Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Textbook Question
Chapter 15, Problem 2UTI
Name three advantages gained by government reporting through the use of the three different fund types and the account groups. Explain why this method of reporting is advantageous.
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What are the five fund types within the governmental funds? What types of events does each of these report?
Which of the following statements is true? Choose the correct.a. There are three different types of proprietary funds.b. There are three different types of fiduciary funds.c. There are five different types of fiduciary funds.d. There are five different types of governmental funds.
Which of the following funds of a government uses the same basis of accounting as a proprietary fund?
Multiple Choice
Permanent fund.
Special revenue fund.
Capital projects fund.
Investment trust fund.
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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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which 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_forwardWhich of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure economic resources.b. Government-wide financial statements measure only current financial resources.c. Fund financial statements measure both economic resources and current financial resources.d. Government-wide financial statements measure economic resources.arrow_forwardWhich 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.arrow_forward
- Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?arrow_forwardWhich of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No Noarrow_forwardFor a government, what kinds of operations are accounted for using a proprietary fund? Give three examples.arrow_forward
- Which of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide financial statements measure revenues and expenses based on modified accrual accounting.c. Fund financial statements measure revenues and expenses based on accrual accounting.d. Government-wide financial statements measure revenues and expenditures based on accrual accounting.arrow_forwardWhich of the following is not a governmental fund? Choose the correct.a. Special revenue fundb. Internal service fundc. Capital projects fundd. Debt service fundarrow_forwardWhat is the purpose of the capital projects fund, debt service fund, and permanent fund. Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?arrow_forward
- Which of the following statements is true? There are three different types of proprietary funds. There are three different types of fiduciary funds. There are five different types of fiduciary funds. There are five different types of governmental funds.arrow_forwardWhich governmental fund includes resources that are legally restricted so that the governmental entity must maintain the principal and can use only the earnings from the fund's resources to benefit the government's programs for all of its citizens? Group of answer choices a.) Capital projects fund b.) Permanent fund c.) Agency fundarrow_forwardState three fund types for state and local government and the individual fund categories within each.arrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License