ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 17, Problem 17.11E
To determine
Concept introduction:
Operating statement: The statement of revenues, expenditures, and changes in fund balance is called an operating statement of the governmental funds. The top section contains revenues less expenditures for the period. The difference indicates excess or deficiency of revenues over expenditures. It also includes nonrevenue items such as bonds inter-fund transfers. Below that lists extraordinary items that are both unusual and infrequent bottom include fund balance both the beginning and end of the year.
To explain: The preparation of general fund−only statement of revenues, expenditures and changes in fund balance for fiscal year 20X1.
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The journal entry to re-establish an encumbrance from the prior year would include:
Multiple Choice
A debit to Budgetary Fund Balance – Reserve for Encumbrances.
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Accounting Question
Encumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.
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- Prepare a statement of Revenues, Expenditures, and changes in fund balance for the governemental funds ( the General Fund and special revenue fund financial statements have already been prepared).arrow_forwardThe following are the balances of accounts in the Statement of Operations of the Quezon Cooperative for the Year Ended December 31, 2020.*How much is to be the allocated for General Reserved fundarrow_forwardIn a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes Noarrow_forward
- Which of the following statements best describes the accounting for inventories in the General Fund? Select one: A. Inventories on hand at the end of the accounting period are not reflected on the balance sheet. B. Inventories used during the period are reflected as an expense in the statement of revenues, expenditures, and changes in fund balances. C. There is generally no recognition in the fund accounts of any remaining balance of inventories at the end of the accounting period. D. None of the abovearrow_forwardFrom the information given above, prepare a Water and Sewer Fund column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020. (Deductions should be entered with a minus sign.)arrow_forwardWhich of the following accounts of a government agency is closed out at the end of the fiscal year? Select the correct response: Appropriations Vouchers payable. Reserve for encumbrance Fund balancearrow_forward
- 18 The receipt of equipment that had previously been ordered should be recorded in the General Fund as a debit to: Multiple Choice Appropriations. Equipment. Encumbrances. Expenditures.arrow_forwardPrepare a preclosing trial balance for the General Fund as of December 31, 2021.arrow_forward3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations. 4. Which of the following would be considered a general capital asset? a) A vehicle purchased from general fund revenues. b) A vehicle purchased and maintained by an enterprise fund. c) A computer purchased from revenues of an internal service fund and used by the supplies department. d) Real estate purchased with the assets of a pension trust fund. 5. A machine is sold for $500. It had originally been purchased for $8,000 using GF It is fully depreciated. Gain on sale of equipment account revenues. should be recorded in the General fund journal as: a) Debit in 500S. b) Credit in 500$. c) Credit in 7500S. d) Gain on sale of equipment account will not recorded in general fund journal. Question Three: mini casesarrow_forward
- A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000. What other fund balance category is reported? Select one: A. Unassigned, $(2,000) B. Committed, $(2,000) C. Assigned, $(2,000) D. Restricted fund balance is reduced by $2,000. Which one of these capital projects fund accounts is closed at year-end? Select one: A. Accounts payable B. Due from general fund C. Deferred outlays of resources D. Capital outlayarrow_forwardWhich of the following neither increases nor decreases fund balance of the General Fund during the current period? a. Revenues. b. Other financing sources. c. Deferred revenues. d. Expenditures.arrow_forwardAccounting Cycle Project Following is the trial balance of City of Kendall Green’s General Fund at December 31, 2019. Using MS-Excel, prepare well-formatted worksheets as follows: (a) closing entries (b) a post-closing trial balance. (c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019 (d) a balance sheet at December 31, 2019.arrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License