Advanced Accounting 14th Edition
14th Edition
ISBN: 9781260726442
Author: By Joe Ben Hoyle And Thomas Schaefer And Timothy Doupnik
Publisher: Mc Grawhill Education
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Textbook Question
Chapter 16, Problem 37P
A local government has the following transactions during the current fiscal period. Prepare
- 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. Money is transferred from the general fund to permanently finance this facility.
- h. Property taxes are levied. Although officials believe that most of these taxes should be collected during the current period, a small percentage is estimated to be uncollectible.
- i. The city collects grant money from the state that must be spent as a supplement to the salaries of the police force. No entry has been recorded. Appropriate payment of the supplement is viewed as an eligibility requirement.
- j. A portion of the grant money in (i) is properly spent.
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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.
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.
A bond is issued at face value to fund the construction of a new municipal building.
A computer is ordered for the tax department.
The computer is received.
The invoice for the computer is paid.
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.
The city council creates a motor pool to service all government vehicles. Money is transferred from the general fund to…
The GASB identifies one of the broadest
objectives of government financial reporting
as:
A. assisting users in assessing profitability of
the government
B. assisting users in making economic, social,
and political decisions.
C. fairly presenting government financial
condition and operating results
D. providing information about the inflows
and outflows of cash
2. The 60-day limit on the period after the end
of the fiscal year that is used for governmental
fund revenue recognition cutoff purposes:
A. is optional for property taxes, but required
for most other governmental fund revenues
B. must be applied to all revenue sources
except charges for licenses and permits
C. must be applied to property taxes, but
cannot be applied to other governmental
fund revenue sources
D. must be applied to property taxes, but may
also be applied to other revenue sources
In 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 fund
Chapter 16 Solutions
Advanced Accounting 14th Edition
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 - 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...
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