Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 3, Problem 18EP
To determine
State whether the given expenditure items must be classified as Function (F), Program (P), Organization Unit (OU), Activity (A), Character (C) or Object (O).
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In a governmental fund, which of the following is considered an expenditure? a. The purchase of a capital asset b. The consumption of supplies c. Salaries earned by employees d. All of the above
1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund.
A) Government sales and usage taxes.
B) Citizen payments for the use of the city pool.
C) Building permits to build a roof in a house
2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements?
The funds allocated to products and services used to satisfy citizens' needs are classified as ___________________ expenditures.
a. Capital expenditure
b. Consumption
c. Utilization
d. Transfer payments
Chapter 3 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Discuss the different ways in which depreciation...Ch. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - How do Budgetary Fund Balance and Fund Balances...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 16.1EPCh. 3 - Prob. 16.2EPCh. 3 - Which of the following accounts neither increases...Ch. 3 - Prob. 16.4EPCh. 3 - Which of the following statements is true for...Ch. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 16.7EPCh. 3 - Prob. 16.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 16.10EPCh. 3 - Which of the following is correct concerning the...Ch. 3 - Prob. 16.12EPCh. 3 - Prob. 16.13EPCh. 3 - Prob. 16.14EPCh. 3 - Supplies ordered by the Public Works function of...Ch. 3 - Prob. 17EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The following information is provided about the...Ch. 3 - On February 15, the Town of Evergreen police...Ch. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July, the first month of the fiscal year,...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Review the computer-generated budgetary comparison...Ch. 3 - Prob. 27EPCh. 3 - Greenville has provided the following information...
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Similar questions
- 1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund. A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements? 15 degrees.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_forwardExplain the difference between expenses and expenditures in a state and a local government.arrow_forward
- Governmental financial statements report whether financial resources received during a period were sufficient to cover the expenditures of the period, and whether spending was within budgetary limits. This is demonstrating: a. profitability. b. working capital management. c. fiscal compliance. d. resource optimization.arrow_forwardWhich of the following is not a category of program revenue reported on the statement of activities at the government wide level? a. General program revenue b. Charge for services c. Operating grants and contribution d. Capital grants and contributionarrow_forwardHow to prepare financial statements for a government agency and non-profit organization?arrow_forward
- Provide example of an internal service funds, describe the services provided and received within the two departments of the same governmt?arrow_forward10. When computers are ordered by the mayor's office, the purchase order should be recorded in the General Fund as a debit to: Multiple Choice Encumbrances. Equipment. Expenditures. Appropriations.arrow_forwardWhich of the following parties is responsible for administering the real estate budget? A. The Commissioner of Commerce B. The State treasury C. A designated financial institution D. The attorney Generalarrow_forward
- A city acquires supplies for its fire department and uses the consumption method of accounting. Which of the following statements is true for the fund statements?a. An expenditures account was debited at the time of receipt.b. An expense is recorded as the supplies are consumed.c. An inventory account is debited at the time of the acquisition.d. The supplies are recorded within the General Fixed Assets Account Group.arrow_forwardA city acquires supplies for its fire department and uses the consumption method of accounting. Which of the following statements is true for the fund statements? An expenditures account was debited at the time of receipt. An expense is recorded as the supplies are consumed. An inventory account is debited at the time of the acquisition. The supplies are recorded within the General Fixed Assets Account Group.arrow_forwardDifferentiate between purpose-type restrictions and time restrictions with regards to the use of resources they contribute to nonprofits.arrow_forward
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