Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?

Which of the following is true regarding government-wide financial statements? a. Internal service funds are normally included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the above

Explain the different purposes of the fund-based and government-wide financial statements of a state or local government and the primary differences between the fund-based and government-wide operating statements.

Answer 2

Question

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Answer 6

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

Answer 7

Chapter 4, Problem 1Q

To determine

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Answer 8

Expert Solution

Explanation of Solution

General Fund: The chief operating fund of state and local government used to record the departmental operating activities and government support services is referred to as General Fund, or General Operating Fund, or General Revenue Fund. The activities recorded in General Funds are police, fire, public works, recreation, education, culture, social services, city office, finance, personnel, and data processing.

Reason: The main reason for the difference in reporting the transactions for governmental activities at the government–wide level, and the transactions for the General Fund is that the governmental activities at the government–wide level are long-term activities, and the revenues and expenses are recorded on the accrual basis, but the transactions for the General Fund are short-term activities, and the revenues and expenses are recorded on the modified accrual basis.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Answer 13

To determine

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Answer 14

Expert Solution

Explanation of Solution

(a).

Examples of transactions that are reported in only the General Fund: Budgetary entries and encumbrance entries.

(b).

Examples of transactions that are reported in only governmental activities at the government–wide level: Depreciation expense on capital assets, and accrued interest on long-term liabilities.

(c).

Examples of transactions that are reported both in the General Fund and governmental activities at the government–wide level: Purchase of non-capital goods, payment of salaries and wages, and most of the revenues.

Answer 15

Expert Solution

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Ch. 4 - Prob. 1Q Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3Q Ch. 4 - During a recession citizens and governments see a...Ch. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6Q Ch. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8Q Ch. 4 - Prob. 9Q Ch. 4 - Prob. 10Q

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Solution Summary: The author explains the difference between reporting some transactions for governmental activities at the government–wide level, and the transaction for the General Fund.

Discuss the reason for the difference between reporting some transactions for governmental activities at the government–wide level, and the transactions for the General Fund.

Explanation of Solution

List few examples of transactions that are reported in (a) only the General Fund, (b) only governmental activities at the government–wide level, and (c) both.

Explanation of Solution

Want to see more full solutions like this?

Chapter 4 Solutions