reports? a. journal voucher history file b. budget master file c. responsibility file d. general ledger history filearrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License