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Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Chapter 17, Problem 15.10EP
To determine
Find the correct option, the option that indicates the statement which is not true.
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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?
Which of the following is true regarding government-wide financial statements? a. Internal service funds are normally included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the above
Government-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.
Chapter 17 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - The federal government uses two groups of funds....Ch. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 12CCh. 17 - Prob. 13CCh. 17 - Access the most recent Financial Report of the...Ch. 17 - Prob. 15.1EPCh. 17 - Prob. 15.2EPCh. 17 - Prob. 15.3EPCh. 17 - Prob. 15.4EPCh. 17 - Prob. 15.5EPCh. 17 - Prob. 15.6EPCh. 17 - Which of the following is a correct mathematical...Ch. 17 - Which of the following is not a component of a...Ch. 17 - Fund Balance with the Treasury would be considered...Ch. 17 - Prob. 15.10EPCh. 17 - Which of the following federal funds is most...Ch. 17 - Following is a list of a number of accounts used...Ch. 17 - One amount is missing in the following trial...Ch. 17 - Use the data from Problem 1717 for this...Ch. 17 - Prob. 19EPCh. 17 - Prob. 20EPCh. 17 - Congress authorized the Flood Control Commission...Ch. 17 - Prob. 22EP
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Similar questions
- Which of the following is true regarding the incorporation of internal service funds into government-wide financial statements?a. Internal service funds are not included in the government-wide financial statements.b. Internal service funds are incorporated into the business-type activities section of the government-wide financial statements.c. Both of the aboved. Neither of the abovearrow_forwardWhat measurement focus is used in government-wide financial statements, and what system is applied to determine the timing of revenue and expense recognition?arrow_forward39. The receipt of which of the following may not give rise to the revenue by a government entity? Notice of Cash Allocation Tax Remittance Advice Subsidy from another Government entity Inter-agency fund transferarrow_forward
- Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income. General revenues are broken down by type; program revenues are reported as a single figure for the government.arrow_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_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
- With respect to the content of government-wide statements, which of the following is correct? A) Internal service funds are typically reported in the governmental activities sections of the government-wide statements, while fiduciary activities are not included in the governmentwide statements. B) Fiduciary activities are included the government-wide statements and internal service funds are not included in the government-wide statements. C) Interfund transactions are not adjusted when preparing the government-wide statements because they cancel each other out. D) Interfund transaction are separately stated to show detail but do not affect the ending balances on the statements because revenues equal expenses.arrow_forwardDescribe the modified accrual foundation of accounting in further detail. What is the purpose of using it in financial statements for government-sponsored funds?arrow_forwardWhich of the following is true regarding the government-wide financial statements?a. The government-wide financial statement includes a statement of cash flows.b. The government-wide financial statements are prepared on the financial resources measurement focus for governmental activities and the economic resources measurement focus for business-type activities.c. The government-wide financial statement includes a statement of net position.d. Infrastructure assets must be depreciated on the statement of activities.arrow_forward
- Which of the following government-wide accounts reflects amounts owed between governmental activities and business-type activities? Transfers OOPEB liability None of these Internal balance Interfundarrow_forwardTRUE OR FALSE. Please provide an explanation if false. 1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. 2. Separate accounting records and budget registries are maintained for each fund cluster. 3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly. 4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. 5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account. 6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable 7. At the end of each year, an adjustment is made to revert…arrow_forward1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.arrow_forward
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