ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
18th Edition
ISBN: 9781307515596
Author: RECK
Publisher: MCG/CREATE
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Textbook Question
Chapter 17, Problem 17EP
One amount is missing in the following
Required
- a. Compute each missing amount in the preclosing trial balance.
- b. Compute the net additions (or reductions) to assets other than Fund Balance with Treasury during fiscal year 2020. Clearly label your computations and show all work in good form.
- c. In general journal form, prepare entries to close the budgetary accounts as needed and to close the operating statement proprietary accounts.
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Students have asked these similar questions
What are the purpose and financial reporting requirements for the General and Special Revenue Funds? Please include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts
Revenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.
11. Depreciation of general capital assets should be
reported in the Governmental Activities column of the
government-wide financial statements.
FALSE)
(TRUE /
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shouldn't provide for integration of budgetary accounts.
(TRUE / FALSE)
13. Separate columns must be provided in the
government-wide financial statements for governmental
activities, business-type activities, and fiduciary
activities. (TRUE / FALSE)
14. A statement of revenues, expenditures, and changes
in fund balances is used to report the inflows and
outflows of current financial resources of governmental
funds. (TRUE / FALSE)
15. Government-wide financial statements report
financial transactions related to the governmental,
business-type, and fiduciary activities
government. (TRUE / FALSE)
of the
Chapter 17 Solutions
ACCT. FOR GOV.&NONPROF. ENTITIES>CUSTOM
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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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
- The governmental funds balance sheet will never report: A) Property Taxes Receivable. B) Vouchers Payable. C) Long-term Bonds Payable. D) Accumulated Depreciation. E) Both C. and D.arrow_forwardWhich of the following adjustments would likely be made when moving from governmental funds financial statements to government-wide financial statements? a. Record an additional expense for compensated absences b. Record an additional expense related to salaries earned at year-end c. Both of the above d. Neither of the abovearrow_forwardGeneral Fund expenditures for uncollectible accounts receivable should be reported in the period that the receivable is .a .Established .b No expenditure is recorded .C .Written off as uncollectible .d .Legally due and payablearrow_forward
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- 43. The chief accountant shall charge obligations incurred against available allotment to ensure that The NCA is sufficient to meet the disbursement made There are no unreleased appropriations No overdraft is incurred On excess allotments existsarrow_forwardDescribe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.arrow_forwardThe Appropriations account of a governmental fund is credited when: a. The budgetary accounts are closed b. The budget is recorded c. Supplies are purchased d. Expenditures are recordedarrow_forward
- Match the cash expenditures given below with the appropriate accounting treatment. An individual classification may be used more than once, or not at all. Treatments Record the expenditure as an asset and depreciate it. Record the expenditure as an asset and amortize it. Record the expenditure as an asset and deplete it. Record the expenditure as an asset but do not systematically allocate it to expense. Record the expenditure as an expense in the current period. None of the above is appropriate. Expenditures ____ 1. Acquired a truck. ____ 2. Purchased a copyright from an author. ____ 3. Paid for minor repairs to a building. ____ 4. Purchased a producing silver mine. ____ 5. Paid attorney's fees in acquiring land. ____ 6. Paid attorney's fees to defend a patent. ____ 7. Paid prior owner’s real estate taxes in acquiring land. ____ 8. Paid insurance to transport new equipment to your plant. ____ 9. Purchased timberlands to establish a tree farm. ____10.…arrow_forwardWhat is the purpose of a special revenue fund? To account for revenues legally or externally restricted as an operating expenditure. To account for ongoing activities. To account for gifts when only subsequently earned income can be expended. To account for the cost of long-lived assets bought with designated funds.arrow_forwardWhen a government orders equipment which is to be used by an activity accounted within the General Fund, it should be recorded in the General Fund as a(an): Multiple Choice Encumbrance. Capital asset. Expenditure. None of the choices are correct, the General Fund does not record capital assets purchases..arrow_forward
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