GEN COMBO ADVANCED ACCOUNTING; CONNECT ACCESS CARD
13th Edition
ISBN: 9781260087383
Author: Joe Ben Hoyle
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 16, Problem 21P
A city issues five-year bonds payable to finance construction of a new school. What recording should be made?
- a. Report the liability in the government-wide financial statements; show an other financing source in the fund financial statements.
- b. Report a liability in the government-wide financial statements and in the fund financial statements.
- c. Show an other financing source in the government-wide financial statements and in the fund financial statements.
- d. Show an other financing source in the government-wide financial statements; report a liability in the fund financial statements.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
A city issues a 60-day tax anticipation note to fund operations until taxes have been collected. What recording should it make? Choose the correct.a. The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements.b. A liability should be reported in the government-wide financial statements and in the fund financial statements.c. An other financing source should be shown in the government-wide financial statements and in the fund financial statements.d. An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.
A city issues a 60-day tax anticipation note to fund operations until taxes have been collected. What recording should it make?
The liability should be reported in the government-wide financial statements; an other financing source should be shown in the fund financial statements.
A liability should be reported in the government-wide financial statements and in the fund financial statements.
An other financing source should be shown in the government-wide financial statements and in the fund financial statements.
An other financing source should be shown in the government-wide financial statements; a liability is reported in the fund financial statements.
Vouchers payable denote:
a.
A future liability estimated when order is made
b.
Amount due to government from user charges
c.
A liability incurred when goods/services are received
d.
Amount payable by government on long term debts
Question 2
Question text
Which of the following is not an example of the function of an Agency Fund?
a.
Collection of property tax by one government unit for the other
b.
All the options listed
c.
Payment of interest and principle on long-term debt
d.
Collection of local government sales taxes by the state government
Chapter 16 Solutions
GEN COMBO ADVANCED ACCOUNTING; CONNECT ACCESS CARD
Ch. 16 - Prob. 1QCh. 16 - Prob. 2QCh. 16 - Prob. 3QCh. 16 - Prob. 4QCh. 16 - What measurement focus is used in fund financial...Ch. 16 - Prob. 6QCh. 16 - Prob. 7QCh. 16 - In applying the current financial resources...Ch. 16 - Prob. 9QCh. 16 - What are the five fund types within the...
Ch. 16 - Prob. 11QCh. 16 - What are the four fund types within the fiduciary...Ch. 16 - Prob. 13QCh. 16 - Fund financial statements have separate columns...Ch. 16 - The general fund of a city reports assets of...Ch. 16 - Why are budgetary entries recorded in the...Ch. 16 - How are budget results shown in the financial...Ch. 16 - Prob. 18QCh. 16 - Prob. 19QCh. 16 - Prob. 20QCh. 16 - How do governmental funds report capital outlay in...Ch. 16 - Prob. 22QCh. 16 - Prob. 23QCh. 16 - Prob. 24QCh. 16 - How is the issuance of a long-term bond reported...Ch. 16 - Prob. 26QCh. 16 - Prob. 27QCh. 16 - Prob. 28QCh. 16 - What is an internal exchange transaction, and how...Ch. 16 - Prob. 1PCh. 16 - Prob. 2PCh. 16 - Prob. 3PCh. 16 - Prob. 4PCh. 16 - Prob. 5PCh. 16 - Prob. 6PCh. 16 - Which of the following statements is correct about...Ch. 16 - Prob. 8PCh. 16 - Prob. 9PCh. 16 - The City of Bagranoff holds 90,000 in cash that...Ch. 16 - Prob. 11PCh. 16 - The general fund pays rent for two months. Which...Ch. 16 - A purchase order for 3,000 is recorded in the...Ch. 16 - At the end of the current year, a government...Ch. 16 - A government buys equipment for its police...Ch. 16 - A city acquires supplies for its fire department...Ch. 16 - Prob. 17PCh. 16 - The state government passes a law requiring...Ch. 16 - The state awards a grant of 50,000 to the Town of...Ch. 16 - A city issues a 60-day tax anticipation note to...Ch. 16 - A city issues five-year bonds payable to finance...Ch. 16 - The City of Dylan issues a 10-year bond payable of...Ch. 16 - Prob. 23PCh. 16 - A 110,000 payment is made on a long-term...Ch. 16 - A city constructs a special assessment project (a...Ch. 16 - A city constructs curbing in a new neighborhood...Ch. 16 - Which of the following is an example of an...Ch. 16 - Cash of 60,000 is transferred from the general...Ch. 16 - Cash of 60,000 is transferred from the general...Ch. 16 - Cash of 20,000 is transferred from the general...Ch. 16 - Cash of 20,000 is transferred from the general...Ch. 16 - The board of commissioners of the City of...Ch. 16 - A city orders a new computer for its general fund...Ch. 16 - Cash of 90,000 is transferred from a citys general...Ch. 16 - The governmental funds of the City of Westchester...Ch. 16 - Government officials of Hampstead County ordered a...Ch. 16 - A local government has the following transactions...Ch. 16 - Prepare journal entries for the City of Puddings...Ch. 16 - Prepare journal entries for a local government to...Ch. 16 - The following unadjusted trial balances are for...Ch. 16 - Following are descriptions of transactions and...Ch. 16 - Chesterfield County had the following...Ch. 16 - The following trial balance is taken from the...Ch. 16 - A city has only one activity, its school system....Ch. 16 - Prob. 45PCh. 16 - Prob. 46PCh. 16 - The following transactions relate to the General...Ch. 16 - Use the transactions in problem (47) but prepare a...Ch. 16 - Government officials of the City of Jones expect...Ch. 16 - On December 1, 2017, a state government awards a...Ch. 16 - Indicate (i) how each of the following...Ch. 16 - Fund A transfers 20,000 to Fund B. For each of the...Ch. 16 - Use the following information for Problems 5359:...Ch. 16 - On December 30, 2017, the City of Coyote borrowed...Ch. 16 - An art display set up for the City of Coyote was...Ch. 16 - The City of Coyote mailed property tax bills for...Ch. 16 - Prob. 57PCh. 16 - In 2017, the City of Coyote received a 320,000...Ch. 16 - During 2017, the City of Coyotes General Fund...
Knowledge Booster
Learn more about
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
- KA The following transactions take place: • A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. • Construction bonds were issued at a premium. The premium is to be included in funds accumulated to retire the debt. • Police salaries were paid. • Interest and principal were paid on general obligation serial bonds. Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded.arrow_forwardIdentification of activities with particular governmental-type funds Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events. GF General Fund SRF Special Revenue Fund DSF Debt Service Fund CPF Capital Projects Fund PF Permanent Fund 1. Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest. 2. The city received its share of a state sales tax that is legally required to be used solely to finance library operations. 3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs. 4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets. 5. The city received a grant from the state to build an addition to the city hall. 6. The city received the proceeds of general obligation bonds to finance the construction of a new police station. 7. The mayor was paid his monthly…arrow_forwardTrapper City issued 30-year bonds for the purpose of building a new City Hall. The proceeds of the bonds are deposited in the General Fund. For the governmental fund financial statements, in what fund will Bonds Payable appear? General Fund. Internal service fund. Permanent Fund. Debt Service Fund. Bonds Payable do not appear in governmental fund financial statements.arrow_forward
- 1.Which of the following transactions or events will not be reported in a governmental fund's operating statement, assuming that all relate to general government activities? A. Depreciation of capital assets B. Incurrence of construction costs on a construction project C. Incurrence of salary costs D. Issuance of bonds payable due in 10 year 2.General long-term debt proceeds are reported in governmental fund financial statements as: A. Direct additions to fund balance B. other financing sources C. Revenues D transfers 3.What user groups does the GASB not view as primary user groups for government external financial reporting? A. Citizenry B. Investors and creditors C. Labor unions representing government employees D. Legislative and oversight bodiesarrow_forwardA 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_forwardProceeds from bonds issued to construct a new city hall would most likely be recorded in the journal of the: Multiple Choice Debt service fund. General Fund. Capital projects fund. Enterprise fund.arrow_forward
- A city constructs a special assessment project (a sidewalk) for which it is secondarily liable. The city issues bonds of $90,000. It authorizes another $10,000 that is transferred out of the general fund. The sidewalk is built for $100,000. The citizens are billed for $90,000. They pay this amount and the debt is paid off. Where is the $100,000 expenditure for construction recorded? Choose the correct.a. It is not recorded by the city.b. It is recorded in the agency fund.c. It is recorded in the general fund.d. It is recorded in the capital projects fund.arrow_forwardIndicate (i) how each of the following transactions impacts the fund balance of the general fund, and its classifications, for fund financial statements and (ii) what impact each transaction has on the net position balance of the Government Activities on the government-wide financial statements.a. Issue a five-year bond for $6 million to finance general operations.b. Pay cash of $149,000 for a truck to be used by the police department.c. The fire department pays $17,000 to a government motor pool that services the vehicles of only the police and fire departments. Work was done on several department vehicles. d. Levy property taxes of $75,000 for the current year that will not be collected until four months into the subsequent year.e. Receive a grant for $7,000 that must be returned unless the money is spent according to the stipulations of the conveyance. That is expected to happen in the future.f. Businesses make sales of $20 million during the current year. The…arrow_forwardThe proceeds of a long-term bond issue were used by a county to acquire general fixed assets. The long-term liability is recordeda. only in the general long-term debt account group.b. only in the general fund.c. both in the general fund and in the general long-term debt account group.d. in the appropriate governmental fund, depending on the nature of the asset involved.arrow_forward
- Prepare journal entries for a local government to record the following transactions, first for fund financial statements and then for government-wide financial statements.a. The government sells $900,000 in bonds at face value to finance construction of a warehouse.b. A $1.1 million contract is signed for construction of the warehouse. The commitment is required, if allowed.c. A $130,000 transfer of unrestricted funds was made for the eventual payment of the debt in (a).d. Equipment for the fire department is received with a cost of $12,000. When it was ordered, an anticipated cost of $11,800 had been recorded.e. Supplies to be used in the schools are bought for $2,000 cash. The consumption method is used.f. A state grant of $90,000 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers.g. Property tax assessments are mailed to citizens of the government. The total assessment is…arrow_forwardThe capital projects fund of Plant City completed construction of a new building. The building account should be reported in the: I. capital projects fund balance sheet. II. general fund balance sheet. III. government-wide statement of net position. A) II only. B) Il only. C) I only. D) I and II only.arrow_forwardIn approving the budget of the City of Troy, the city council appropriated an amount less than expected revenues, what will be the result of this action .a An increase in outstanding encumbrances by the of the fiscal year .b A credit to budgetary fund balance .C A debit to budgetary fund balance .d A necessity for compensatory offsetting action in the debt service fundarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License