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 4, Problem 17.4EP
To determine
Find the correct option, the option that indicates the format of government-wide statement of net position.
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Which 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.
Which 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.
Which of the following is not part of the basic financial statements? a. Government-wide statement of net position b. Proprietary funds statement of revenues, expenses, and changes in fund net position c. Combining balance sheet—nonmajor governmental funds d. Notes to the financial statements
Chapter 4 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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Similar questions
- Which of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. Â b.) An income statement. Â c.) A statement of revenues, expenditures, and changes in fund balance.arrow_forwardWhich of the following statements is correct about the reporting of governmental funds? Fund financial statements measure economic resources. Government-wide financial statements measure only current financial resources. Fund financial statements measure both economic resources and current financial resources. Government-wide financial statements measure economic resources.arrow_forwardWhich of the following statements is correct about the reporting of governmental funds? Fund financial statements measure revenues and expenditures based on modified accrual accounting. Government-wide financial statements measure revenues and expenses based on modified accrual accounting. Fund financial statements measure revenues and expenses based on accrual accounting. Government-wide financial statements measure revenues and expenditures based on accrual accounting.arrow_forward
- 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 Falsearrow_forwardWhich 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              Noarrow_forwardWhich of the following adjustments is necessary to move from governmental fund financial statements to government-wide financial statements? a. Eliminate expenditures for debt principal b. Eliminate expenditures for capital outlay and add depreciation expense c. Both of the above d. Neither of the abovearrow_forward
- What measurement focus is used in fund financial statements for governmental funds, and what system is applied to determine the timing of revenue and expenditure recognition?arrow_forwardcustodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.arrow_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                                                                                                                                               No  In a government’s comprehensive annual financial report, account groups are included in which of the following combined…arrow_forward
- The governmental fund financial statements are intended to report on fiscal accountability.  True or Falsearrow_forwardFor each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses:  A.    Governmental funds only. B.    Proprietary funds only.    Bond Proceeds  Long Term liability for Compensated Absences  Deferred Inflows/Outflows of Resources  Taxes Receivable  Estimated Revenues   Operating Revenuesarrow_forwardWhat are some major adjustments required when converting from fund financial statements to government-wide statements?arrow_forward
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