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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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Textbook Question
Chapter 3, Problem 26EP
Review the computer-generated budgetary comparison report presented below for the Lincoln City Culture and Recreation Department as of July 1 of its fiscal year ending December 31, and respond to the questions that follow.
Required
- a. What is the likely reason there are no outstanding encumbrances for the Personnel Services, Conferences and Training, and Utilities accounts?
- b. Does it appear that the Culture and Recreation Department may overexpend its appropriation for any accounts before the end of the fiscal year? If so, which accounts may run short?
- c. Does it appear that the Culture and Recreation Department may underexpend any of its appropriations for the fiscal year? If so, which accounts may have excessive spending authority?
- d. What factors may explain the expenditure patterns observed in parts b and c?
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Students have asked these similar questions
The general ledger of the County of Konstantin contains the following selected account balances:
$91400
$35600
$16500
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Konstantin wants to order additional goods and services before the fiscal year end.
What is the unencumbered balance (i.e., the remaining authority) of the budget that may be expended by
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BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF
$1,000.
"The City of Lakeview adopts its budget on a basis of accounting that permits outstanding purchase
commitments to be charged against the budget in the year that the goods are ordered instead of in the year
they are received. During the year the city ordered and received $4,000 of supplies (of which $3,000 had been
paid and $1,000 was unpaid) and had $500 of outstanding purchase commitments for supplies at year-end. In
the budget-to-actual comparison, the expenditures for supplies would be:
""$3,000"
"$3,500"
"$4,000 "
"$4,500"
Record the entry for the annual budget at the beginning of the year. (General Fund)
Record the end-of-year removal of budget entry. (General Fund)
Chapter 3 Solutions
Loose-leaf For 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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