ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Question
Chapter 18, Problem 18.3.7E
To determine
Concept Introduction: An enterprise fund is a form of government fund. The main purpose of an enterprise fund is to sell goods and services to the general public for a particular fee.
To select: The correct option for funds of a governmental unit that uses the same basis of accounting as an enterprise fund.
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Students have asked these similar questions
Which of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No No
Which of the following is not a governmental fund? Choose the correct.a. Special revenue fundb. Internal service fundc. Capital projects fundd. Debt service fund
10
An interfund transfer in should be reported in a governmental fund operating statement as a(an):
Multiple Choice
Revenue.
Due from other funds.
Other financing source.
Other financing use.
Chapter 18 Solutions
ADVANCED FINANCIAL ACCOUNTING IA
Ch. 18 - In what circumstances would a governmental unit...Ch. 18 - Prob. 18.2QCh. 18 - Prob. 18.3QCh. 18 - Prob. 18.4QCh. 18 - What is the basis of accounting in the proprietary...Ch. 18 - Prob. 18.6QCh. 18 - Prob. 18.7QCh. 18 - What are the primary differences between a...Ch. 18 - Prob. 18.9QCh. 18 - Prob. 18.10Q
Ch. 18 - Prob. 18.11QCh. 18 - Prob. 18.12QCh. 18 - Prob. 18.13QCh. 18 - GASB 34 required a budgetary comparison schedule...Ch. 18 - Prob. 18.15QCh. 18 - Prob. 18.1CCh. 18 - Capital Projects, Debt Service, and Internal...Ch. 18 - Prob. 18.1.1ECh. 18 - Prob. 18.1.2ECh. 18 - Prob. 18.1.3ECh. 18 - Prob. 18.1.4ECh. 18 - Prob. 18.1.5ECh. 18 - Prob. 18.1.6ECh. 18 - Prob. 18.1.7ECh. 18 - Prob. 18.1.8ECh. 18 - Prob. 18.1.9ECh. 18 - Prob. 18.1.10ECh. 18 - Prob. 18.1.11ECh. 18 - Prob. 18.1.12ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Prob. 18.2.2ECh. 18 - Prob. 18.2.3ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Prob. 18.2.5ECh. 18 - Multiple-Choice Items on Governmental Funds [AICPA...Ch. 18 - Multiple-Choice Items on Proprietary Funds [AICPA...Ch. 18 - Prob. 18.3.2ECh. 18 - Prob. 18.3.3ECh. 18 - Prob. 18.3.4ECh. 18 - Prob. 18.3.5ECh. 18 - Prob. 18.3.6ECh. 18 - Prob. 18.3.7ECh. 18 - Prob. 18.3.8ECh. 18 - Prob. 18.3.9ECh. 18 - Prob. 18.4.1ECh. 18 - Prob. 18.4.2ECh. 18 - Prob. 18.4.3ECh. 18 - Prob. 18.4.4ECh. 18 - Prob. 18.4.5ECh. 18 - Prob. 18.4.6ECh. 18 - Prob. 18.4.7ECh. 18 - Prob. 18.4.8ECh. 18 - Prob. 18.5.1ECh. 18 - Prob. 18.5.2ECh. 18 - Prob. 18.5.3ECh. 18 - Prob. 18.5.4ECh. 18 - Prob. 18.5.5ECh. 18 - Prob. 18.5.6ECh. 18 - Prob. 18.5.7ECh. 18 - Prob. 18.5.8ECh. 18 - Capital Projects Fund Entries and Statements The...Ch. 18 - Debt Service Fund Entries and Statements The City...Ch. 18 - Enterprise Fund Entries and Statements Augusta has...Ch. 18 - Interfund Transfers and Transactions During 20X8,...Ch. 18 - Internal Service Fund Entries and Statements...Ch. 18 - Prob. 18.11.1ECh. 18 - Prob. 18.11.2ECh. 18 - Prob. 18.11.3ECh. 18 - Prob. 18.11.4ECh. 18 - Prob. 18.11.5ECh. 18 - Prob. 18.11.6ECh. 18 - Prob. 18.11.7ECh. 18 - Prob. 18.11.8ECh. 18 - Prob. 18.11.9ECh. 18 - Prob. 18.11.10ECh. 18 - Adjusting Entries for General Fund [AICPA Adapted]...Ch. 18 - Entries for Funds [AICPA Adapted] Olivia Village...Ch. 18 - Prob. 18.14PCh. 18 - Prob. 18.15PCh. 18 - Prob. 18.16PCh. 18 - Matching Items Involving Various Funds The...Ch. 18 - Prob. 18.18.1PCh. 18 - Prob. 18.18.2PCh. 18 - Prob. 18.18.3PCh. 18 - Prob. 18.18.4PCh. 18 - Prob. 18.18.5PCh. 18 - Prob. 18.18.6PCh. 18 - Prob. 18.18.7PCh. 18 - Prob. 18.18.8PCh. 18 - Prob. 18.18.9PCh. 18 - Prob. 18.18.10PCh. 18 - Matching Items Involving the Statement of Cash...Ch. 18 - Prob. 18.20PCh. 18 - Matching Items on Fund Transactions [AICPA...Ch. 18 - Major Fund Tests The City of Somerset has the...Ch. 18 - Prob. 18.23PCh. 18 - Prob. 18.24.1PCh. 18 - Prob. 18.24.2PCh. 18 - Prob. 18.24.3PCh. 18 - Prob. 18.24.4PCh. 18 - Prob. 18.24.5PCh. 18 - Prob. 18.24.6PCh. 18 - Prob. 18.24.7PCh. 18 - Prob. 18.24.8PCh. 18 - Prob. 18.24.9PCh. 18 - Prob. 18.24.10PCh. 18 - Prob. 18.24.11PCh. 18 - Prob. 18.24.12PCh. 18 - Prob. 18.24.13PCh. 18 - Prob. 18.24.14PCh. 18 - Prob. 18.24.15PCh. 18 - Prob. 18.25PCh. 18 - Prob. 18.26P
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Similar questions
- The following events take place: 1. 2. 3. James Smith died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre, but at the date of his death, the land was appraised at $7,200 an acre. The city authorized the transfer of $110,000 of general revenues and the issuance of $1,050,000 in general obligation bonds to construct improvements on the donated land. The bonds were sold at par. The improvements were completed at a cost of $1,160,000, and the operation of the park was turned over to the City Parks Department. Prepare entries in general journal form to record these transactions in the proper fund(s). Designate the fund in which each transaction is recorded. If the transaction did not result in a journal entry to a government fund, record the journal entry needed to reflect the information in the government-wide Statement of Net Position. (Credit account titles are automatically indented when amount is entered. Do not indent…arrow_forward3. A government-wide statement of net position may include a column for each of the following except: A. business type activities B. component units C. governmental activities D. major funds 4.Which type of interfund transactions result in one fund reporting revenues? A. interfund advances B. interfund services provided and used C. reimbursements D. transfersarrow_forwardWhich governmental fund includes resources that are legally restricted so that the governmental entity must maintain the principal and can use only the earnings from the fund's resources to benefit the government's programs for all of its citizens? Group of answer choices a.) Capital projects fund b.) Permanent fund c.) Agency fundarrow_forward
- An inter-fund transfer out should be reported in a governmental fund operating statement as a (an)arrow_forwardWhich of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. Encumbrancesarrow_forward8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discretearrow_forward
- Which of the following statements is true? O a. The principal of permanent funds are classified as Nonspendable Fund Balance O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston O. Any governmental fund may have an Unassigned Fund Balance. O d. Fund balances of debt service funds are classified as Restricted and Unrestrictedarrow_forwardWhich Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental Fund Balance Sheet B. Government-Wide Statement of Activities C. Statement of Revenues, Expenditure and changes in Fund Balances D. Both A and B choices are true.arrow_forwardWhich of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide financial statements measure revenues and expenses based on modified accrual accounting.c. Fund financial statements measure revenues and expenses based on accrual accounting.d. Government-wide financial statements measure revenues and expenditures based on accrual accounting.arrow_forward
- 2 Only those governmental and proprietary funds that meet the GASB size criteria for major funds are reported in separate columns of the governmental and proprietary fund financial statements. True or Falsearrow_forwardUse the following information to determine whether the Development Special Revenue and the Debt Service Funds should be reported as major funds based on asset amounts provided. Various Assets and Amounts Asset Type Development Special Revenue Fund Assets Debt Service Fund Assets Total Governmental Fund Assets Total Governmental Fund and Enterprise Fund Assets Both the Development Special Revenue Fund and the Debt Service Fund should be reported as major. Neither the Development Special Revenue Fund nor the Debt Service Fund should be reported as major. The Development Special Revenue Fund should be reported as major. The Debt Service Fund should be reported as major. Asset Amount $ 740,000 $ 150,000 $ 7,500,000 $8,750,000arrow_forwardWhich of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure economic resources.b. Government-wide financial statements measure only current financial resources.c. Fund financial statements measure both economic resources and current financial resources.d. Government-wide financial statements measure economic resources.arrow_forward
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